Expansión and SegrosNews recently organized an observatory dedicated to the “silver economy”. They were joined by Dorothee Van Gemert, Product Director of Nationale-Nederlanden. Mr. Angel Camingu, President of Optima Mayores. Nuria López, director of cross-servicing and reverse mortgages at Caser; Joaquín de los Reyes, Director of Major Cities at Mapfre Spain. The event was moderated by Rafael Sierra, director of SegrosNews.
The event analyzed how increasing longevity is creating a number of social and economic challenges that insurance companies must address.
People are living longer than before, but they also want to live better at this stage. “To enjoy autonomy, you need to be healthy. This depends not only on the health care system, but also on other factors. Physical health is important, but it also depends on mental and financial health. ” said Joaquín de los Reyes, director of Mapfre Spain’s metropolitan sector.
“Demographic change is a challenge for both businesses and citizens. With this increase in longevity, we need to ensure that these people can enjoy a high quality of life when they reach this age. We are forced to develop products,” added Nuria. Caser’s Cross-Section Services and Reverse Mortgages. Seniors are increasingly seeking products and services related to entertainment, leisure, and well-being.
In addition, it should be noted that, in general, their purchasing power today is higher than that of younger generations. But can it be sustained in the not too distant future? “We have to find ways to help these people generate additional income and liquidity,” said Dorothy Van Gemert, product manager at National Nederlanden. Van Gemert acknowledged that health issues will remain very important, but agreed to focus on other issues such as mobility, sociability and leisure.
Along the same lines, Ángel Cummings, Chairman of Optima Mayores, also emphasized: “We need to have a range of services aimed at older people that adapt to this scenario. They are people who will live longer and ultimately need support, but therefore they If you want to live a more active life, you can’t overlook the potential of a reverse mortgage as a way to supplement your state pension in retirement.
reverse mortgage
Spain is a country where nearly 70% of the wealth of Spanish families is in the homes they own, according to data from the Bank of Spain. Since reverse mortgages are illiquid assets, they are one of the most interesting products within the framework of the silver economy.
Mr Cummings explained that “Spain has the highest concentration of housing savings in Europe and has laws regulating reverse mortgages, so Spain is very likely”, but according to the General Council. In 2022, only 549 cases were officially established in Spain. of the notary public. Therefore, as one possible improvement to promote the product, Cominges suggested creating a register of independent advisors and marketing through it.
Nuria López says, “Reverse mortgages are the only regulated product that allows you to earn income from your home without losing your property and without having to stop living in it.” A Caser representative explained, “We have pre-products and post-products that are useful for both advance planning and supplementing pensions.” The first case referred to pension plans, investment funds and consumer savings products. Regarding the latter, he talked about income products that allow you to utilize your savings.
“We have developed a product with medical support services focused on prevention on the one hand and protection in the event of an accident on the other,” said Dorothy Van Gemert. Furthermore, the Product Director of National Nederlanden highlighted the company’s commitment to the savings aspect, stating that it is “committed to financial education activities aimed at encouraging regular savings.”
In relation to the deduction stage, Joaquín de los Reyes said: “Longer lifespans create a scenario in which there is uncertainty over the number of years over which costs should be distributed, which is why we are so promoting life annuities.” said. The head of Mapfre hinted at its dependency products that seek to address three essential realities that worry people. “We fear loneliness, desire the simplest things, and are anxious about change.”
