Quarterly Journal of Economics · 2019 · Ralph S. J. Koijen、Stijn Van Nieuwerburgh
中文摘要
我们估算延长生命的医疗治疗给人寿保险公司带来的收益。我们的主要见解是，人寿保险公司可从此类治疗中直接获益，因为这些治疗将身故保险金的支付推迟到更远的未来，并增加未来的保费收入，从而降低保险公司的负债。我们将这一见解应用于免疫疗法；对于越来越多的癌症患者而言，这类治疗与生存率的持久提高相关。我们估算，经美国食品药品监督管理局（FDA）批准的免疫疗法每年可为人寿保险行业带来98亿美元的总体收益。此类延长生命的治疗往往极其昂贵，患者和政府都难以负担。基于这种价值创造，我们探讨了人寿保险公司可通过哪些方式，改善患者在不承受压力的情况下获得治疗的可及性。我们还讨论了实现这种结合可能面临的障碍、其对人寿保险和健康保险市场产业组织的长期影响，以及其对医疗创新和长期护理保险市场的更广泛影响。
Abstract
Abstract We estimate the benefit of life-extending medical treatments to life insurance companies. Our main insight is that life insurance companies have a direct benefit from such treatments because they lower the insurer’s liabilities by pushing the death benefit further into the future and raising future premium income. We apply this insight to immunotherapy, treatments associated with durable gains in survival rates for a growing number of cancer patients. We estimate that the life insurance sector’s aggregate benefit from FDA-approved immunotherapies is $9.8 billion a year. Such life-extending treatments are often prohibitively expensive for patients and governments alike. Exploiting this value creation, we explore various ways life insurers could improve stress-free access to treatment. We discuss potential barriers to integration and the long-run implications for the industrial organization of life and health insurance markets, as well as the broader implications for medical innovation and long-term care insurance markets.