Weldon Wilson, CEO of Swiss Re Life & Health America, said there is a growing interest among life reinsurers to look at longevity risks associated with annuities as well as an increased interest in the long term care market. Annuities and universal life products are growth products for the industry, he said.
Speaking at Swiss Re’s annual review here, Wilson said reinsurers will be looking at ways to meet needs associated with these products. For reinsurers to look at the annuity market and guarantees associated with many of the products, they need to “partner with clients and have a clear alignment of risk,” he said.
Annuity riders also need to reflect actual cost, according to Wilson.