The insurance industry has long been an important financial partner to governments. As with healthcare, retirement costs can be a huge contingent fiscal liability for the public sector balance sheet. The life insurance industry helps and encourages households to take ownership of their retirement plans in a timely manner through regular savings. 

The insurance sector is helping to expand the level of financial protection and to enhance social welfare provision, including by opening up thousands of jobs, but the challenge remains considerable. The development of the insurance industry also is accelerating financial and capital market reform and providing the long-term investment needed to finance the next stage of economic development. 

The investment of long-term insurance funds contributes directly to economic development and growth through expand...

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