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December 20, 2006 at 05:23 AM
Ernst & Young LLP’s Global Insurance Center foresees continued good performance for the life insurance industry in 2007.
At the same time, it expects continued tough competition for the dollars of a new generation of retiring consumers.
“With an aging population and an increasing number of retirees, we anticipate good sector performance in 2007 with solid fees, dependent on stock market performance and premiums across product categories,” commented Pete Porrino, global director of insurance for the Global Insurance Center of E&Y, New York.
In the U.S., general nervousness about long-term economic security and about social security, Medicare-Medicaid and reduced employer-paid health and retirement benefits will spark interest among consumers in self-funding and insuring their retirement, predicts E&Y.
