Findings from University of Queensland Broaden Understanding of Insurance (Financial Advisers’ and Key Informants’ Perspectives On the Australian Industry-led Moratorium On Genetic Tests In Life Insurance): Insurance

2023 SEP 14 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Fresh data on Insurance are presented in a new report. According to news reporting originating from St. Lucia, Australia, by NewsRx correspondents, research stated, “Genetic discrimination (GD) in the context of life insurance is a perennial concern in Australia and internationally. To address such concerns in Australia, an industry self-regulated Moratorium on Genetic Tests in Life Insurance was introduced in 2019 to restrict life insurers from using genetic test results in underwriting for policies under certain limits.”

Financial support for this research came from Medical Research Future Fund (MRFF).

Our news editors obtained a quote from the research from the University of Queensland, “Financial advisers (FAs) are sometimes engaged by clients to provide financial advice and assist them to apply for life insurance. They are therefore well-placed to comment on GD and the operation of the Moratorium. Despite this, the financial advising sector in Australia have yet to be studied empirically with regards to GD and the Moratorium. This study aims to capture this perspective by reporting on interviews with the financial advising sector. Ten semi-structured qualitative interviews were conducted with FAs and key informants and analysed using thematic http://analysis.Discussion/ conclusion(s): Participants’ level of awareness and understanding of the Moratorium varied. Participants reported mixed views on the Moratorium’s effectiveness and how it operates in practice, and perceived industry compliance. Participants also provided reflections on Australia’s current approach to regulating GD, with most participants supporting the concept of industry self-regulation but identifying a need for this to be supplemented with external oversight and meaningful recourse mechanisms for consumers.”

According to the news editors, the research concluded: “Our results suggest that there is scope to increase FAs’ awareness of GD, and that further research, consultation and policy consideration are required to identify an optimal regulatory response to GD in Australia.”

This research has been peer-reviewed.

For more information on this research see: Financial Advisers’ and Key Informants’ Perspectives On the Australian Industry-led Moratorium On Genetic Tests In Life Insurance. Public Health Genomics, 2023. Public Health Genomics can be contacted at: Karger, Allschwilerstrasse 10, Ch-4009 Basel, Switzerland. (Karger - http://www.karger.com/; Public Health Genomics - http://content.karger.com/ProdukteDB/produkte.asp?Aktion=JournalHome&ProduktNr=224224)

The news editors report that additional information may be obtained by contacting Aideen McInerney-Leo, University of Queensland, Diamantina Institute, Dermatology Research Center, St. Lucia, Qld, Australia. Additional authors for this research include Casey Michelle Haining, Louise Anne Keogh, Jane Tiller, Paul Lacaze, Margaret Otlowski, Penny Gleeson, Carsten Murawski and Kristine Barlow-Stewart.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1159/000533532. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

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