Genetics and Life Insurance: Striking the Balance
With increasing research globally into genetics, there are increased concerns from both regulators and general public on how an individual’s genetic test information may be used by insurance companies for underwriting purpose. In addition, the price to have one’s genes sequenced has been coming down significantly in recent years, which leads to more people having undergone such tests, whether just for the fun of it, or to find out if one has inherited any faulty genes or carry any genetic mutations. This prompts governments around the world to impose more restrictions on the insurance industry to use genetic test information in restricting purchase of basic insurance protection. The Singapore Moratorium on Genetics and Insurance has been set up to address this issue. This presentation will take a look at the approach taken by countries across the world and how insurers could still be able to protect itself from anti-selective behaviour as a result of these limitations.