Jay Sheehy, Global Head of Health Consumer Business at AIG, spoke with WRIN.tv about the aging population and its impact on the health insurance market during the 2015 Global Insurance Forum in New York. It is a growing issue for governments and the insurance industry around the globe.

Mr. Sheehy points to a number of trends affecting health and populations around the world. But, he says, the most significant is the aging population. It will have the most significant impact on health, social systems and economies. And while “Health is the biggest risk people identify”, Mr. Sheehy says “they are not taking action to protect themselves longer term.” And while governments have not taken adequate steps either, there has been some movement and collaboration between providers, insurance companies and governments.

The biggest issue in Emerging markets has to do with health systems. Mr. Sheehy says these countries don’t have an adequate infrastructure to provide quality care.

Sheehy believes “we must have much more disruptive, collaborative efforts, where everyone has a role to play. He says there must be a partnership between governments, healthcare providers, insurance carriers, and consumers in order to get to the solution.” And people must be accountable for their health and wellness. “All parties should have skin in the game.”

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

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