Earlier in the month, I participated in a dialogue session at the Open Mind forum at the Munich 150 Years Anniversary event, and I am still pondering the questions and challenges we discussed. In our longevity discussion the audience was invited on a journey into the year 2050 to discuss three different scenarios for the life and health insurance industry.
1. Does a future with increased longevity represent a threat or chance for long term care?
2. Can there be a world without risk in the future?
3. How does life at 100+ feel like?
The attendees discussed what insurance industry long term care solutions could look like when, instead of today's 2 million people receiving care, Germany in 2050 may see 6 million people in need for long term care.
We went on to discuss if there would still be the need for life risk products in a world where you would know with high accuracy what your future mortality risk is. Another concern was who would finance the pension system if life expectancy increases from around 85 years but would become 100+ in average. Would live be worth living at that old age? How does life at 100+ feel like? What do you think?
The discussions were especially interesting to me after the recent event on funding longer lives at Swiss Re's Centre for Global Dialogue, where the focus was not only on long-term care and mortality risk but also about rethinking ageing entirely. You can see the overview of the event here. Another dimension to an interesting and important topic!
Category: Funding longer lives: Long-term care, Pension/retirement
Location: Munich, Germany