According to this report, the worldwide pension savings gap will increase by 5% per year, from USD 70 billion in 2015 to USD 400 billion by 2050. The well-known increase in life expectancy, combined with the decrease in the birth rate in many countries and the increase in labor automation are some of the factors mentioned as the causes of the ”perfect storm” in the financing of public pension systems. The agency said in its study that insurance companies could play a key role in the reduction of this global pensions gap, by providing risk transfer solutions for second pillar private systems with insufficient funds, and life annuity products for encouraging greater discretional retirement savings.