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Ageing, durians and epidemic: Swiss Re’s Murray has plenty on his mind

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Fifteen years ago, when Mr Paul Murray arrived in Asia, insurance markets in the region were in a development phase.

Fifteen years ago, when Mr Paul Murray arrived in Asia, insurance markets in the region were in a development phase.

ST PHOTO: NG SOR LUAN

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In the years he used to live in Singapore, Mr Paul Murray would often watch the elderly move around Ghim Moh Market, one of his favourite haunts in the city. Over the years, there seemed to be more of the aged folk – an observation relevant to his work as CEO for the life and health division at reinsurance giant Swiss Re.

Mr Murray was not wrong.

Singapore’s old-age support ratio

– the ratio of people aged between 20 and 64 to those 65 and over – declined from 7.4 in 2010 to 4.3 in 2020, and further to 3.5 in 2024. Some projections are that it could dip to 1.5 by 2050, testing family values severely as the productive cohort needs to take care of two, perhaps eventually even three generations.

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