The joint research project aims to better understand the risks associated with diagnosing type 1 or type 2 diabetes
The Institute and School of Actuaries (IFoA) and the University of Leicester are working with a group of insurers and reinsurers to provide updated information on the risks of diabetes and the impact of new treatment developments.
IFoA’s Actuarial Research Center has partnered with Pacific Life Re, Partner Re, Swiss Re, Legal & General, and Zurich Insurance Group to investigate the condition where currently available risk estimates are derived from data older than ten Years are.
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According to the IFoA, the study is intended to help the insurance industry appreciate and use current data and studies when considering diabetes risks and ultimately help people with diabetes gain better access to insurance.
The specific objectives of the project are:
- Understanding the increased risk of medical complications, including the effects of behavioral and / or modifiable risk factors and effects on chronic illness later in life.
- To understand the information available to insurers and how it is used to hedge this risk.
- Gain insights from data by using advanced data analysis techniques to understand the relative risk factors.
- Creation of life tables on a granular level for life with and without diabetes (including all age groups).
- Creation of morbidity tables on a granular level for the development of diabetes.
Nicola Oliver, Chair of the Diabetes Working Group and Program Steering Group, said: As a working group, we are delighted that after a great collaboration within the team with our academic and clinical advisors, IFoA executive and sponsors, we can now with the continue in what I believe is a groundbreaking research project that will benefit diabetics and insurers who want to understand the current clinical outlook for diabetics. “