Senior care products -- such as annuities with a healthcare component, long-term care insurance, and life insurance with a long-term care component -- are unaffordable for most people in both developed and developing countries, resulting in low market penetration, points out the global consulting company McKinsey.
A roundtable of leading influential voices for millennials is sounding the alarm for superannuation funds to lift their game and increase services, transparency, and improved access to information to better engage millennial members, says ASIC in a statement.
APRA and ASIC agreed that investment governance is an area of ongoing importance for superannuation industry attention, according to statements released yesterday by the two regulators.
Ping An Insurance Group Company of China aims to be the biggest at-home elderly care service provider in China in terms of the number of clients, the services rendered and the level of professionalism, Mr Guo Xiaotao, co-CEO of the insurance giant, has said.
Four standalone pension insurance companies in China posted a combined net loss of CNY1.69bn in the first half of this year, according to data contained in their 2Q2024 solvency reports.
Respondents to a financial survey in Singapore believe that they need approximately S$612,045 ($469,870) to be considered financially free, up by 8% from S$566,640 in 2023.
Retirees are grappling with rising costs for essential goods and services, seeing the cost of funding a comfortable retirement increase by 3.7% over the last 12 months, according to data released by the Association of Superannuation Funds of Australia (ASFA).
The premium income of the life insurance business (not including health and annuity) of the five major 'A'-listed insurers have continued to pick up. In the first seven months of this year, their combined premium income totalled about CNY1.23tn, with a year-on-year increase of 2.64%.
In 2024, the overall Financial Confidence Index (FCI) remains stable, with slight improvements noted in Financial Resilience (FR) and Financial Wellbeing (FW) compared to 2023, says Sanlam, which is South Africa's largest insurer.
The lack of progress by superannuation funds in tracking the success of their retirement income strategies, an area specifically called out in APRA and ASIC 2023 thematic review report, is most concerning, APRA deputy chair Margaret Cole has said.