The insurance industry is a risk management tool. This article explores some of the current and future events that could cause challenges for insurers.
This article focuses on technology. On balance, technology has made our lives better. What could this mean for insurers? In the near term, medical cover to remove unwanted genetic traits in a foetus or small child is already possible. Two recent gene therapies have been FDA approved, which potentially treat and/or eliminate specific genetic illnesses.
These treatments cost $2.1 million and $425,000 respectively3. In South Africa, much of this cost might be borne by medical schemes (and therefore become their problem). However, with the hefty price tag attached to these treatments, they might be excluded from medical cover in the future. In this case, or for those without medical aid, medical insurance could step in. This product could pay out a lump sum amount on the identification or confirmation that a child or foetus has a treatable genetic illness.
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