WASHINGTON – A new report by the Global Federation of Insurance Associations (GFIA) finds that people around the world face a $1 trillion pension gap in what they need for a secure retirement. The study includes recommendations for policymakers to help narrow this gap that include ensuring access to innovative and flexible products that meet consumers’ needs and implementing automatic enrollment in retirement savings plans, among others.

The report also explores protection gaps in cyber ($0.9 trillion), health ($0.8 trillion) and natural catastrophe ($0.1 trillion).

American Council of Life Insurers President and CEO Susan Neely, who is also President of GFIA, commented: “The report makes clear the steps that are needed to reduce the protection gaps and to help people and businesses access the insurance services they need to succeed and thrive.”

Read GFIA’s press release here. The full report is available here.

The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI’s member companies are dedicated to protecting consumers’ financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI’s 280 member companies represent 94 percent of industry assets in the United States.