In with the old; in with the new

The Life & Health insurance industry understands that societies' ageing populations often have strong buying power, but has seen limited success in penetrating the segment, highlighting an opportunity for the industry to better solve consumers' needs. Traditional ways of thinking have met challenges, such as the perceived high costs of cover among consumers at an age when they are willing to purchase. But case studies demonstrate some key principles for developing Life & Health products that can meet success in the "silver economy".

• Europe will see its traditional insurance buyers (ages 30–49) population fall by 32m (-16%), while its over 65 population grows by 45m (29%) between 2025 and 2050¹
• There are challenges that are not easily solved when developing later-life products (eg long-term care), such as desirability, costs of cover and underwriting challenges
• Case studies, like French long-term care, Senior Cancer in Korea or Accelerated Benefit Riders in the US, demonstrate that success is possible
• Life & Health insurers can follow key principles to maximise their chances of success in the "silver economy" through, eg, following a propositions mindset, and not straying too far from the existing product and distribution landscape in their market
• Swiss Re offers support in developing propositions for the later-life segment through its global knowledge, research capabilities and product / ageing experts

^{1 World Population Prospects, 2024 revision 2025 – Medium Fertility Scenario}