Future health

When pricing life and health products, actuaries must take into account future medical health trends, which include development of new types of screening, diagnostic tests and forms of treatment. This is important because critical illness (CI) cover, for example, provides guaranteed rates over the duration of the policy. Therefore, the prices that insurers set in the market today need to take account of the trends that will be seen over the next 25 years. Reviewable products are also not immune from future trends. In order to treat customers fairly in line with the Financial Services Au...