2026为未来疗法提供保障：创新医学愿景与现实平衡之道研究报告

February 2026 Insuring Tomorrow’s CuresBalancing the promises andpracticalities of innovative medicine Adrita Bhattacharya-CravenDirector Population Health Trends, Geneva Association Christoph NabholzFounder, Risk Insight Consulting Geneva Association The Geneva Association was created in 1973 and is the only global association ofinsurance companies; our members are insurance and reinsurance Chief ExecutiveOfficers (CEOs). Based on rigorous research conducted in collaboration with ourmembers, academic institutions and multilateral organisations, our mission is toidentify and investigate key trends that are likely to shape or impact the insuranceindustry in the future, highlighting what is at stake for the industry; developrecommendations for the industry and for policymakers; provide a platform to ourmembers and other stakeholders to discuss these trends and recommendations;and reach out to global opinion leaders and influential organisations to highlightthe positive contributions of insurance to better understanding risks and to buildingresilient and prosperous economies and societies, and thus a more sustainable world. Photo credits:Cover page – Getty Images for Unsplash+Section 1 – A. C. for Unsplash+Section 2 – D koi for UnsplashSection 3 – Garun .Prdt for ShutterstockSection 4 – Getty Images for Unsplash+Section 5 – A. C. for Unsplash+ © Geneva Association, 2026 All rights reservedwww.genevaassociation.org Contents Acknowledgements4 Foreword5 Executive summary6 1.Introduction9 1.1The acceleration of innovative medicine101.2The relevance for life and health insurers111.3Scope and structure of the report12 2. Mappingthenewfrontier:Frompredictivediagnosticstotransformativetherapies 2.1Novel diagnostics: shifting from reactive to predictive142.2Novel therapies: redefining how diseases are cured162.3The economics of innovative medicine17 3.What does this mean for life and health insurance?22 3.1How soon will diagnostic breakthroughs affect insurance?233.2How soon will therapeutic breakthroughs affect Insurance?233.3How will life and health insurance product lines be affected?24 4.The road ahead26 4.1What and how much to cover?284.2How should product design evolve?284.3How should underwriting adapt?294.4How can insurers overcome the limits of traditional pooling and purchasing arrangements?294.5Navigating the regulatory tension ahead31 5.Concluding remarks Acronyms and glossary 39 References ACKNOWLEDGEMENTS This report is a product of the Health & Demography work stream of the Geneva Association (GA),co-sponsored by Thomas Buberl, CEO of AXA, and Michel Khalaf, President and CEO of MetLife. We would like to thank the following colleagues for their valuable contributions and feedback whichhave significantly informed this report. •Achim Regenauer (Partner Re)•Alexis Wise and Paige Halam-Andres (Sun Life)•Alfred Beil (AXA)•Ana Luisa Villanueva (Mapfre Re)•Brigitte L’Heureux (Munich Re)•Bryan Boudreau (MetLife)•Christian Wards and Tony Leung (AIA Group)•Detloff Rump (Manulife)•Emile Voorn (Achmea)•John O’Brien (GenRe)•John Schoonbee, Prachi Patkee, Florian Rechfeld, Adam Strange and Tobias Schiergens (Swiss Re)•Magdalena Kluchko (John Hancock)•Shinjung Hwang (Samsung Life)•Steve Woh (RGA)•William Shrank (Aradigm, formerly Humana)•Shivani Sarwal (Prudential plc)•Alexandra Eberhard and Andrea Lucarelli (Roche)•Aroon Hingorani (University College London)•Christina Hoxer (Novo Nordisk)•Collin Ewald, Michael Rebhan and Dominic Ehrismann (Novartis)•Simon Dingemans and Dave Thornton (Genomics)•Eric De la Fortelle (Cathay Health)•Frank Desiere (CorTech Neuro)•Maulik Majmudar (BioFourmis)•Milo Puhan (University of Zurich)•Nicholas Wood (University College London)•Niti Pall (Health4All)•Paola Daniore (École Polytechnique Fédérale de Lausanne)•Saira Ghafur (Prova Health and Imperial College London) In addition, we are grateful to members of the GA’s Health & Demography working group, whoguided the development of this report: •Paul Lloyd and Tim Beardsall (AIA Group)•Lukas Junker (Allianz)•Hélène Chauveau (AXA)•Peter Johnstone (Chubb)•Junichi Tominaga, Hirotaka Hideshima and Jiro Kamiko (Dai-ichi Life)•Bárbara Campos Faria and Mafalda Honorio (Fidelidade)•Michele Rendine, Dominico Di Napoli and Antonio Salera (Generali)•Richard Jackson (Global Aging Institute)•Ben Cushman (MetLife)•Marie-Chantal Côté (Sun Life)•Matt Singleton and Melissa Leitner, (Swiss Re)•Klaus Muehleder (VIG)•Toshi Takase (Nippon Life)•Yukata Iwasaki (Sompo)•Liliana Cavatorta and Massimo Piana (Unipol)•Pilar Lindín Soriano (VidaCaixa) Foreword Medicine is in a period of transition. Healthcare is increasingly shaped by personalisedmodels that reflect individual biology and behaviour rather than so-called population-based approaches. Digitalisation and artificial intelligence are accelerating this shift,expanding what medicine can achieve and the speed of implementation. Thesedevelopments have important implications for pati