The number of people aged 60 and above in developing Asia and the Pacific is set to nearly double by 2050 to 1.2 billion—or about a quarter of the total population—significantly increasing the need for pension and welfare programs as well as healthcare services, said a new report on Thursday (May 02, 2024). At the same time, economies have an opportunity to reap a “silver dividend” in the form of additional productivity from older people, which could boost gross domestic product in the region by 0.9% on average, said the Asian Development Bank (ADB). “Asia and the Pacific’s rapid development is a success story, but it’s also fueling a huge demographic shift, and the pressure is rising,” said ADB Chief Economist Albert Park.  “Governments need to prepare now if they’re going to be able to help hundreds of millions of people in the region age well. Policies should support lifetime investment in health, education, skills, and financial preparedness for retirement. Family and social ties are also important to foster healthy and productive populations of older people and maximize their contribution to society.” Developing Asia and the Pacific is unprepared to secure the well-being of its rapidly aging population as the growing share of older people in the region face challenges from low pension coverage to health problems, social isolation, and limited access to essential services, according to the multilateral development bank. ADB, WTO strengthen collaboration for sustainable economic growth in Asia-Pacific region While longer lifespans reflect the region’s development success, comprehensive policy reforms are urgently needed to support the welfare of older people, according to “Aging Well in Asia: Asian Development Policy Report,” released on Thursday by the Asian Development Bank (ADB) at its 57th Annual Meeting. According to the report, 40% of people over age 60 in Asia and the Pacific lack access to any form of pension—with women disproportionately affected, as they are more likely to do unpaid domestic work.  As a result, many older people in the region have no choice but to work well beyond retirement age to survive.  Among those still working at age 65 or older, 94% work in the informal sector, which typically doesn’t provide basic labor protections or pension benefits. Physical and mental health challenges also increase with age.  FBCCI urges govt policy to facilitate backward linkage industries Around 60% of older people in Asia and the Pacific do not attend or receive regular health checks, while 31% report depressive symptoms owing to illness, social isolation, and economic insecurity.  Older women in the region are also more likely than older men to suffer from ill health, from depression to diabetes and hypertension.  The report recommended a wide range of policy measures to support healthy and economically secure aging.  Among these are government-assisted health insurance and pension plans, improved health infrastructure, and free annual check-ups and lifestyle evaluations.  Policy makers should aim for universal healthcare coverage, while basic labor protections should be extended to older informal workers, according to the report. By making mandatory retirement ages more flexible, helping older people stay healthy, and providing them with suitable work opportunities as well as lifelong learning and skills development, economies in the region can help older people stay productive longer. Read more: Developing Asian economies’ growth expected to be sustained at 4.9% this year and the next, ADB President says ahead of Annual Meeting

People who have health insurance in Bangladesh could have their coverage extended to include Indian hospitals, with the arrival of an Indian company that would act as a broker of sorts, between the local insurance providers and healthcare providers in the neighbouring country. Bangladeshi insurers will be able to offer their customers even advanced doctor appointments, coverage on treatment costs or even the expense of the entire trip, as well as expedited visa service by working with the insurance brokers. ‘Heritage Insurance Brokers (Pvt) Ltd’, which describes itself as a one-stop digital healthcare service, is looking to enter the Bangladeshi market with its gamut of healthcare services through a single platform, and promising the consumers a seamless and transparent experience. Also read: 10 Healthy Bedtime Teas for Better Sleep, Relaxation Part of the Bajoria Group of companies, HIBL is based out of Kolkata, West Bengal. According to company information in the Times of India/Economic Times database, "Heritage Insurance Brokers Private Limited is a Non-govt company, incorporated on 27 Aug, 1993. It's a private unlisted company and is classified as 'company limited by shares'." Globally, it claims a presence across some 12 countries on its website, concentrated in South Asia and the Middle East, with further outposts in South Korea and a couple of the Caribbean islands. The company organised a seminar on ‘Health insurance and its Benefits’ as an awareness-raising session for the Bangladeshi people and insurance companies on how insurance coverage could provide seamless healthcare service, at the Dhaka Club today (Saturday). HIBL will work in Bangladesh through local agents, who will arrange all the treatment works including doctor appointment, medicine, diagnose disease, physiotherapy, hotel booking and visiting important tourist spots also. The company of course recognises the opportunity from Bangladesh becoming the source of the highest foreign tourist arrivals into India, a position it has held since 2018, according to the Indian tourism authority. A large number of the arrivals are also for medical purposes. About 54% of all foreign medical visitors going to India for treatment are Bangladeshis, the Ministry of Tourism numbers revealed. The inflow of medical tourists from Bangladesh surged by 83% in three years since 2018, it said. Basant Kumar Nayak, Principal of the Insurance Institute of India, took a session on health insurance and how it benefits common people and why it is important for people to be insured. The pretty basic extent of the seminar probably reflected the extremely immature state of the industry in Bangladesh, or the appreciation of the concept in the country still. Ranendra Nath Ojha, head of business, Surite, an Indian e-commerce platform concentrating on the healthcare industry, talked about how seamless benefits are provided and healthcare services can help in better treatment at lower cost. Surite's services will be available for Bangladeshi users looking for seamless medical tourism services. Also read: Budget FY23: Insignificant boost for health sector, gets 5.4 pc allocation At the seminar, Nasiruddin Ahmed Chowdhury, the founder of Green Delta Insurance, was felicitated by HIBL for his contribution to the Bangladesh insurance industry. Apart from Nasiruddin Ahmed Choudhury, other insurance industry figureheads of Bangladesh including Wasiful Huq, GM of Sadharan Bima Corporation (SBC), Khawja Manger Nadeem, CEO, United Insurance, Abdul Hamid – CFO (chief financial officer) Prime Insurance, Golam Faruk Chowdhury, CFO of Northern General Insurance Co Ltd, and Mohammed Murshedul Islam, Executive officer of IDRA, attended the seminar. Pratik D Negi, first secretary, High Commission of India, Dhaka was also present.