Shaun Crawford, Global Insurance Sector Leader at Ernst & Young, speaks with during the 2015 Global Insurance Forum, about growth opportunities presented by demographic changes and ways to prevent catastrophes.

Mr. Crawford sees opportunity for insurers in changing demographic and retirement. When a person retires in a developed market at 60-65 years of age, they will likely live another 30-40 years. This trend will increase in undeveloped markets as well. The aging population is creating more needs for health and wealth products, and services to support this population.

In addition, Mr. Crawford notes that insurers are recruiting new specialists and scientists to better understand the affects of catastrophes, and how to protect against them. He believes insurers need to develop better capabilities to target and price their products and services better. Big data enables insurers to identify trends that can mitigate losses from catastrophic events.

For more of our coverage of the IIS Global Insurance Forum, visit the On Demand Library.

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