EUROPEAN PAPERS ON THE NEW WELFARE

Pensions, Social Security and Private Insurance Solutions: Opportunities Squandered

1. Introduction

Modern societies are trying to develop concepts that allow them to protect their citizens and at the same time stay competitive in the globalized markets. The approach of the new welfare state is no longer to arrange for full coverage of (ideally) all risks but to replace the existing extraordinarily expensive systems with more targeted and efficient approaches. They achieve this through requiring people to assume more risks individually and to organise adequate protection themselves. This is the so-called ‘risk shift from public to private’, a concept we have been developing for a number of years at The Geneva Association1.
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