The article discusses a report highlighting the demographic shift projected for 2050, where the ratio of seniors to working-age individuals will dramatically increase in most regions outside Africa. This urban-centric migration is expected to lead to increased risks for insurers due to denser living conditions. Insurers must adapt their models, products, and assessments in response to these changing dynamics. Factors like aging populations and urbanization necessitate a reevaluation of property ownership, risk management, and the types of data utilized in underwriting and policy structuring, marking a shift in the insurance landscape.
For every 100 working-age people, there will be 26 seniors to support by 2050, highlighting the growing demographic imbalances impacting many sectors.
The shift to urban living means increased concentration of risks, urging insurers to reassess traditional risk models and adapt their products to meet evolving customer needs.
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