South China Morning Post on Preparing for Healthy Ageing: Insights from AIA's Alger Fung
The Challenge of Population Ageing
Population ageing is a critical concern globally, especially in Asia. As life expectancy increases, the disparity between healthspan and lifespan keeps widening. According to Alger Fung, CEO of AIA Hong Kong, by 2030, one in six people worldwide will be over 60 years old. This trend raises significant health and economic questions relating to the management of non-communicable diseases (NCDs).
Health Costs and Insurance Innovation
Fung emphasized that Hong Kong faces rising healthcare costs due to chronic health conditions, with medical inflation averaging 8% annually. He noted that innovative insurance solutions are essential to support this demographic shift.
- AIA's commitment: Delivering health improvements through focused initiatives.
- Financial implications: Projected global costs of treating NCDs may hit $30 trillion by 2030.
Strategies for a Healthier Tomorrow
AIA aims to enhance customer health by bridging the gap between living longer and healthier. Fung mentioned that the insurance industry needs to rethink traditional products to address evolving client needs.
Transforming Service Delivery
Insurers must use technology to introduce more effective care models and build partnerships for improved service delivery. AIA's innovative programs, like the 'Rethink Healthy' initiative, aim to engage a billion people in healthier lifestyles by 2030.
- AIA Alta Wealth Management Centre
- AIA Alta Wellness Haven
- AIA Club Alta
In conclusion, the insurance industry's role is crucial in supporting better lifestyles as populations age. Fung urges industry stakeholders to embrace innovation and social responsibility to ensure a healthier future.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.