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FAQ: The Next Decade and the Rewriting of the Intergenerational Contract
The article discusses the impending demographic tipping point where people over 65 will outnumber those aged 30-59, forcing a rethinking of the intergenerational contract for care and financial security. It emphasizes the need for innovative insurance products within the next decade to address the evolving needs of aging societies.
The article focuses on the demographic shift where the over-65 population will soon outnumber people aged 30-59, requiring a fundamental rethinking of the intergenerational contract for care and financial security.
The next decade is critical because many societies will reach the tipping point where the 'silver economy' outnumbers the traditional working-age bedrock, and the insurance industry has less than ten years to develop products for older consumers and their families.
Paul Murray is the CEO of Life & Health Reinsurance at Swiss Re and the author of the op-ed, providing insights from the insurance industry's perspective.
The intergenerational contract refers to how societies provide care and financial security for older people, and how the burden is shared among the state, families, and individuals.
In the US, adults aged 65+ outnumber children in 11 states; Singapore's over-65 population has nearly doubled to 21%; Japan is approaching 30%; and the UK, France, and Germany are not far behind.
The ratio is projected to fall from about five-to-one in 2021 to three-to-one by 2050.
The research shows that people think about later life in terms of practical outcomes like staying independent, being resilient to health shocks, and not becoming a burden to their children, rather than in terms of pensions or insurance policies.
The industry needs to develop products that address the needs of the Silver Economy and their families, moving beyond wealth accumulation to cover post-retirement care and financial security.