Shaun Crawford, the Global Insurance Sector Leader at Ernst & Young spoke to during the recent Global Insurance Forum about the aging population and in its impact on the healthcare system and the insurance sector.

Mr. Crawford points to a number of challenges related to an aging population. In undeveloped markets, there is a younger population moving to middle class… “eating middle class food, drinking middle class drinks and getting middle class illnesses.” The cost of care is starting increase as a result, with more “middle class” illnesses like diabetes, heart diseases, higher stress levels, etc.

Longevity is also becoming an issue especially in developed markets. According to Mr. Crawford, the number of people over 85 is twice what it was 10-15 years ago. This older population is also putting a strain on the healthcare industry as well as on the state and families. And costs to take care of an aging population are also rising.

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

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