Nicky Bray, Zurich’ s UK Chief Underwriter

Smoking has long posed a significant risk for insurers, and now the rise in vaping, particularly among young adults, is giving cause for concern, as we found out from Zurich’ s chief underwriter Nicky Bray.

It took decades for insurers to fully recognise smoking as a major health risk, but now vaping is starting to demand attention from underwriters. The number of e-cigarette users has surged from 800,000 in 2012 to 5.6 million today, according to Action on Smoking and Health( ASH), a public health charity founded by the Royal College of Physicians. Alarmingly, the highest prevalence of vaping is now seen in younger people, particularly those the in 16 to 24 age group.

“ Cigarettes were introduced in the 1890s, but their carcinogenic effects weren’ t clear until the 1950s, and it took decades for the insurance industry to adopt smoker and non-smoker rates,” says Nicky Bray, chief underwriter for UK life at Zurich.

“ Actuaries now say that while we don’ t know the full impact of vapes, and they appear to be safer than tobacco, they are still likely to be harmful to health and life expectancy. We likely won’ t know for certain until today’ s vapers reach their 60s. Do we wait that long, or do we start assessing the potential risks now? Underwriting is about predicting what will happen 20 to 40 years down the line.”

Worrying trend Vapes – electronic devices that deliver vapour containing nicotine – were initially seen as a tool for tobacco users to quit smoking and were even supported by the NHS’ s‘ Stoptober’ campaign. They do appear to be effective in helping

FIRES CAUSED BY VAPES AND E-CIGARETTES HAVE MORE THAN DOUBLED IN THE PAST TWO YEARS, PRIMARILY DUE TO THE DISCARDING OF DISPOSABLE VAPES.

people quit; the success rate for individuals trying to stop smoking has nearly doubled, rising from 14.2 % in 2019 to 27.6 % in 2025, according to top-line findings on smoking in England from the smoking toolkit study.

While the overall prevalence of cigarette smoking has remained relatively stable in recent years, it has dropped significantly over the past two decades, from 24.1 % in 2007 to 14.1 % in 2025, whilst in contrast, the use of e-cigarettes has surged.

Until January 2020, the use of e-cigarettes and heated tobacco products remained steady at around 5 %. Since then, it has increased steeply – to nearly 13 % in 2024 – largely driven by the rise of disposable e-cigarettes.

| PROTECTION ADVISER | AUTUMN 2025 | 25