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November 13, 2008 at 10:58 AM
In spite of short-term concerns about the current market crisis, life insurers continue to be uniquely poised to help prevent a retirement crisis, according to Christopher Condron.
Condron, chairman of AXA Equitable Life Insurance Company, New York, talked here during a life insurance industry executive conference about life insurers’ opportunity to help the baby boomers handle retirement challenges.
The conference, the 19th in an annual series, was co-sponsored by Dewey & LeBoeuf L.L.P., New York; Ernst & Young L.L.P., New York; and Summit Business Media L.L.C., New York, the parent of National Underwriter.
Condron told attendees that insurers must be as focused on the soundness of the guarantors as on the guarantees that they are making.
Insurers are well placed to help baby boomers accumulate retirement assets, then shift toward drawing on the assets, Condron said.
Retirement savers want guarantees, Condron added.
Eight of 10 consumers polled for AXA Equitable said they would be willing to pay double for a variable annuity that provided a guaranty, Condron reported.
But, to create confidence, the financial stability of the guarantor must be assured, Condron said.
The best risk managers–the companies that avoid excessive risk and balance earnings with ensuring safety–will be the ultimate winners, Condron said.
