Australia’s Federal Government is to seek feedback on the use of genetic test results by insurers.
Christine Cupitt, CEO of the Council of Australian Life Insurers, says genetic testing can help empower Australians to manage potential health risks in a preventative and personalised way.
However, she said the Federal Government should regulate the use of genetic test results by life insurers in the underwriting process.
And that regulation should support it to make modifications to keep pace with advances in genetic science and healthcare, “…while considering any impacts on the accessibility and affordability of life insurance in the community”.
Australia’s life insurers helped develop the country’s Genetic Testing Moratorium in 2019, which has since been included in the industry’s Life Insurance Code of Practice. The code outlines limits on how insurers can use genetic tests results.
The consultation process will close at the end of January 2024.
Do you see a time when genetic tests will play a part in your clients applying for life insurance?
- Yes (68%)
- No (23%)
- Not sure (9%)
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