We value your privacy

We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. By clicking "Accept All", you consent to our use of cookies. Cookie Policy

Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

ADVERTISEMENT
Africanian
  • News
  • News 24/7
  • Politics
  • Business
  • Health
  • Sports
  • Travel
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
  • Events
No Result
View All Result
Africanian
No Result
View All Result
Home Business

The Silver Economy Takes Over the Insurance World: A Game-Changer for Seniors

Insights into Spain's Silver Economy: A Rising Economic Powerhouse Shaping the Future of Business

in Business, Europe, News
Reading Time: 4 mins read
0 0
0
The Silver Economy Takes Over the Insurance World: A Game-Changer for Seniors
0
SHARES
Share on FacebookShare on TwitterShare via Whatsapp



The Silver Economy ‘conquers’ the insurance world

By Miguel Angel Ossorio

The Silver Economy represents the population aged over 50. It is the economy of the greying population, comprising one-third of Spain’s population that manages two-thirds of the Gross Domestic Product (GDP). This influence is amplified when considering that Spain is the most aged Western economy and the largest receiver of senior population in Europe, attracted by its purchasing power (retirees and wealthy individuals) or availability post-retirement.

 

The insurance sector has been one of the first to identify this opportunity, working on new value propositions for seniors. It’s known as the Silver Economy, a way of approaching traditional businesses for a demographic of over 9 million people in Spain, demanding personalized attention and products catering to their specific needs.

Read more: Ecofin Awards Night: Recognizing Finance Excellence and Economic Innovation

More

Angola: Clementina Artur will no longer walk to the river every morning with an empty container

The Invention of Time: How Humanity Created the Clock That Rules the World

Equatorial Guinea Launches Climate Innovation Project: Students to Build First AI-Powered Weather Station

Individuals aged 65 and above continue to gain influence in Spanish society, representing a robust group in absolute numbers. With over 9 million people surpassing 65 years in Spain, accounting for 19% of the total population, as per Imserso data, this number is expected to grow in the coming decades. It’s anticipated that one-third of the Spanish population will be over 65 in the near future, presenting business opportunities that many companies are beginning to explore.

The keys to the Silver Economy

The ‘White Paper on the Silver Economy in Spain 2024’ is the most extensive research on this phenomenon published in Europe to date. It compiles analytical perspectives from about twenty university researchers and an equal number of companies from different sectors. This initiative, led by the Rey Juan Carlos University and the Madrid Capital FinTech (MAD FinTech) cluster, serves as a foundation for understanding the Silver Economy phenomenon. Spain aims to lead in this area, partly due to its demographic characteristics—it’s not only one of the countries with the highest life expectancy globally and the highest in the European Union, with an average of 83 years but also experts predict it will be the world’s longest-living country by 2050, surpassing Japan.

The Silver Economy Takes Over the Insurance World: A Game-Changer for Seniors
Authors of the White Paper at its presentation at Rey Juan Carlos University, alongside its Rector and the Deputy Minister of Economy of the Community of Madrid.

Currently, Spain is a haven for retirees worldwide, often Europeans, choosing to retire here for the climate, quality of life, or lower prices than in their home countries. This contributes to the Spanish economy, benefiting directly from the monetary flow.

Read more: Spain’s Extremadura Champions Million-Euro Project to Drive SME Innovation in EUROACE Region

With this landscape, many companies have embraced the Silver Economy, considered “the acknowledgment that seniors are an essential group for businesses, as they will become one of the pillars of the business in any sector,” explains Salvador Molina, president of the MAD FinTech cluster.

The Silver Economy Takes Over the Insurance World: A Game-Changer for Seniors
Salvador Molina, president of the MAD FinTech cluster.

Securing seniors

One of the sectors actively working in the Silver Economy is insurance. “The insurance sector works to prevent accidents and respond if they occur, and the senior community is very sensitive to this need to be protected on different fronts,” explains Cristina Llorens, Business Development Director of the Insurance Development Institute. This company has focused its proposal for seniors on advising and accompanying its clients—issues of great importance for an audience that doesn’t reject new technologies but demands face-to-face personal attention. “In a society where we increasingly see more automation, leaving many seniors behind who cannot keep up with unbridled digitization, we, without renouncing technology, reintroduce the human factor into the insurance world to position ourselves alongside each person, make proposals adapted to their needs, and respond when they need to solve their problems,” explains Cristina Llorens.

