THE Irish life assurance industry's future lies in "building on its traditional strengths and in delivering low cost, long term products under which funds are invested in assets which produce superior returns," according to Mr Colm Fagan, principal of Life Strategies, the actuarial and strategic consultancy.

Mr Fagan told the annual conference of the Irish Insurance Institute that insurance companies should emphasise the inaccessibility of money that has been tied up in life assurance policies at a time when long term planing is more important than ever, because of increased life expectancy.

Mr Fagan is a former finance director, chief actuary and company secretary of Bank of Ireland's life assurance subsidiary, Lifetime.