LIVE: IIS Global Insurance Forum 2018 / Day2

The works of the Global Insurance Forum continued today in Berlin, Germany. Providing security for ageing populations in health care and pensions terms, as well as innovation and InsurTech or innovative strategies for the future development of the industry are on the today's agenda.

Find bellow the main statements:

Ari CHESTER, Partner, McKinsey & Company, USA
  • In 2015, the pension gap in eight major economies (Netherlands, Japan, India, Canada, Australia, China, the UK and the US) reached around USD 70 trillion, the estimates show that this gap could amount to USD 400 trillion in 2050
  • We see several main problems worldwide related to this gap:
  1. Longevity - people live longer than in the past, someone who is 65 today lives on average till 95
  2. Discrepancy between working people and the retiree ones - estimates tell us than in 2050 there will be 2 workers to 1 retiree
  3. People are not saving, we should encourage people to save more, if not by 2020 the expenses with the pensions funds will overwhelm the contributions
  4. Interest rates are too low, and will stay there in the near future
  5. Morbidity - although people living longer they are unhealthy

Takahide MARUKI, Manager, SOMPO Japan Nipponkoa Insurance Inc
• In Japan we face a decrease number of working populations as well as a significant percent of people over 60 years - a serious concern
• We are promoting a "Society 5.0" - human centralized society where healthcare is the key point
• We are also. Looking for ways to assure the best coexistence between man and machines

Thomas CHEONG, President North Asia, PRINCIPAL Financial Group
• China has a demographic problem and also should solve the pension reform: 80% of the working people savings are in Pilar 1, 20% in Pilar 2 and none for Pillar 3
• Life expectancy in China is 80-85 years, the retirement age is 55 years old for woman and 60 for man
• We also face a decline in fertility rate in China
• We should implement a reform to make the shift from Pillar 1 to Pillar 2, and also to create incentives to develop Pillar 3. We already launched a pilot project in 3 of the main cities

Patrick SCHMID, Vice President, The Institutes
• The insurers could get USD 21 billion from auto business by using smart contracts based on blockchain
• 10% of world GDP will be stored in blockchain by 2029
• The potential market for insurers by using blockchain technology in the future is close to USD 200 billion

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