South Africa's economy and large life insurance sector have an outlook of steady growth and improving resilience, supported by reforms that remove some of the constraints on key sectors such as transportation and pensions, according to a Swiss Re Institute (SRI) report.
China's upcoming 15th Five-Year Plan has outlined a comprehensive blueprint to strengthen the country's social welfare and population support systems while reinforcing agricultural incentives to ensure food security and rural revitalisation. Released on 28 October, the proposals underscore Beijing's focus on building a more inclusive, resilient and sustainable social safety net that supports an ageing population and secures farmers' incomes through policy coordination and insurance mechanisms.
These are the highlights for events and updates across the insurance industry this week.
These are the updates on insurance regulatory developments in China.
Ministry of Human Resources and Social Security (MOHRSS) vice minister Li Zhong said at a recent press conference that the basic pension insurance fund's assets under management have reached CNY2.6tn($358bn), doubling from the end of the 13th Five-Year Plan (China's economic and social development blueprint for 2016-2020). Since investment operations began in late 2016, the fund has achieved positive returns for eight consecutive years, with an average annual yield of 5.15%, successfully preserving and growing its value.
The Insurance and Pensions Commission (IPEC) says that the sector has invested millions of dollars in agriculture, energy and infrastructure development in line with prescribed asset regulatory requirements.
The expected retirement age in Australia has moved up, driven over the long term by a growing cohort of 'ageless workers' - older Australians who are happy to stay in the workforce well beyond retirement age, says KPMG Australia.
Structural changes to Australia's labour force are "blurring what was once a sharp divide between work and retirement", according to KPMG Australia.