Almost 40% of Retired Canadians Lacked Choice in Decision
An RBC Poll has found that although 85 per cent of still un-retired Boomers in Canada believe they will make the choice on when they’d like to retire, only 62 percent got the choice in timing.
"Most Canadians assume they will decide when to retire, but what if that isn't the case?" said Amalia Costa, head, Retirement Strategies, RBC. "There are enough uncertainties in life -- knowing what to expect in retirement doesn't have to be one of them."
Results found in the RBC Retirement Myth and Realities Poll discovered that Boomers do not always get a significant amount of notice and thus time for retirement preparation. The poll found that 20 per cent stated they only were informed by their employers a month or less before their retirement date. Even further, only 42 per cent had a six month notice of expected retirement date.
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"The surprising number of people facing unexpected retirement highlights the critical importance of starting lifestyle and financial planning early," said Roger Mannell, director of the RBC Retirement Research Centre at the University of Waterloo and a professor of recreation and leisure studies, public health, and gerontology. "As someone who not only studies successful aging, but who is retiring within a year, I've given much thought to my retirement. Many may be thinking of retirement as a vacation without yet having planned for the health, lifestyle, and financial considerations of the next 20 to 30 years of their retired life. Although important, vacations are only part of the mix - it's important to plan for key aspects of your day-to-day living."
The poll surveyed Canadian Boomers with assets of $100,000 or more.
CB Insights: US Insurtechs Compete In A Now Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.