Domenico Savarese: Ageing society brings huge opportunities for insurance

Domenico Savarese, the Head of Ageing at Swiss Re, co-presented "Ageing: a challenging opportunity" at the Swiss Re Institute's NGIC 2017: Solutions for an ageing society conference at the Swiss Re Centre for Global Dialogue.

Find out more about the event.

Read a text version of this video below:

"Swiss Re is dealing with bringing resilience for societies. Funding longer lives is indeed a key topic for our overall world. Funding sources are different, they will evolve in various ways, and therefore insurance can indeed play a big role into making sure that this is to the benefit of people, governments and other stakeholders.

Insurance and reinsurance can play a huge role in aging societies by helping out on the decumulation phase. Specifically into managing the longevity risks, so the risk of living too long. Or into dealing with health and care needs. As we know, as people age, they will have different needs and different diseases may occur, therefore insurance must be there.

Aging society brings huge opportunities to our ecosystem. Insurance and those other financial service industries, but also to charities, to governments. Because people living longer will have the opportunity of having different pathways to their older life, and of bringing knowledge and working to their accomplishment longer.

The risks, of course, can come also from, for example not being able to fund these longer lives. Or having risks that are very hard to manage for individuals. An event like NGIC is very important for aging societies' development, because it brings together the financial industry, the service provider, technology players and the other components of the ecosystem, that is so essential into managing this huge opportunity and challenge for our world."