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LIFE insurance is among the oldest financial products. The Amicable Society, founded in London in 1706, charged members a set contribution and paid out annually to widows and children of those who had died in the previous 12 months. Today it is a vast industry: life and health insurers employ over 800,000 people in America alone. It protects hundreds of millions against the risk of dying early, through death benefits, or the risk of living longer than expected, for example through annuities. According to Allianz, a German insurer, total life-insurance premiums are above 5% of GDP in many rich countries, including Britain, France, Italy and Japan. In America, the world’s biggest market, annual premiums total more than $550bn. But life insurers are struggling as never before. Those parts of the industry that have not evolved fast enough, says Clive Bannister, the head of Phoenix Group, a “closed” life insurer that buys and manages old policies but issues no new ones, have experienced a “demolition”. He lists half a dozen British life insurers that existed 15 years ago but no longer do. The lacklustre partial spin-off on May 10th of the American life-insurance unit of AXA, a French insurer, is just the latest sign of worries about the industry’s prospects. Shares were priced at $20, well below the expected $24-27. Among its woes are low interest rates, which make it hard to fulfil promises of guaranteed returns on some products, and costly new regulations. Since 2016 Europe has required much more capital to be held against long-term liabilities, like those of life insurers. That has prompted some to seek to rebalance their businesses. AXA has not only listed its American life arm this year but also announced the purchase of XL, a Bermuda-based property-and-casualty insurer. More serious still are demographic pressures. As the rich world ages and retires, total life-insurance premiums are flat or falling. In developed countries they fell by 0.5% in 2016 in real terms, according to Swiss Re, a reinsurer. Some countries have fallen off a cliff, including Australia (an 18.2% drop in 2017 in nominal terms) and Japan (11.3%), where negative interest rates have savaged returns and prompted some life insurers to stop selling lump-sum death-benefit policies. The industry has long been used to accumulating new assets, with old policies sold off to specialists (such as Phoenix). It will now have to adjust to “decumulation”, says Henrik Naujoks of Bain & Company, a consultancy. One way out of this bind is to add bells and whistles to their basic offerings. A survey by Bain suggested that customers liked the idea of receiving advice during illness or regular health check-ups as part of their life-insurance policy. That suggests they might welcome a blurring of the distinction between life and health insurance. Another option is to expand into new markets. In emerging economies, life-insurance penetration ranges from 2.6% of GDP in China to just 0.4% in Russia. (South Africa, at 11%, is an outlier.) Total premiums grew by 16.9% in real terms in 2016. But competition from domestic incumbents is fierce, particularly in China. And attracting new customers or providing new services, whether at home or abroad, will be hard for an industry that is saddled with high costs and has been slow to go digital. Most sales are still through agents and brokers. A third approach is to seek new kinds of customers. Though death benefits and annuities are still the core business, life insurers are branching out into savings products and insurance against disability or needing long-term social care. Greg Galeaz of PwC, a consultancy, notes that American firms are crafting insurance products to appeal to younger people, such as policies that allow withdrawals to pay off student loans or support ageing parents. The industry could do more to appeal to the moderately affluent, who largely think of life insurers as providers of death benefits rather than savings and retirement products. Insurers’ single most popular strategy has been to diversify into investment-like products—an index-tracker bundled with a guarantee that the principal will be returned, for example. But since these resemble the offerings of asset managers, they are also the least distinctive. Antimo Perretta of AXA echoes many of his peers when he says that risk-averse customers have much to gain from the smoothing of returns an insurer can provide. Life insurers also argue they give access to a broader range of asset classes (including, say, exposure to private equity) than asset managers do. And they point to the attractive tax treatment in most jurisdictions of savings products with a life-insurance element. But that is to reverse the logic. Governments tax life insurance lightly because of the social value of protecting people from underestimating their life expectancy and retirement needs. Australia used to offer retiring workers incentives to purchase annuities; when it stopped these in 2007, the annuities market shrivelled away. Many elderly Australians have used their freedom imprudently: around half have emptied their pension pot by the age of 70. Mr Bannister fears a repeat on a grander scale in Britain, which in 2015 abolished a requirement for retirees to purchase an annuity. Life insurers must somehow reinvent themselves without losing sight of their core purpose: providing a way for their customers to plan for a dignified old age without overburdening the state.

