Medical sector to lead insurance uptake
Medical testing kits which can be used at home could vastly increase insurance uptake, changing the medical insurance sector forever.
That is the opinion of Barry Stowe, Prudential Corporation Asia chief executive speaking at the International Insurance Society (IIS) Seminar in London this week.
“If a person discovers for example that they are genetically 11 times more likely to develop alzheimer's disease, research suggest that they are 11 times more likely to buy life cover, which is a complete game changer,” he said.
Panellists at a session on this topic also approached the subject of advancements in medical science and the impact of neglecting employees’ healthcare needs.
“Companies are now facing huge liabilities and costs from future medical needs of employees. This is causing a crisis, especially in emerging markets as the state has no interest in repeating what’s happening in Europe and assisting with these costs,” said Dominic Casserley, CEO of Willis. “The big question is how active should the insurance industry be in preventative medicine?”
Stowe explained that in Asia, as state does not support medical costs, the Asian population automatically save a higher percentage of their income because they have no safety net.
“This is the result of the economy not going in and solving problems such as healthcare problems,” he said.
