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The Ageing Population – World-Wide

Posted By IRMSAInsight, 29 May 2015
IRMSA Breakfast
1 June 2015 



The Ageing Population – World-Wide


In general, people are living longer and that means more funds are required to sustain them. We heard in the press recently of a 90 year old lady who went skydiving – that is fabulous!


So, what are some of the things we need to consider in our future planning – both in our personal lives and within the businesses we operate?

  1. The work-place and unemployment – balancing the needs of the aging population wanting to work past “normal retirement age” and still giving the youth a chance. 

  2. Lifestyle – in conjunction with the cost of healthcare above, risk treatment will become a key focus for our ageing population, so many of our diseases currently are lifestyle related – Diabetes, Blood Pressure etc., we need to watch what we eat and exercise appropriately.

  3. Increasing costs of healthcare – as medical treatment improves, both quality of lifestyle and longevity should improve. How will this cost be funded though, if the majority of your healthcare costs are expected after you retire? Will you be able to afford adequate healthcare if this is not provided by the state, will medical costs become the key focus for retirees in future?

  4. Enjoying your retirement – when you finally decide to retire, hopefully you will want to enjoy the rest of your days doing things that “you have always wanted to do” whatever that may mean to you. Travel seems to be one of the key things a lot of people plan to do – will our travel insurance facilities be able to offer what is required for our elder generation, is it practical to take out this type of cover for each trip and obtain medical evidence of health or is there an opportunity to extend or merge travel and medical aid benefits?

  5. Retirement funding – how much is enough? We see these comments in the press frequently – if you have been fortunate enough to have saved adequately for your retirement you need to ensure that these funds work for you as long as you need them. What will you do if your funds are insufficient; rely on your children or the state?

Whilst the longevity risk may be a longer term, future focused, emerging risk, there is little doubt that it is pretty certain. The impact on individuals, businesses and governments needs to be clearly understood so we can ensure that the risk is treated accordingly.

  • What will you be doing personally to treat this risk?
  • What will you, as the Risk Manager, be doing to review this potential exposure for your company?
  • How can you ensure that the state takes this risk seriously going forward?



Have a look at what Goldman Sachs has to say…Click Here

And look at some future predictions – the world in 2025 – 8 predictions for the next 10 years… Click Here


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