Independent think tank Reform, has today published a report on demographic change, warning of the risks associated with global ageing.

Welcoming the inquiry, Ben Franklin, policy and research manager at the Chartered Insurance Institute (CII), says: "The CII welcomes Reform’s report into the risks related to demographic change. Global ageing presents a dangerous combination of dwindling taxation revenue and burgeoning health and social care costs. If left unchecked, not only could these headwinds lead to crippling levels of government debt, but they could also propel us into long-term economic stagnation or worse."

As the CII's latest Future Risk report, Defusing the Demographic Timebomb, new thinking is required, Franklin points out. "This must include consistent and predictable government and regulatory policy, and increased competence and transparency across the insurance industry. Continual re-skilling of the labour force will also be vital for a sustainable future and employers will play a key role in this regard. And above all greater political and public recognition of the challenge is required as well as action to produce long-term, viable solutions," he says.

“With longevity continuing to rise, all stakeholders must now “grasp the nettle” to deliver a Beveridge style plan fit for twenty-first century society.”

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