Insurers and reinsurers are partnering with the Institute and Faculty of Actuaries (IFoA) and the University of Leicester to produce an up to date understanding of the risks of diabetes.
It is hoped the research will help the industry understand and use the latest data when considering diabetic risks, and ultimately could support individuals with diabetes gaining better access to insurance.
The project team noted that the last decade has seen significant advances in treatments for Type 2 diabetes, yet the long-term impact of these advances is not yet fully appreciated.
Currently available risk estimates are derived from data that is more than ten years old.
The research project is being commissioned by the IFoA’s Actuarial Research Centre (ARC), Pacific Life Re, Partner Re, Swiss Re, Legal & General and Zurich Insurance Group.
And the study is being conducted by leading experts in risk analysis, risk modelling and risk evaluation at the University of Leicester.
The main aim of the project is to develop a deeper understanding of the risks associated with a diagnosis of Type 1 or Type 2 diabetes, and the impact of recent improved treatments.
It will specifically seek to understand the increased risk of medical complications, including the impact of behavioural and modifiable risk factors and implications for chronic conditions later in life.
It also aims to understand the information available to insurance underwriters and how this is used to underwrite this risk.
And the project will produce mortality tables at a granular level for lives with and without diabetes across all age ranges, and morbidity tables at a granular level for inceptions of diabetes.
Nicola Oliver, chairwoman of the diabetes working party, said the team was delighted to proceed “with what I anticipate will be a ground-breaking research project that will benefit those with diabetes, and those working in insurance who seek to understand the current clinical perspectives of those with diabetes.”
