Foz do Iguaçu, BRAZIL, Aug. 26, 2013
— Robert A. Kerzner, president and CEO of LIMRA, LOMA and LL Global, today shared findings from a new LIMRA Latin American retirement study to more than 500 Latin American insurance executives at the annual event held this year in Foz do Iguaçu, Brazil.
“Worldwide, research shows that consumers have not saved enough for retirement,” said Kerzner. “LIMRA’s new study reveals that many Latin Americans are facing the same challenges as consumers in the U.S. – lack of sufficient savings and retirement planning, and a poor understanding of the risks associated with retirement, like longevity, health care costs, volatility and inflation. Our industry — unlike any other — offers the solutions that can mitigate these risks.”
During his remarks, Kerzner revealed startling statistics about how unprepared Latin Americans are for retirement:
- Less than a quarter of pre-retirees feel they will be able to achieve a comfortable retirement;
- 3 in 4 pre-retirees don’t believe or are unsure that they will be able to afford day-to-day needs in retirement; and
- Nearly half of pre-retirees think they need to plan for less than 20 years or have no idea.
However, Kerzner said there is room for the industry to be optimistic. “Latin American countries’ middle income markets are exploding – growing 50 percent in the past decade. This opportunity is evident in the many global companies entering the Latin American market,” he noted. “They know middle income families will need the protection and investment products and services that are unique to our industry.”
In addition, Kerzner pointed out that Latin American populations skew far younger than other nations, which means the ratio of workers to retirees is greater, putting less pressure on government-funded retirement programs, which other countries, including the U.S. are experiencing.
Kerzner opened the two-day event, which features a keynote from former Brazilian President Fernando Henrique Cardoso, as well as sessions addressing crucial strategic issues, including the challenges and opportunities in the retirement market, behavioral finance, alternative distribution and preventative health care.
LIMRA is a worldwide research, consulting and professional development organization that helps more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness. Visit LIMRA at www.limra.com
Catherine Theroux, 860-285-7787, firstname.lastname@example.org
Mark Morris, 860-285-7875, email@example.com