PBGC deficit doubles in a year

The US Pension Benefit Guaranty Corporation (PBGC), which provides insurance to private sector defined benefit (DB) schemes, has reported its deficit doubled during 2009 to $22 billion (£13.2 billion) and admitted it currently has no long-term plan to stabilise the scheme.

At the end of the 2009 US fiscal year on September 30, the Washington DC-based pension insurer reported a deficit of $22 billion, up from $11.2 billion at the end of 2008. Despite this, it said the deficit had fallen from a

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The future of life insurance

As the world constantly evolves and changes, so too does the life insurance industry, which is preparing for a multitude of challenges, particularly in three areas: interest rates, regulatory mandates and technology (software, underwriting tools and…

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