Demographics

The pension problem is a liability problem and an asset problem at the same time. Payment periods are lengthening while the population paying into them shrinks. More importantly, this pool of long-duration capital is being asked at the same moment to fund trillions of dollars of AI infrastructure, and both demands point at the same money.

An insurer exit does not cancel coverage, it reassigns its cost to individuals, and in a population weighted toward advanced age and multiple chronic conditions that burden lands on those with least bargaining power.