Read more: Kenyan Exporters Secure Permanent Duty-Free Access to EU Market

What more and more seniors are also demanding is new ways to manage their money. In Spain, 83.2% of people between 65 and 74 years old own a home, according to a report by the Bank of Spain. Among those over 75, the percentage of homeowners is 0.2 points higher. They are up to 10 points above the average homeownership rate in Spain, which was nearly 74% in 2020. “There is more than €700 billion saved in homes by those over 65 years old in Spain,” explains Íñigo Hernández Alesanco, Business Development Director of Óptima Mayores. This phenomenon, where a reverse mortgage “would allow ‘freeing up’ a significant part of that savings to supplement income in retirement,” adds.

The Silver Economy Takes Over the Insurance World: A Game-Changer for Seniors
Sonia de Paz, a professor at Rey Juan Carlos University, presented the White Paper at the University of Illinois (Chicago).

What is the Reverse Mortgage?

This investment product allows for additional income derived from a owned property. The property is mortgaged without losing ownership or usufruct to obtain a monthly income that complements the pension. In Spain, the average retirement pension is €1,425 per month, according to the latest available data from 2023—slightly higher than the minimum wage (€1,080 per month) and almost double the average widow’s pension, which barely exceeds €850. But with an inflation rate exceeding 3% (specifically 3.2% in November 2023) and many seniors with dependents, housing and reverse mortgages become a refuge that also doesn’t compromise inheritance: upon the owner’s death, heirs can settle the debt or hand over the property as payment. It is an “excellent formula for liquefying real estate wealth,” explains Nuria López Catalán, director of Cross-Services and Reverse Mortgage at Caser, one of the insurers offering the most products and services to seniors.

Read more: Kigali: Bisila Bokoko and Dreams Hub Forge Historic Partnership for ‘Crystal Eggs’ Project, Elevating Education and Empowerment Across Continents

The Silver Economy Takes Over the Insurance World: A Game-Changer for Seniors
The Rector of Rey Juan Carlos University

In this sense, insurance and financial companies have the great challenge of continuing to promote these products. But also, to explain them to a population that, at times, may be wary of them. Starting with the name. “It is vital, for the market to develop correctly, to offer independent and specialized advice on the contracting of these products, including, among other things, a comparative study of the available alternatives,” adds Hernández.

Read more: Top 10 African Countries With The Most Automobiles

Seniors demand a person-to-person approach, and this dynamic could soon extend to other age groups, completely revolutionizing customer and company relationships to combine automation and human interaction for the first time in many years. Born from the Silver Economy, this demonstrates the almost central role of this economy of seniors in the future of business in an increasingly aging society.

Miguel Angel Ossorio is a technology journalist, holding the position of Chief Editor at Foro ECOFIN, and contributing content to several websites and publications.

africanian

africanian

Africanian News

  • Trending
  • Comments
  • Latest
Kenya: AfriLabs and Konza Technopolis Sign Strategic Deal to Boost Innovation Across Africa

Kenya: AfriLabs and Konza Technopolis Sign Strategic Deal to Boost Innovation Across Africa

July 23, 2025
Equatorial Guinea: Dreams Hub Selects Top Green Innovations by Women and Youth, Funded by OIF

Equatorial Guinea: Dreams Hub Selects Top Green Innovations by Women and Youth, Funded by OIF

July 23, 2025
Equatorial Guinea Launches Climate Innovation Project: Students to Build First AI-Powered Weather Station

Equatorial Guinea Launches Climate Innovation Project: Students to Build First AI-Powered Weather Station

July 24, 2025
South Sudan: Women lead the way in expanding access to sexual and reproductive health

South Sudan: Women lead the way in expanding access to sexual and reproductive health

July 24, 2025
Jesús Owono “steps up” by stepping down…

Jesús Owono “steps up” by stepping down…

July 24, 2025
Angola: Clementina Artur will no longer walk to the river every morning with an empty container

Angola: Clementina Artur will no longer walk to the river every morning with an empty container

July 24, 2025
Twitter Instagram Youtube Facebook
No Result
View All Result

Africanian News

Is a dedicated project aimed at amplifying the voices of the African Ecosystem and Diaspora. We actively collaborate with initiatives to improve access to education and digital inclusion, both in traditional schools and through digital platforms, for African children.

It’s crucial to emphasize that none of the articles or images featured on our platform are intended for copyright infringement, neither now nor in the future. If you believe that any information, text, image, etc., may be subject to copyright and should be removed, please notify us by sending an email to info@africanian.com

Your dreams matter; your stories matter.

Feel free to explore collaboration opportunities with us. Share your articles, thoughts, interviews, experiments, or no-comment videos by reaching out to info@africanian.com. You can also subscribe to our mailing list to receive the latest updates from Africanian News.

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

No Result
View All Result
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Entertainment
  • Tech
  • Travel
  • World

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Log In

Sign In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Back to Login

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Accept

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.