Canada needs additional regulation, developed through public consultations, stakeholder collaborations and community partnerships, to help regulate genetic testing and prevent genetic discrimination.
Life insurance companies can legally use the results of genetic tests to decline coverage or increase premiums. MPs have called for legislation that bans this practice.
As a former chief medical officer for CommInsure, I spoke on Four Corners about insurers refusing medical payouts. The Federal Court’s finding last Friday makes it clear how wrong those insurers were.
Three-quarters of insurance executives believe artificial intelligence will revolutionise the industry within a few years. It promises lower premiums, but brings ethical risks too.
Genetic information is relevant not only for an individual, but also their blood relatives, because it’s often hereditary.
Joshua Reddekopp/Unsplash
Because genetic changes that cause cause health complications can be hereditary, the information affects not only the person with the mutation but also their biological relatives.
Industry representatives wear fitness trackers at the International Consumer Electronics Show in January 2014 in Las Vegas. Health and fitness information is being increasingly shared with insurance companies.
(AP Photo/Julie Jacobson)
Insurer John Hancock now requires customers to use activity trackers for life insurance policies. Here’s how that will put life insurance and even mortgages out of reach for many people.
Life insurance applicants must disclose genetic test results if required by the insurer. While other countries have protected consumers from this, there is no such regulation in Australia.
No need for a bank: Just a smartphone and a blockchain.
Houman Haddad/UN World Food Program
Data on the outcomes of life insurance claims will not only help individual customers but also financial advisers and super funds acting on behalf of consumers.
Many Australians will not benefit from the Financial Services Council’s new life insurance code, Gail Pearson says.
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