Aging and Longevity: Implications for Life Insurers

Demographic transitions change people's insurance needs. In Japan, fertility rates have dropped while people live longer. Baby boomers are now over 50 years old and their children have become independent. These shifts have influenced life insurance needs from death protection to medical and post-retirement coverage. Public-private collaborations, through platforms such as the Asia Pacific Financial Forum, can help develop financial systems that can enable insurers and pension funds to effectively provide long-term funding  and serve the needs of an aging society. 

The Success Story Behind the Development of Microinsurance in the Philippines

Insurance penetration was initially low in the Philippines. This was primarily due to lack of an insurance culture in the country, lack of appreciation for its benefits, and the lack of insurance products for the poor. In collaboration with the private sector and donor organizations, the country was able to foster an an inclusive insurance market that increased microinsurance coverage from 3.1 million individuals in 2009 to about 12 million in 2012.