According to the report, while 68 per cent of older persons around the globe receive a pension, the
benefits levels remain inadequate.
Some policyholders have simply agreed to pay higher premiums, but enough have accepted lower
benefits levels or let policies lapse to let Genworth release $26 million in reserves, the company says.
The minimum annual
benefits levels will increase twice before 2014.
The slump brought
benefits levels back to pounds 4bn for 2008 as the sector shed thousands of workers and bonus awards were slashed.
The answer is not to reduce
benefits levels, or to force ill people to work.
As recently as 2000, California's premium and claims costs were the highest in the nation, and its
benefits levels for injured workers rivaled the lowest.
Typically, these
benefits levels are adjusted for inflation by the states no more than once a year.