With significant work underway at the Financial Services Council since the Genetics Masterclass at last year’s conference, the FSC expanded on the debate to look at the future of genetics and insurance in New Zealand during its recently conducted 2024 Conference in Auckland.
One message was clear, namely that the results of a genetic test won’t affect those who already have insurance in place.
Dr Robert Young, an Auckland City Hospital GP, said: “If an individual has insurance in place then any (genetic) test they undergo has no bearing on that insurance.
“The more vexing issue is those who do not have insurance cover, have a family history of concern, have concerns about their risk, and see the opportunity to undergo genetic testing. And then the question arises ‘…if I undertake this test, what are the implications?’.”
Dr Young said that while no-one in the industry is one hundred percent happy with the idea of putting insurance in place, and then getting tested, it is an approach.
He said: “My concern is that there is a large gap in the part of genetic councillors and their understanding of the implications of what they are advocating for in an insurance context, and that troubles me.”
Michael Hobbs, Head of Claim Approvals, Southern Cross Health Society, said: “Whenever we are looking at legislation it’s important that we don’t lump life and health insurance as one package.
“We wouldn’t ask clients to undertake genetic testing for the purposes of applying for health or life insurance.
“We wouldn’t ask clients to undertake genetic testing for the purposes of applying for health or life insurance.
“We won’t take someone else’s test and apply terms to the applicant as a consequence of that, in lieu of their own testing.
“In the case of health insurance, we offer some that provide a lump sum payment in the hundreds and thousands of dollars for a qualifying diagnosis.
“It is imperative to us that someone who is joining into that policy, and has a predisposition for developing that qualifying diagnosis, we would want to know that.”
Hobbs says from a health insurance perspective, with any genetic defect that is identified through disclosure, exclusions would be limited to the genetic defect.
“There may be some merit in encouraging genetic testing so people understand the health issues they may face, and prompt earlier treatment,” he said.