Abcd AGEING POPULATION - Burden or Benefit? 20-22 January 2002 Balmoral Hotel, Edinburgh.

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Presentation transcript:

abcd AGEING POPULATION - Burden or Benefit? January 2002 Balmoral Hotel, Edinburgh

Long Term Care Issues for Insurers Ian Sissons 22nd January 2002

The Market Drivers Demographics –High numbers at high ages –Higher proportion at high ages Gaps in insurance cover

The Uncertainties Advance funding for high age care costs Protection against care costs at young ages Facilitate asset-to-income transfers when care needed Limit impact of cost uncertainties when in care

Why are we here? Elderly forced to sell houses Conservative Green Paper Royal Commission NHS Plan Legislation/Regulations –England –Scotland –Wales

Related financial & other benefits “Free” nursing care (England - 3 levels) “Free” nursing & personal care (Scotland) “Free” nursing care (Wales - single band) Means test on assets Attendance allowance Pensions The house & other assets

Insurance Product Solutions Immediate Annuities Deferred Annuities Single premium bonds Regular/single premium pre-funding products Add-on benefits

Issues for Insurers Claims triggers Claims control Benefit levels Mortality in care Guarantees

And the answers are: still being worked on

AGEING POPULATION - Burden or Benefit? January 2002 Balmoral Hotel, Edinburgh

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