To tone down concerns regarding longevity risk and retirement readiness, governments must put in place policy and regulatory measures that encourage better preparedness, Prudential Financial has said.

The call was made at a time when there is rapid growth of the ageing population in Asia.

For Prudential, this spells urgent preparations for the region’s families, retirees, pensions, and policymakers.

The company said that because of the declining birth rates and longer life expectancies, Asian countries are faced with a number of challenges, which include supporting rapidly growing populations that have shrinking or stagnant working-age groups.

Dylan Tyson, chief strategy officer at Prudential Life Insurance of Korea, said life insurers play a key role in making people realise the value of having a secure retirement by providing them with solutions.