GFIA: G20 focus on ageing society key to ensuring people’s dignity in retirement

13 May 2019

GFIA strongly supports the Japanese Group of 20 (G20) Presidency’s focus on the ageing society, which reflects the importance of finding ways to ensure that people can live a decent and healthy life throughout their retirement.

People are living longer than ever before and insurers can play a key role in helping them to make the most of their retirement. By providing people with a wide range of private insurance pension products, with or without life risk coverage, insurers help people to adequately prepare for their old age, while also helping governments to reduce pressure on already stretched public finances.

The G20 must therefore recognise the need for further G20 analysis of increasing longevity and ageing populations, and the need to examine ways for government programs and incentivized self-funded private sector products to be used to offset funding gaps related to longevity and morbidity risk. The G20 Finance Track should also instruct the Financial Stability Board (FSB) to consider the availability and affordability of insurance pension savings products when developing future international standards.

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