G20 Says Aging Society Is a Priority Issue

Feb 26, 2019

People are living longer, and financial security into retirement is not just a challenge in the United States – it’s a challenge facing people around the world. The G20 – an international forum for the governments of 20 major economies – has selected aging society and filling the protection gaps created by increasing longevity as a priority issue.

The Japanese G20 presidency will explore best practices for how to increase financial inclusion and fill the gaps in income replacement and retirement security during a period of unprecedented longevity. Japan is building on the foundation begun under Argentina’s G20 presidency, which looked at the positive role that the life insurance and pension industry plays in funding long-term investment in infrastructure and economic growth. As society and work change, life insurers are committed to solutions that protect all people, regardless of where and how they work, their life stage, or the economic status of their household.

As providers of retirement products to 90 million American families and as the largest institutional investor in U.S. domestic corporate bonds and other long-duration investments, America’s life insurers are proud of the benefits we bring to America and all the markets where our products help improve the quality of life for individuals and families. When it comes to retirement security challenges, life insurers are there to help fill the gaps created by increasing longevity. We help people retire with security – with more products, availability, accessibility and affordability for all.

As the world’s largest life insurance market, U.S. life insurers join with our colleagues at the Life Insurance Association of Japan (LIAJ) in celebrating the 110th anniversary of its foundation. We applaud the LIAJ for prioritizing aging society and longevity by organizing the “Insurance Forum Japan 2019” on Wednesday, June 5, 2019, in Tokyo, where we will highlight the importance of this issue and our industry to world leaders.

Brad Smith

Brad Smith is Chief International Officer managing the international relations program at the American Council of Life Insurers (ACLI). He is responsible for coordinating policy and program initiatives of ACLI’s International Markets and Trade Committee. Since joining ACLI in 1997, his focus areas have included insurance market liberalization for U.S. companies overseas, especially in China, Japan and India.