I'm in Zurich, enjoying a glass of Swiss red wine and reflecting on last week's excellent Swiss Re 150 Year Anniversary event in London. I again had the honour of facilitating a 'fish bowl' -- along with my fellow (pictured) facilitators -- on how we can ensure that longer lives remain a positive for society.
The response was very promising from the delegates. They focused very much on what the insurance industry can do to help and there were some really interesting viewpoints. It seems that many agree that insurance plays a vital role in any solution and we can offer a wider range of products and ideas to fund longer lives. It's the combination of government, the individual, financial advice and education which are so important.
The insurance industry needs to adapt to changing trends -- not least in supporting people to work longer. Extending benefits to older ages is one key aspect, along with adapting retirement savings products and ideas to provide income replacement, once a more gradual retirement process takes place. Swiss Re's risk perception survey suggests that younger UK people in particular are willing to save more into a private pension fund, if it means a financially secure retirement (see the risk window link below).
But how do insurance products adapt to a changing mindset among the public and how can we educate citizens effectively about the options available to them?
I left with the overwhelming feeling that the future could turn out to be a lot better than many people think. A bit like Swiss wine...
Category: Funding longer lives: Pension/retirement
Location: London, United Kingdom