Insurance costs could be lowered in the long-term thanks to groundbreaking developments in early detection of cancer cells.
According to Natalie Kelly, head of global life and health underwriting, claims, research & development for Swiss Re, there is a "potential for savings" in the long-term for health and life insurance policies, if cancers can be screened and diagnosed earlier.
She told FT Adviser: "The potential for savings is definitely there – but at the moment it is just too soon to say how this will play out in the real world when Multi Cancer Early Detection become more widely deployed in clinical practice.
"Theoretically, if we can screen and diagnose certain types of cancers earlier, this could lead to greater survivability, and shorter treatment times, resulting in savings on late-stage treatment costs and hopefully people needing less time off work.
"So this could lead to lower insurance costs in the long term."
Kelly's comments followed the publication of a 14-page paper from Swiss Re, called: Multi Cancer Early Detection: Cancer screening beyond today’s boundaries.
In the paper, which reminded readers that cancer accounts for nearly one in six deaths globally each year, the Swiss Re Institute highlighted a "promising advancement in screening".
This is the use of multi-cancer early detection tests, a type of liquid biopsy. These tests are designed to identify the early presence of a wide range of cancers.
MCED aims to detect biomarkers that may suggest the presence of cancer, potentially before current, established screening methods, or when patients first present with symptoms.
Although MCED tests are still in development, the paper said these "could eventually become a first-line screening and diagnostic tool".
The Swiss Re report stated: "For life and health insurers, MCED tests may offer opportunities in supporting policyholders in living longer and healthier lives.
"The goals of MCED tests are clear: detect cancer earlier, which can allow for more effective treatment, improving survival rates and, ultimately, life expectancy."
Short-term issues
First-generation MCED tests are in clinical trials, with some already commercially available, although there is still much testing and research in this area.
While this could be a life-saver for policyholders, and lead to better outcomes - potentially lowering the price of policies in the longer term, Kelly warned it could take some time before any pricing reductions would be seen by clients.
According to Kelly, there could even be some short-term hikes in premiums, a possibility that advisers and their clients needed to factor in, before an eventual reduction comes into play.
Kelly added: "There are concerns. For example, we could see a short-term spike in costs if more people are being told they have early indications of cancer and are required to go for more invasive tests to confirm a diagnosis.
