Obesity in both adults and children has significant implications for the insurance industry. More people are becoming obese which leads to all sorts of serious illnesses and diseases and at a much earlier age.Diseases and illnesses caused or made worse by obesity include type two diabetes, heart disease, stroke, chest disease, osteoarthritis, depression, high blood pressure and some types of cancer. The National Audit Office estimates that most Britons are overweight, with one in five classified as obese. It is estimated that the total cost to the economy of obesity, including NHS treatment, is 2.5bn a year and that, on average, each obese person dies nine years prematurely. In 1998, the NAO estimated that obesity cost UK industry 18 million days in sickness absence and caused 30,000 premature deaths. Childhood obesity has had much media and Government attention and statistics suggest that the prevalence of childhood obesity is at least four times higher today than it was 30 years ago. The critical issue is that obese children are more likely to become obese adults. The condition known as metabolic syndrome is of great concern. It occurs when obesity, diabetes, high blood pressure and high cholesterol combine. The condition is being seen in much younger cases, with instances of type two diabetes – a condition usually associated with middle-aged obese adults – being diagnosed in teen-agers and even children. Type two diabetes is strongly linked to cardio-vascular disease, kidney failure, limb amputation and retinal damage leading to blindness. In some adolescent clinics, type two diabetes represents up to half of new cases of diabetes. In the UK, the diabetic population is around 2.4 million and set to double in the next 10-15 years and many of these new cases will be children. It has been predicted that healthy young adults could be the first to see their children die before they do. Indeed, the incidence and prevalence of diabetes is increasing worldwide to the extent that it is now being referred to as a global epidemic. Insurers are alarmed at what this startling increase in obesity-related diseases such as diabetes could mean to the protection and life business. Employers are concerned by the effect that these illnesses will have on current and future staff. Employers must realise that passive measures such as health screening are not enough. A range of simple initiatives such as promoting healthy food options in the cafeteria and providing access to individualised health and fitness advice and subsidised gym memberships can all form part of a package. What seems to be impor-tant is commitment from the top of the company to conveying the message that they care about their employees’ health and well being. Although employers may not have a duty of care, it is in their best interests to foster a healthy working environment. The future may seem bleak but much can be done to combat the obesity epidemic. The risk of obesity-related complications can be markedly reduced and perhaps prevented by appropriate interventions. When it comes to lifestyle interventions, the major challenge for the Govern-ment, employers and, to some extent, the insurance industry is to convince people with diabetes and other obesity-related illnesses that they have a significant role in ensuring that they remain healthy. Bio-psycho-social inter- ventions are the key, not pharmaceutical intervention, which has its place but cannot be the long-term answer. Much can be done to prevent children becoming obese and therefore cut adult obesity in the future such as creating safer walkways or cycle tracks to school. Another practical strategy would be to include a daily 30-minute walk in the school curriculum, which has been successfully achieved in Toronto. Active children are more likely to become active adults, avoiding the health consequences associated with being obese. The obesity epidemic and the multiple health complications it brings with it are obviously a significant worry for the insurance industry and the answer is to work actively with employers, the Government and the health profession to promote healthier lifestyles and address childhood obesity as an investment in the future.
Paradigm Norton financial planning manager Lin Ashurst overcame a year of tragedy to win the Woman IFA of the Year title. She received the Women’s Financial Adviser Group award just a year after her husband Robert’s death from cancer. Her boss, Norton Partners’ founder David Norton, also died from cancer just a few weeks later. […]
Financial advisers must take some responsibility for the lack of desire to close the pension and protection gaps
The AITC has elected Gill Nott as deputy chairman joining deputy chairmen George Kershaw and Carol Ferguson.Nott sits on the boards of Witan Pacific, Martin Currie and Merrill Lynch British smaller companies investment trusts, as well as chairing the Baronsmead and Sitka health fund VCTs. She was a director of the FSA until November 2004 […]
Close Private Bank is launching an offshore wrap proposition incorporating life, trust, banking and collective investments to be called Close Opes.
Jacob de Tusch-Lec and James Foster, managers of the Artemis Monthly Distribution Fund, discuss recent developments and how the fund is positioned. Click here to see full discussion
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
Offsetting the cost of advice this way would benefit clients and advisers alike One of the multiple barriers to better take-up of financial advice is that some people are unwilling or unable to meet the upfront cost. In response to this, the government has allowed people to take small chunks (three lots of £500) out […]
Fund managers like to trade off having a unique style. There thousands of funds out there to choose from – the question I often hear from advisers is: what makes this person different? Sometimes this can be a really tough one to answer. “We invest for the long term” is all fine and good, but […]
With rising costs and an increasingly tough regulatory market more advisers are looking to outsource their investment proposition, with many leaning towards discretionary fund managers. But while the number of advisers using DFMs is on the up, overall satisfaction with them has dipped. According to a recent survey by financial information firm Defaqto, 74 per […]