I was personally delighted to see Funding Longer Lives as one of the key themes for our upcoming Open Minds forum, a discussion panel session that we will hold at the Swiss Re 150 year anniversary event to be held in NYC next week: http://150.swissre.com/events/150/
It is not the obvious L&H; topic to choose, however, it is one that has an increasing social and economic relevance and one in which we as a company and an industry can play a significant role. It came home to me even more today as I attended Bloomberg's Longevity Economy conference in NYC. This was a perfect example of the diversity of areas that longevity touches in all aspects of business. Each session was a panel representing different industries, with one including our our very own George Graziani who did a splendid job of articulating the economic size of the longevity burden to the audience (check Bloomberg video here http://ow.ly/pNIy0).
We should of course all be over the moon that in general we are living longer, however, it is also as much about the quality of life we enjoy in our twilight years, as much as it is about the duration. As an industry we have a huge role to play in this "quality of life". Whether it is through the provision of products that help us to enjoy our retirement years in greater comfort (Long Term Care) or those that ensure that our carefully accumulated nest eggs do not run out before we do (annuities), the insurance industry is constantly looking for innovation and solutions to these future challenges. And as George pointed out today, it is not just individuals we can help: there are many companies around the world with enormous defined pension benefit liabilities on their balance sheet and the (re)insurance industry is the logical home for these risks.
I am relishing the prospect of hearing others' views at our forum on Oct 24.
Category: Funding longer lives: Health/medicine, Long-term care, Longevity risk
Location: New York