Insurance not serving $11 trillion aging market
Friday, 05 12 2017, Category: Insurance and Reinsurance, Country: World
The population is getting older and people are living longer. This represents an opportunity for insurers – an opportunity they’re not yet taking.
A recent report by the Swiss Re Institute has again highlighted the challenges – and opportunities – to the insurance industry of the aging population. The over-65 population is expected to grow by 50% from 2015 to 2050.
Yet insurance globally has just 5% of the market share of the $11 trillion aging wallet; while in the US, the domestic insurance market – the largest market share internationally – still has only 11% of its $3.1 trillion wallet.
Source: Insurance Business