The 11th of July this year is dedicated to focusing on the increasing problems as a result of the growing global population. This is a crucial issue because the world resources are depleting at an unsustainable rate. The rapid growth in population also means increasing health problems faced by women during pregnancy and child birth.
Hence, there is a need to focus on family planning, gender equality and maternal health.
For the insurance industry, this population growth poses a unique challenge, and this challenge further depends on the demographics of the country.
In developing nations, high birth rates ensure an increasingly young population. But over 40% of the population in such nations does not have health insurance! Thus, there is a need the insurers to look for low-cost health insurance for this population.
In developed nations, the birth rates are significantly lower and this has resulted in an ageing population! By 2050, over 40% of the population will be over 65. Thus, there is a need for the insurers look for new ways to finance health insurance.