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Your search for Annual General Insurance Overview Statistics 2014 resulted in 24 hits
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How the world treats genetic risk
The ABI and Genetics Working Group has compiled a report, ‘How the world treats genetic risk’ - an international comparison of policy frameworks for the treatment of genetic testing in…
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FAQ
How is my premium (the cost of an insurance policy) calculated?
Insurers use risk data to calculate the likelihood of the event you are insuring against happening. This information is used to work out the cost of your premium. The more likely the event you are insuring against is to occur, the higher the risk to the insurer and, as a result, the higher the cost of your premium.
An insurer will take two important factors into account when working out the premium they will charge:
- How likely is it in general terms that someone will need to make a claim?
- Is the person who wants to take out a policy a bigger or smaller risk than the ‘average’ policyholder. Your medical history can help to inform this.
To find out more about how insurance works in the UK, you can read the ABI’s guide here.
There are specialised insurance brokers who can help to identify different insurance companies or products for those with complex and pre-existing health conditions, and details of these are provided by some patient groups.
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Code on Genetic Testing and Insurance
The 'Code on Genetic Testing an Insurance' is an agreement between the Government and the Association of British Insurers (ABI). It explains what an insurance company does and does not need to know…
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Genetics FAQs
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FAQ
I am not buying a type of protection insurance, are the results of a predictive genetic test relevant?
Unless you are buying a type of protection insurance (life, critical illness or income protection), the results of a predictive genetic test are not relevant to your application and so you do not need to disclose any predictive genetic test. This includes travel, motor insurance or health insurance.
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FAQ
What should I do if I have been diagnosed with a genetic condition and am struggling to access affordable insurance?
There are specialised insurance brokers who can help to identify different insurance companies or products for those with complex health conditions. Details of these are provided by some patient groups.
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FAQ
Why are there some circumstances in which insurers are allowed to ask for the results of predictive genetic test results?
Anti-selection is a risk that insurance companies face. Anti-selection occurs when someone who is buying insurance has access to more information than the insurer and, as a result, the insurer underestimates the risk of insuring that person. The Code on Genetic Testing and Insurance ensures that the insurance industry has protection against levels of anti-selection, which can threaten the insurers business models and make insurance more expensive for all consumers by allowing some limited access to predictive genetic test results for the most expensive policies.
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FAQ
Will the NHS ever share my genetic data with an insurance company without my consent?
No. Access to confidential patient information, including genetic data or genetic test results, will not be shared with an insurance company without your consent. You can read more information about how the NHS protects your information here.
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FAQ
Can an insurer request that I take a genetic test in order to get insurance cover?
No. Insurers will not require or pressure any applicant to undertake a predictive or diagnostic genetic test in order to obtain insurance.
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Genetics and Insurance
The ABI has a long standing agreement with the Department of Health (DH) on how insurers use genetic information, called Code on Genetic Testing and Insurance. This has been in place since 2001…