百岁人生时代下的保障探索报告

February 2025 Insurance and theLongevity Economy:Navigating protectionin the era of 100-year lives Adrita Bhattacharya-CravenDirector Health & DemographyGeneva Association Axel HeitmuellerManaging DirectorImperial College Health Partners Kai-Uwe SchanzDirector Financial InclusionGeneva Association Geneva Association The Geneva Association was created in 1973 and is the only global association ofinsurance companies; our members are insurance and reinsurance Chief ExecutiveOfficers (CEOs). Based on rigorous research conducted in collaboration with ourmembers, academic institutions and multilateral organisations, our mission is toidentify and investigate key trends that are likely to shape or impact the insuranceindustry in the future, highlighting what is at stake for the industry; developrecommendations for the industry and for policymakers; provide a platform to ourmembers and other stakeholders to discuss these trends and recommendations;and reach out to global opinion leaders and influential organisations to highlightthe positive contributions of insurance to better understanding risks and to buildingresilient and prosperous economies and societies, and thus a more sustainable world. Photo credits: Cover page – Andres Gomez for Unsplash © Geneva Association, 2025 All rights reservedwww.genevaassociation.org Contents Foreword5 Executive summary6 1.Introduction91.1Longevity and ageing: Related but distinct concepts111.2Relevance for insurers12 2.The socio-economic implications of longevity13 2.1Changing savings and consumption patterns152.2Changing working patterns152.3Changing health status and economics of healthcare162.4Challenges to existing societal structures18 3.Conceptualising a longevity economy 3.1The threshold of risk3.2Product positioning3.3Conditions for scalability3.4Market development and its impact on risks 21212122 4.The reality check: A global customer survey on longevity 4.1People’s assessment of their longevity4.2Awareness versus preparedness4.3The importance of insurance4.4Individuals’ preference for independence 24252729 5.The role of insurance 5.1At the interface of accumulation, wealth, and health spans5.2At the interface of decumulation, wealth, and health spans5.3At the interface with public policy 323538 6.Conclusions 40 References 42 ACKNOWLEDGEMENTS This report is a product of the Health & Demography work stream of the Geneva Association (GA),co-sponsored by Thomas Buberl, CEO of AXA, and Michel Khalaf, CEO of MetLife. We extend our deepest gratitude to the following experts for their contributions to the report: •Johan Auwerx, Professor, Swiss Federal Institute of Technology, Lausanne•Gautam Bhardwaj, Co-founder, pinBox; Ashoka Fellow•John Cai, former CEO, China Pacific Life Insurance•Adelina Comas-Herrera, Director of Global Observatory of Long-Term Care,London School of Economics•Rushika Fernandopulle, Co-founder of Iora Health (part of One Medical Amazon)•Stephen Frank, CEO and President, Canadian Life and Health Insurance Association;Vice President, Global Federation of Insurance Associations•Martin Fröhlander, President and Chair of the Board of Directors, Junoverse•Scott Gaul, Senior Vice President and Head of Individual Retirement Strategies,Prudential Financial•Dale Hall, Managing Director of Research, Society of Actuaries•Christophe Heck, Market Head L&H France, Swiss Re•Kostas Kalaulis, CEO and Board member, EpiCure Biotechnologies•Sanjeev Kapur, Chief Marketing Officer and Product Head, Asia, MetLife•Alistair McQueen, Head of Wealth and Savings, Aviva•Edward Moncreiffe, CEO, Global Insurance, HSBC•Nils Reich, Group CEO Health, AXA•Andrew Scott, Professor of Economics, London Business School•Daniel Zimmerman, Senior Vice President and Chief Science Officer, RGA In addition, we are grateful to members of the GA’s Health & Demography Working Group, who guidedthe development of this report: Paul Lloyd, Christian Wards and Tim Beardsall (AIA); Lukas Junker(Allianz); Alfred Beil and Hélène Chauveau (AXA); Peter Johnstone (Chubb); Atsushi Izu, NoriyoshiHosokawa, and Jiro Kamiko (Dai-ichi Life); Bárbara Campos Faria and Mafalda Honorio (Fidelidade);Michele Rendine, Dominico Di Napoli, and Antonio Salera (Generali); Richard Jackson (Global AgingInstitute); Ana Villanueva (MAPFRE); Ben Cushman (MetLife); Frank Schiller (Munich Re); AchimRegenauer (PartnerRe); Steve Woh (RGA); Dave Jones (Sun Life); Yohei Konishi (Sompo); MattSingleton, Melissa Leitner, and Maria Zou (Swiss Re); Klaus Muehleder (VIG); Toshi Takase (NipponLife); Pilar Lindín Soriano (VidaCaixa). We also thank Pieralberto Treccani of the Geneva Association for his support with the survey analysis. Foreword The world is experiencing a profound demographic shift. In 1950, the global popu-lation was 2.5 billion; today, it exceeds 8 billion. While concerns about rapid popu -lation growth have diminished, new challenges have emerged. Global fertility ratesare in significant decline,