Twenty‐First‐Century Insurance Issues
Twenty‐First‐Century Insurance Issues
This chapter discusses two issues that will assume increasing salience: the impact of genetic screening on insurance markets and problems of long‐term‐care insurance. Genetic screening affects the viability of insurance in at least two ways: by turning risk into near‐ certainty it creates a rapidly growing group of uninsurable conditions; it also has a major bearing on the ability of individuals to obtain cover. Neither problem is new, but genetic screening greatly increases the number of people affected. Solutions will require considerable regulation of private insurers. With long‐term care, a central problem is the degree of uncertainty over a long time horizon about the probability that a person will need long‐term care. One approach to a solution is social insurance.
Keywords: genetic screening, insurance markets, long‐term care, regulation, social insurance, uncertainty, uninsurable conditions
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