Global reinsurers are stepping up their warnings to life insurer clients about t...
LONDON/NEW YORK - Global reinsurers are stepping up their warnings to life insurer clients about the potential risks of vaping, putting pressure on underwriters to charge certain vapers higher rates than smokers, or even exclude them altogether.
Reinsurers insure the insurers, and often have large research arms which help their clients by modeling risk. They give broad advice to insurers, rather than specific policy or pricing recommendations, but can potentially refuse to provide reinsurance or can raise premiums if their guidance is ignored.
The shift in the reinsurance and insurance sector represents a further blow to the vaping industry, which markets its products as healthier alternatives to smoking. French reinsurer SCOR said in a paper on Oct. 24 that e-cigarettes contain nicotine which may have toxic effects, including on brain development in teenagers and young adults.
Stephen Cooley, Chief Medical Underwriter at PartnerRe Life & Health , said more research on the long-term effects of vaping was needed and that life insurance rates for vapers would be the same as smoker rates “at best”.Proponents of vaping as a tool to stop smoking say the insurers’ and reinsurers’ approach is harsh.
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