Insurers adapting to ageing Hong Kong and China with policies that cover longer lives
Ageing populations in Hong Kong and mainland China are leading the insurance industry to extend the age range of life products and to include cover for more diseases and for mental illness, according to a senior executive at reinsurer Swiss Re.
Robert Burr, the managing director and head of life and health reinsurance client markets in Asia, told the South China Morning Post in an interview that statistics showed 25 per cent of people born today would be able to live to over 100 thanks to better medical services and technology to address different types of diseases.
“People are living longer and healthier. This is something happening around the world. We have an ageing population and it is a perfect storm when the birth rate drops and people are living longer,” Burr said.
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