Will genetic information kill the insurance industry?

In a recent report, The Economist ("Do not ask or do not answer", 25 August, 2007) points out that genetic testing is on the verge of becoming a mass-market product. The cost of sequencing an individual genome has fallen to a mere $1mn and is likely to fall to $1000 within the foreseeable future.
This raises fears about genetic privacy. Will legislation such as the US Genetic Information Non-discrimination Act (GINA) help? Or will this be the death of insurance? Find the framework for the discussion of such questions in Chapter 13 of Information Economics.