Willis launches solution to help pensions access longevity reinsurance
Thursday, 06 18 2015, Category: Insurance and Reinsurance, Country: World
Insurance and reinsurance broker Willis Group has launched a captive type solution to enable pension funds to establish their own insurance intermediary, in order to ease access to global longevity reinsurance capacity.
Willis hopes to help pension and retirement funds to better manage the risk and cost associated with their retirees living longer than expected. Longevity risk is a growing exposure that affects most defined benefit pension schemes and access to global reinsurance capacity is seen as a key element of facilitating transfer of the risk.
In order to make it cheaper and more cost-effective to access global reinsurance capacity for longevity risk, Willis has announced that it now has a captive insurance solution which will help pensions to set up the middle-man insurer necessary from them to access reinsurance capacity.