104 Komentar untuk "Go"

  1. izin copas anime.a gan.. ��

    BalasHapus
    Balasan
    1. Silahkan yang penting berikan sumber blog saya

      Hapus
    2. Halo, ijin pake sketch bodynya ya 🙏 saya sertakan cr

      Hapus
  2. Balasan
    1. Cara bikin gambar tuman gimana sih

      Hapus
    2. Tinggal buat di Aplikasi Infinite desgnd, Atua tinggal kasih aksesoris rambut dll tinggal menggunakn aplikasi Picsay Pro di menu sticker gan

      Hapus
  3. Balasan
    1. Ada ko gan yang mentahan meme tuman diklik nanti ke google drive

      Hapus
    2. Permisi saye izan saye nak mentahan ni tapi kok gak bisa
      Gimana cara download mentahan nya?

      Hapus
  4. Yg mnthan nya gk ada lur...yg gk ada tulisannya


    Saya mauu buat

    BalasHapus
    Balasan
    1. Ada klik tulisan mentahan meme tuman nanti ke google drive coba lagi gan

      Hapus
  5. Balasan
    1. Muncul gan ke google drive mungkin sinyal jelek coba lagi pasti ada gan

      Hapus
  6. Balasan
    1. Ada kok gan klik 2 menuju link, lalu klik menuju link nanti ke google drive

      Hapus
  7. Diklik kok tab sudah maksikum

    BalasHapus
  8. Balasan
    1. Klik 2x menuju tautan kemudian klik menuju link nanti akan ke google drive otomatis

      Hapus
  9. Gimana cara ngedapetin mentahan

    BalasHapus
    Balasan
    1. Klik 2x menuju tautan kemudian klik menuju tunggu 5detik link nanti ke google drive gan

      Hapus
    2. Bang aku mau bus yang liverynya po Haryanto

      Hapus
  10. Balasan
    1. Refresh lagi gan Klik 2x menuju tautan kemudian klik menuju tunggu 5detik link nanti ke google drive gan

      Hapus
  11. Balasan
    1. Klik 2x menuju tautan kemudian klik menuju tunggu 5detik link nanti ke google drive gan

      Hapus
  12. Perasaan please wait mulu dari tadi-,-
    Padahal kecepatan jaringan 5mbps

    BalasHapus
  13. Balasan
    1. Mudah gan cuma klik tulisan klik2x menuju tautan kemudian klik menuju link nanti otomatis ke google drive selesai, coba lagi gan

      Hapus
  14. Susah boz...pleas wait mulu.

    BalasHapus
    Balasan
    1. masa gan tunggu 5detik nanti muncul menuju link, otomatis ke google drive

      Hapus
  15. dipencet diklik di tunggu gak muncul2....TUMAN

    cuma muter2 balik kesini lagi....TUMAN

    yaudah deh...gwe gak jadi download karena gak bisa....TUMAN

    BalasHapus
    Balasan
    1. Masa gan klik nya dari downlaod mentahan meme klik2x menuju tautan, kemudianklik menuju link kalo belum muncul tunggu 5detik nanti otomatis ke google drive

      Hapus
  16. Gan sy sudah masuk link trs cara mau ambil gmbr mentahan meme TUMAN ny gmn y

    BalasHapus
    Balasan
    1. Gini gan caranya klik 2x menuju link tunggu 5detik kemudian klik menuju link nanti akan ke google drive

      Hapus
  17. Terima kasih gan ..sudah berhasil saya download mentahan meme nya

    BalasHapus
  18. Coba buka google drive,,bukan begitu bang,,makasih ya?

    BalasHapus
  19. Balasan
    1. Banyak gan baca yang mentahan meme tuman Rework beda dari aslinya sudah saya posting

      Hapus
  20. gan,kenapa udaa diklik 2x terus malah please wait

    BalasHapus
  21. Izin copas bang..
    Sumbernya yang mana bang tar gua taro didekripsi channel gua ??
    Kalo gua publikasikan bang

    BalasHapus
    Balasan
    1. Ok, yang menuju blog ini aja langsung sumbernya

      Hapus
  22. Mohon copy babang. Nanti aku ramaikan blog ini. Kata sandinya apa ya

    BalasHapus
  23. link downloadnya gan ngga ke buka

    BalasHapus
  24. Gan Kok Eror Ya Saat Menuju Link Nya

    BalasHapus
  25. Balasan
    1. Mudah ko gan tunggu aja 5detik, kemudian klik menuju link, nanti langsung ke link downloadnya

      Hapus
    2. gan gimana sih pasang safelink nya?

      Hapus
  26. 200 template avee gbsa di download om

    BalasHapus
    Balasan
    1. Iya gan udan dihapus kayaknya, nanti saya coba cari lagi

      Hapus
  27. gmna mao extrak, TUMAN
    minta passnyaan aja buat tamplatenya

    BalasHapus
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