Critical illness; Medical insurance; Multistate models; Right to be forgotten; Statistics and Probability; Economics and Econometrics; Statistics, Probability and Uncertainty
Abstract :
[en] Advancements in medicine and biostatistics have already resulted in a better access to insurance for people diagnosed with cancer. This materializes into the “right to be forgotten” adopted in several EU member states, granting access to insurance after a waiting period of at most 10 years starting at the end of the successful therapeutic protocol. This paper concentrates on insurance covers on a market where such a right has been implemented. Stand-alone products are considered, as well as guarantees included as a rider in an existing package. The cost of offering standard premium rates to all applicants in mortgage insurance related to property loans is also evaluated. The 3-state (healthy–ill–dead) Semi-Markov hierarchical model developed in Denuit et al. [4] for long-term care insurance is adopted here for actuarial calculations. Semi-Markov transition intensities are estimated from cancer cases recorded by the Belgian Cancer Registry. The obtained results suggest that a new offer could develop, targeting the particular needs of cancer patients.
Disciplines :
Physical, chemical, mathematical & earth Sciences: Multidisciplinary, general & others
Author, co-author :
Soetewey, Antoine ; Université de Liège - ULiège > HEC Liège Research > HEC Liège Research: Business Analytics & Supply Chain Mgmt ; Institute of Statistics, Biostatistics and Actuarial Science, Louvain Institute of Data Analysis and Modeling, Louvain-la-Neuve, Belgium
Legrand, Catherine ; Université de Liège - ULiège > Département des sciences de la santé publique ; Institute of Statistics, Biostatistics and Actuarial Science, Louvain Institute of Data Analysis and Modeling, Louvain-la-Neuve, Belgium
Denuit, Michel; Institute of Statistics, Biostatistics and Actuarial Science, Louvain Institute of Data Analysis and Modeling, Louvain-la-Neuve, Belgium
Silversmit, Geert; Belgian Cancer Registry, Brussels, Belgium
Language :
English
Title :
Semi-markov modeling for cancer insurance
Publication date :
December 2022
Journal title :
European Actuarial Journal
ISSN :
2190-9733
eISSN :
2190-9741
Publisher :
Springer Science and Business Media Deutschland GmbH
The three first authors thank UCLouvain for funding this research project, and gratefully acknowledge the Belgian Cancer Registry for providing access to the data and for research assistance. They also gratefully acknowledge funding from the FWO and F.R.S.-FNRS under the Excellence of Science (EOS) programme, project EOS 40007517. The authors thank the staff of the Belgian Cancer Registry and all physicians, pathologists and data managers involved in Cancer Registration in Belgium for their dedicated data collection. The authors are grateful to an anonymous Referee for comments that have been very helpful for improving the initial version of the present work.
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