Many countries have experienced excess general population deaths in 2020 due to COVID-19, but do excess deaths in the general population translate into additional life insurance claims?
A new report out today from the Canadian Institute of Actuaries (CIA) highlights data aggregated from 13 insurance companies in Canada for January to June 2020. Individual life insurance claims increased in April and May, at the height of the first wave of COVID-19, compared to the same period in 2019. The percentage of claims that could be attributed to COVID-19 also reached over 12% in April.
In this article, Mary Stock and Trudy Engel discuss a few key considerations that relate to the economic assumption setting process in these unprecedented times and will highlight a few CIA documents that may be worth reviewing.
The impact of COVID-19 on morbidity experience is still unknown at this stage. In this article, Mario St-Hilaire and Steve Turmel discuss the key considerations that relate to the assumption-setting process for morbidity in these unprecedented times.