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Newsletter

European insurance market 'must adapt'

By Marianne Straker, Mon 11 May 2009 - Published in Life Insurance

More insurance and other financial policies that cross international boundaries in Europe should be made available, it has been suggested.

According to the Chartered Insurance Institute, large migrant groups are likely to join the over 50s as a major market for insurance and other financial services products over the next five decades.

A report by the group - entitled Ageing and Migration Trends - studies the impact on the financial services sector of an ageing European society and probable large-scale migration to fill the resulting labour vacuum.

Vanessa Rossi, senior research fellow in international economics at the Royal Institute of International Affairs and author of the report, commented: "Despite their typically higher risk profiles, banking and insurance providers and other businesses will need to address the requirements of transient cross-border workers, who could represent more than 100 million of the European Union workforce by 2060."

Earlier this month, the Fair Investment Company claimed around three-quarters of people in the UK have avoided debt since the start of the recession.