Practical importance of genetic research results when developing an insurance product for personal insurance: international experience

Abstract

This article considers the practical importance of genetic research results when developing an insurance product. The modern science, which allows obtaining information not only about the current state of health, but also about the risks of various diseases, challenges the possibility of using genetic information in insurance. The main goal of the study is to consider the possibility to use genetic information when concluding a personal insurance agreement for assessing the risks of an insured event, taking into account long-term obligations of insurance companies. The methods of collecting and studying singularities, generalization methods, scientific abstraction methods, and method of inquiry into regularities were used in the article. It has been concluded that it is necessary to use a differentiated approach when using genetic information in insurance. Full protection against genetic discrimination requires to completely prohibit insurance companies to use any information about genes, gene products, or inherited characteristics as a basis for refusing or limiting insurance coverage. The only area where it is allowed to use genetic information is medical insurance because it is impossible to postulate the right to life insurance without genetic testing if the agreement provides a broader insurance coverage. In order to maintain a balance of interests between insurants (insured persons) and insurers, it seems acceptable to use genetic information when concluding voluntary life and health insurance agreements that, above all, provide annuity payments. It is necessary to use genetic information in insurance when assessing the risks of real occurrence of a genetic disease. This approach will allow to practically minimize risks of insurance companies and to take into account the interests of an insured person.