IFSA (The Investment and Financial Services Association) who represents over 20 life insurance companies argued the examples used in the Australian Research Council-sponsored report “are now somewhat dated” and that more recent data should be considered.
“As of this morning, three major insurers report no complaints relating to applications with genetic testing,” IFSA said in a media release. “Further, IFSA has received no complaints from the Australian Human Rights Commission.”
“Approximately 400 applications [of 500,000 each year] are received where the applicant has undertaken a genetic test”, the statement said, “20 per cent are declined cover”.
“Only 2 per cent of those that have undertaken a genetic test were declined on the basis of the genetic tests alone. Eighteen per cent therefore were declined on the basis of other medical or lifestyle factors,” IFSA said.
IFSA added that the 8 per cent declined cover represented approximately 0.00013 per cent of the total number of people receiving life insurance cover.