Semi-markov modeling for cancer insurance

Antoine Soetewey, Catherine Legrand, Michel Denuit and Geert Silversmit
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Antoine Soetewey: Université catholique de Louvain, LIDAM/ISBA, Belgium
Catherine Legrand: Université catholique de Louvain, LIDAM/ISBA, Belgium
Michel Denuit: Université catholique de Louvain, LIDAM/ISBA, Belgium

No 2022019, LIDAM Reprints ISBA from Université catholique de Louvain, Institute of Statistics, Biostatistics and Actuarial Sciences (ISBA)

Abstract: 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.

Keywords: Critical illness; Medical insurance; Right to be forgotten; Multistate models (search for similar items in EconPapers)
Pages: 25
Date: 2022-03-07
Note: In: European Actuarial Journal, 2022
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:aiz:louvar:2022019

DOI: 10.1007/s13385-022-00308-2

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