Longevity risk is the danger that we outlive our retirement savings. This involves the ensuing challenge to maintain the standard of living that we are accustomed to or afford the ever-increasing health care and retirement housing costs. Can actuaries help the public avoid this issue?
The third report of Canadian Insurance Industry Monthly Aggregate Data Analysis from the Canadian Institute of Actuaries is now available, providing data updated to the end of December 2020.
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.
Jing Lang, Vice-President, Product Manager at iptiQ, provides an overview of various products and underwriting processes, and speaks on the impact of COVID-19 on the risk assessment process.