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LONDON (Reuters) – Insurers do not have enough capacity to cover some $23 trillion in global pension liabilities against the risk that people will live longer than expected and should seek to pass such longevity risk through to investors, Swiss Re said on Monday.

In a report, the world’s No.2 reinsurer said each additional year of life expectancy raises pension costs by about 4-5 percent, adding to the burden on pension funds and insurers.

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