Prof. Michael Hoy, Economics and Finance, recently discussed the concerns of insurance companies regarding genetic testing laws in a Conversation Canada op-ed featured in the National Post.
A new federal law prevents Canadian insurance companies from using the results of any genetic tests to determine coverage or pricing. Insurance companies are fighting the law, arguing it will lead to higher costs. Hoy wrote it does not appear people are conducting genetic tests and then buying large amounts of insurance. As a result, he said there will not be a major impact on the price of insurance.
Hoy studies genetic testing, and insurance markets and pricing.