Asia, too, is faced with demographic change. Family sizes are decreasing, longevity is increasing and relying on filial piety solely as a means for taking care of one’s self in old age is no longer possible. Singapore has put a sustainable solution in place with "ElderShield". Munich Re provides support in the product design and promotes cooperation between the State and the private insurance sector.
In Asia, too, generation 80+ is growing
In social terms, too, Asia is now evolving along familiar European lines: family structures are smaller, job-seekers increasingly leaving their home towns, and single households are growing rapidly, above all in cities. Asia is home to some of the fastest aging populations in the world, with Japan, South Korea and Singapore being examples. Long term care delivery systems vary by country, but with the decreasing demographic base to take care of aging parents; care personnel or stay in a care home demand can only increase.
