UK Insurers Delay Introduction Of Genetic Testing
While the subject of genetic testing has been at the forefront of the British insurance industry for many years, the industry spokesperson, the Associations of British Insurers, has announced plans for a further freeze until 2014. Under the freeze, consumers will still be able to take out insurance cover without disclosing the results of any genetic tests which they may have had carried out.
As more and more people undergo tests to see if they are susceptible to an array of different conditions and illnesses, the British insurance sector had been calling for these results to be declared on application forms. However, many civil liberty groups believe that this is an invasion of privacy and just because someone ‘may’ be ‘at risk’, it is not a reason to hit them with higher premiums.
However, it seems inevitable that the insurers will win the battle at the end of the day with many expecting genetic testing to become compulsory in the future. This will be yet another excuse for many of the leading insurers to increase their premiums for situations which may or may not happen in the future.
While there are compelling arguments on both sides, this will remain a very controversial subject for some time to come.
Share this..
Related stories
EU pension timebomb starts ticking
As the UK government gets set to tackle the UK public sector pension deficit, with rumours that employees will be asked to contribute more in the future, there is growing concern about a similar situation in the European Union. Estimates with regards to Europe suggest that the ratio of pensioners to workers in Europe could double in the next 50 years which would place massive pressure upon state p...
Read MoreRoyal Mail set to slash job numbers
Royal Mail is this week set to announce a further 2,000 middle management redundancies focused on those earning in excess of £40,000 a year. When you take into account these potential job cuts on top of the 62,000 workforce cuts over the last eight years there is no doubt that the UK authorities seem to be repositioning Royal Mail for a potential sale. The UK government has made quiet moves to...
Read MoreThe G20 party is certainly over!
Despite world leaders shaking hands and agreeing upon a number of vital proposals at the recent G20 meeting, this weekend has seen the emergence of significant internal disagreements. While around $300 billion of the $500 billion pledged by world leaders for the International Monetary Fund (IMF) has been agreed there is still a shortfall of some $200 billion.
At a time when Europe,...
Standard Life shareholders set for £1.75bn windfall
04/09/2014 Standard Life shareholders are set to receive a share of a £1.75bn windfall, after the insurance and investments company sold the Canadian side of its business to Manulife. The sale of assets will mean that Standard Life will no longer retain their insurance and investments business within Canada. However, they will still work with Manulife to sell their products in Canada, the U...
Read MoreDeutsche bank strikes deal with BMW UK pension scheme
In what many believe will become a major sector in the pensions industry Deutsche bank has announced a deal to take on the longevity risks of nearly £3 billion connected to the BMW UK scheme. This is the largest deal of its kind to date and will see BMW transfer the risk that scheme members live longer than expected and the increased costs associated with this. Using complicated insurance and...
Read More