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Life insurers' business model has changed with the growth of insurance products with minimum return guarantees that are exposed to market and interest risks. The interest risk exposure of US and European insurers increased in the low-rate environments after the global financial crisis and the European sovereign debt crisis, respectively. The relative fragility of life insurers is highly persistent across the global financial crisis, the European sovereign debt crisis, and the COVID-19 crisis. European insurers with a higher share of liabilities with minimum return guarantees in 2016 had lower stock returns during the COVID-19 crisis.
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Asserting the public interest in health data: On the ethics of data governance for biobanks and insurers
Recent reporting has revealed that the UK Biobank (UKB)—a large, publicly-funded research database containing highly-sensitive health records of over half a million participants—has shared its data with private insurance companies seeking to develop actuarial AI systems for analyzing risk and predicting health. While news reports have characterized this as a significant breach of public trust, the UKB contends that insurance research is “in the public interest,” and that all research participants are adequately protected from the possibility of insurance discrimination via data de-identification. Here, we contest both of these claims. Insurers use population data to identify novel categories of risk, which become fodder in the production of black-boxed actuarial algorithms. The deployment of these algorithms, as we argue, has the potential to increase inequality in health and decrease access to insurance. Importantly, these types of harms are not limited just to UKB participants: instead, they are likely to proliferate unevenly across various populations within global insurance markets via practices of profiling and sorting based on the synthesis of multiple data sources, alongside advances in data analysis capabilities, over space/time. This necessitates a significantly expanded understanding of the publics who must be involved in biobank governance and data-sharing decisions involving insurers.
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- Award ID(s):
- 2341622
- PAR ID:
- 10549001
- Publisher / Repository:
- SAGE Publications
- Date Published:
- Journal Name:
- Big Data & Society
- Volume:
- 11
- Issue:
- 4
- ISSN:
- 2053-9517
- Format(s):
- Medium: X
- Sponsoring Org:
- National Science Foundation
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