ABI: Insurance genetics moratorium extended to 2014

ABI: Insurance genetics moratorium extended to 2014

ABI: Insurance genetics moratorium extended to 2014

The ABI (Association of British Insurers) has today announced that the moratorium enabling consumers to take out substantial amounts of insurance without having to disclose adverse results of predictive genetic tests has been extended to 2014.

Stephen Haddrill, the ABI’s Director General, said:

“The moratorium on the use of predictive genetic test results works well for consumers. It means people can insure themselves and their families, even if they have had an adverse result from a predictive genetic test. The moratorium has proved effective since its introduction in 2001 and can now continue.”

– ENDS –

Notes for Editors

1. Enquiries to:
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)

2. The moratorium covers policies worth up to £500,000 for life insurance, £300,000 for critical illness insurance and £30,000 a year for income protection insurance. Even above these amounts, insurers will not use adverse predictive genetic test results unless the test has been specifically approved by the Government . Only around 3% of all policies sold are above these limits.

3. The moratorium was established in 2001, and to provide ongoing clarity, planned reviews take place well before the end of its term. This announcement follows the 2008 review; the next review will take place in 2011.

4. The ABI has updated the consumer guide “Insurance and genetics: what you need to know.” It is available on the ABI website, www.abi.org.uk.

5. The ABI is the trade association for Britain’s insurance industry. Its nearly 400 member companies provide over 94% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.

6. An ISDN line is available for broadcasts.

Copies of all ABI news releases, together with other information from the Association, can be seen on our website www.abi.org.uk