Partners Life Managing Director Naomi Ballantyne has discussed the possible implications of customers choosing not to get vaccinated. Ballantyne highlighted the different actions insurers could take, including applying specific exclusions for unvaccinated customers or choosing to refuse to offer cover. Ballantyne argues that customers with pre-existing conditions that choose to remain unvaccinated are more likely to claim and that insurers have a responsibility to decide how to manage the increased risk.
“Partners Life managing director Naomi Ballantyne says since the personal insurance industry relies on medical science and statistical evidence to design its policies and premiums it stands to reason that the unvaccinated, especially those with underlying medical conditions, present a higher risk to insurers than those who have had their jabs.
"To avoid all clients having to pay increased premiums to address this Covid-related increased claims risk, life insurers have several options," she says.
"They can price differently for vaccinated applicants versus unvaccinated applicants to reflect the different risk profiles.
"They can apply specific exclusions to unvaccinated lives to avoid the increased claims risk arising from potential Covid-19 (and variants) infection, or they can decline to offer cover altogether if they believe a combination of pre-existing health conditions and the unvaccinated status of an applicant would give rise to an unquantifiable increased risk of claims."
She says medical science has evolved significantly improving health outcomes across the globe and a large part of this is due to the advent of vaccines.
"We see the development of Covid-19 vaccines as simply the next step in this development and we trust in the long-established medical science behind it.
"The data tells us there is no statistically significant risk to claims incidence or duration rates arising from complications of Covid-19 vaccinations.
"The same global data demonstrates statistically significant medical complication rates arising from infection with Covid-19 (and variants) in those who do not have any immunity to the virus through vaccination or previous infection."
"In other words, pre-existing issues such as diabetes, heart disease, kidney disease etc are much more likely to result in a claimable outcome if the client is not vaccinated and subsequently contracts Covid-19 (or variants), compared with our normal claim estimations."
She says unvaccinated people have made a personal decision to accept the increased risk and life insurers have a decision to make about whether and how they might accept and accommodate that risk.” Click here to read more
In our business, we feel much the same way, and encourage everyone to get vaccinated if they are able and eligible. We also commend to you the article by Gen Re on the impact of diabetes on mental health.
In other news
Cigna: Peter Mensah has joined Cigna as a Business Partnership Manager
Cigna: Cigna Live will be held on 24 November at 10am