Almost half of Australians in a survey said that they would need more than A$1m ($762,000) for a comfortable retirement, but experts say that in reality, they might not actually need that much.
Keeping track of one's expenditure is a critical component of financial planning. Businesses, governments and even financial institutions do it. Yet according to a recent survey by Smartwealth, one in two adults in Singapore do not know how much they spend each month.
FTLife Insurance Company Limited (FTLife) has conducted a "Retirement Planning and Confidence Survey" in December 2020. The survey revealed increased pessimistic about retirement among respondents since the start of the pandemic.
Korea's aging population poses a key challenge to the country's insurers in coming decades, with the share of the population aged 65 or above set to double to 32% by 2040 from 16% in 2020, according to a new report by Moody's Investors Service.
The Insurance Authority (IA) has released provisional statistics of the Hong Kong insurance industry for the first three quarters of 2020, indicating a growth of total gross premiums by 5.5% to $461.1 billion over the corresponding period in 2019.
Singapore's retirement system retains its top spot in Asia, ranking seventh out of 39 retirement systems, according to the 12th annual Mercer CFA Institute Global Pension Index, a study of retirement income systems across the globe, covering almost two-thirds of the world's population.
FWD Hong Kong has launched the RetireFun Deferred Annuity Plan (RetireFun), a Qualifying Deferred Annuity Policy ('QDAP') that offers enhanced flexibility and choice for customers.
The impact of COVID-19 on the provision of future pensions around the world will be negative due to reduced contributions, lower investment returns and higher government debt.
How can insurers better serve retirees in Asia post-crisis? Angat Sandhu and Ajit Rochlani from Oliver Wyman share their insights in this article.
Allianz unveiled the first edition of its "Global Pension Report", taking the pulse of pension systems around the world with its proprietary pension indicator, the Allianz Pension Indicator (API). The indicator follows a simple logic: It starts the analysis with the demographic and fiscal prerequisites and then continues to examine pension systems along their two decisive dimensions: sustainability and adequacy. Hence, it is based on three pillars and takes all in all 30 parameters into account, which are rated on a scale of 1 to 7, with 1 being the best grade. By adding up all weighted subtotals, the API assigns each of the analysed 70 countries a grade between 1 and 7, thus providing a comprehensive view of the respective pension system.
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