Preparing today for a healthier tomorrow

Population ageing is one of the biggest challenges facing the world today. That profound demographic shift presents health, social and economic questions, foremost among them how to promote, support and manage healthy ageing.

“While life expectancy has grown remarkably over the decades, especially in Asia, healthspan lags behind lifespan,” said Alger Fung, CEO of AIA Hong Kong and Macau, during a keynote speech at the 30th East Asian Insurance Congress (EAIC) in Hong Kong on Friday.

Fung noted that AIA is at the forefront of developing innovative initiatives to help people close the gap. “We are committed to enhancing the health of our customers, to help them live healthier, longer and better lives – a benefit to customers, our business and society at large, which is also our brand promise.”

Fung highlighted the challenges and opportunities society faces with an ageing population. “By 2030, one in every six people globally will be over 60. In Asia, this ratio will be one in four by 2050,” he said, noting that the health burdens associated with an ageing population are becoming harder to ignore as demographic shifts correspond to the rising prevalence of non-communicable diseases (NCDs).

These diseases, including cardiovascular, neurodegenerative, metabolic and cancer, have a major impact on healthcare costs everywhere, including Hong Kong. “Nearly one-third of the city’s population suffers from chronic health conditions, a significant driver of healthcare costs. With medical inflation averaging around 8 per cent per annum, the financial implications are substantial,” Fung said, adding that the global cost of treating these diseases is expected to reach US$30 trillion by 2030.

On the positive side, Asia’s economic development has fuelled substantial wealth creation and a growing middle class. By 2027, the total financial assets in Asia are expected to exceed US$80 trillion, almost double the size of the combined gross domestic product of the US and Europe.