To be in the best position when more is revealed about vaping’s health implications, firms should be proactive and start collecting data now. They will then have what they need to understand the mortality rate of their own policy holders that vape. This would allow insurers to make adjustments to their underwriting process, or product pricing when required, the leading financial services consultancy argues.
Commenting on why differentiating between vapers and smokers is a valuable step for insurers, Ross Murray, Partner, Hymans Robertson says: “As there are some similarities between vaping and smoking, it is reasonable to assume that their impacts on health are similar. But that is not the case. Yes, vaping and smoking are both nicotine based and inhaled but that is where the similarities end. The impacts of smoking and nicotine on health, mortality and longevity are a lot more researched and well known compared to vaping. So, it is best for insurers to take an active approach and make changes when necessary.
Commenting on the importance of insurers monitoring the impact of vaping on their policy holders, Ross Murray, Partner, Hymans Robertson says: “There is some early research that shows vapers are more likely to be younger. Additional research has also shown that once younger people are addicted to nicotine, they find it harder than older groups to abstain. There is also some indication that the purpose for vaping differs between age groups and that vaping is a direct route to nicotine addiction for younger groups compared to a route to reducing dependence on nicotine for older groups. This means that depending on age, one group may be more likely to eventually abstain from nicotine and smoking all together, while another could be potentially vaping for the longer-term. “These differences alone show why it is important at this stage for insurers to make sure they implement a means of splitting out smokers and vapers so they can better prepare for the longer-term impacts on their customers and understand what products are suitable for them.”
Commenting on the known impacts of vaping on health, Nicky Draper, Longevity Consultant at Crystallise Ltd, says: “Vapes were primarily developed to help people quit smoking and in that regard they have been fairly successful. Evidence suggests that they can be more effective than using other cessation methods such as patches or gum, although still not as effective as also using a stop smoking service. “However, research shows that nicotine is highly addictive, and for younger age groups the developing brain is extremely susceptible to it as it works through the brain’s dopamine reward system. Nicotine also acts on the body’s sympathetic nervous system leading to a release of other chemicals that can increase heart-rate and blood pressure. It also causes narrowing of the blood vessels, which can lead to additional complications.
“It’s also important to note the unknowns around the vape flavours and the solvent used to dissolve them. The flavours are synthetic, made up of a mixture of chemicals, and we don’t know how they interact – they are not monitored or understood. The solvent itself, when heated, releases compounds including formaldehyde – a group 1 carcinogen. These could clearly be significant risks to health and they need further investigation.”
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