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The Disruptive Impact of FinTech on Retirement Systems$
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Julie Agnew and Olivia S. Mitchell

Print publication date: 2019

Print ISBN-13: 9780198845553

Published to Oxford Scholarship Online: October 2019

DOI: 10.1093/oso/9780198845553.001.0001

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Ethics, Insurance Pricing, Genetics, and Big Data

Ethics, Insurance Pricing, Genetics, and Big Data

(p.75) Chapter 5 Ethics, Insurance Pricing, Genetics, and Big Data
The Disruptive Impact of FinTech on Retirement Systems

Robert Klitzman

Oxford University Press

Insurers are rapidly gaining access to consumers’ genetic information. In the U.S., federal law bars using genetic information in health insurance, but not in life, disability, or long-term care insurance. Accordingly, insurers may fear adverse selection: individuals could undergo testing, learn they have risky genes, and purchase insurance without revealing test results. While other countries have established moratoria on insurers’ use of genetic information, there is no consensus in the U.S. regarding how to avoid ‘unfair discrimination.’ The chapter discusses alternative solutions, including government bans of insurers’ use of genetic information, or limiting insurer information to only high-risk genes.

Keywords:   insurance, risk-management, genetic testing, healthcare, Genetic Information Non-Discrimination Act

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