What if insurance could go beyond protection and also play a key role in the prevention of risks?
By Mark Farrell
|Dr Mark Farrell FIA is CEO of ProActuary and a Senior Lecturer in Actuarial Science at Queen’s University Belfast.|
The goal of insurance, from the consumer’s point of view, is to protect us when things go badly wrong. If we get sick, die unexpectedly or if we get into a car accident then insurance comes to the rescue via a contingent payment made from the pooled policyholder premiums. But what if insurance could go beyond protection and also play a key role in the prevention of risks?
This article represents the opinion of the author, and not necessarily the opinion of the AAE.
This article was published in The European Actuary No. 31 – September 2022