解决人寿保险需求的障碍

The Geneva AssociationThe Geneva Association was created in 1973 and is the only global association of insurance companies; ourmembers are insurance and reinsurance Chief Executive Officers (CEOs). Based on rigorous research conducted incollaboration with our members, academic institutions and multilateral organisations, our mission is to identifyand investigate key trends that are likely to shape or impact the insurance industry in the future, highlighting whatis at stake for the industry; develop recommendations for the industry and for policymakers; provide a platform toour members, policymakers, academics, multilateral and non-governmental organisations to discuss these trendsand recommendations; reach out to global opinion leaders and influential organisations to highlight the positivecontributions of insurance to better understanding risks and to building resilient and prosperous economies andsocieties, and thus a more sustainable world.Published by The Geneva Association—International Association for the Study of Insurance Economics, Zurich.The Geneva Association—International Association for the Study of Insurance EconomicsTalstrasse 70, CH-8001 ZurichEmail: secretariat@genevaassociation.org | Tel: +41 44 200 49 00 | Fax: +41 44 200 49 99 April 2020Addressing obstacles to life insurance demand© The Geneva AssociationPhoto credits:Cover page—Gwoeii, Shutterstock. Kai-Uwe Schanz, Deputy Managing Director and Head of Research & ForesightAddressing Obstacles toLife Insurance Demand 2www.genevaassociation.orgAcknowledgementsWe are very much indebted to the members of The Geneva Association’s Health & Ageing Working Group, namelyHélène Chauveau (AXA), Joseph Engelhard (MetLife), Hiroki Hayashi (Nippon Life), Noriyoshi Hosokawa (Dai-ichi Life),Richard Jackson (Global Aging Institute), Mike Mansfield (Aegon), Bryan Pickel (Prudential Financial), Achim Regenauer(PartnerRe), Antonio Salera (Generali), Matt Singleton (Swiss Re) and Giulio Slavich (Allianz).This report has benefitted significantly from their comments and insights.ContentsForeword1.Executive summary2.Life insurance penetration in mature economies3.Obstacles to life insurance demand3.1Findings from the Geneva Association Customer Survey3.2.The theory of behavioural insurance3.3.Economic determinants of insurance demand3.4Socio-demographics: The role of financial literacy and education4.Recommendations: How to promote life insurance penetrationAnnex: Life insurance demand patterns by countryReferences 4688121415161924 Foreword The relevance of life insurance in many mature markets has experienced a worryingdecline in recent decades. For all OECD countries combined, life insurance premiumsas a share of GDP have fallen from 5.4% to 3.8% since the start of the 21st century.Yet, populations in many mature economies are ageing rapidly. We have already seenthe opioid crisis in the U.S. reverse mortality improvements there, while threats likeantimicrobial resistance and pandemics threaten to do so on a global scale. Life-stylerelated ailments such as diabetes and obesity are causing structural shifts in diseasepatterns. The list of societal challenges goes on.Against this backdrop, the decreasing relevance of the life insurance industry is a worryingtrend for society at large, given the sector’s historical contributions to funding forretirement and mitigating biometric risks. The devastating COVID-19 pandemic only addsto this concern.The purpose of this research report is twofold. First, based on the Geneva AssociationCustomer Survey, it sheds light on the drivers behind falling life insurance penetrationlevels, such as ultra-loose monetary policies, behavioural patterns and perceived productshortcomings. Second, we offer recommendations to stimulate life insurance demand.Life insurers have already started to respond to society’s rapidly evolving needs but theyhave to keep pace with these dynamics. Not all the levers for meeting this challengeare within the domain of the life insurance industry. However, those that are need to beintegrated in corporate decision-making in order for life insurers to rise to the occasion.Jad ArissManaging DirectorThe Geneva Association 3Addressing Obstacles to Life Insurance Demand In a number of mature economies, life insurance penetration, defined as the shareof premiums in GDP, has been declining since the beginning of this century, a trendthat has accelerated in the wake of the global financial crisis. Using this measure ofpenetration as an indicator for insurance uptake, the life insurance industry in theU.S. and Japan has fallen back to levels of relevance last seen almost 35 years ago.In the U.K., Germany and Switzerland, they are at levels last seen 20-25 years ago.The bursting of the dotcom bubble in 2001 can be viewed as a turning point, withstock markets plunging, monetary policies loosening and interest rates continuinga downward trend, further accelerated by the global financial crisis and – morerecentl