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First and second waves of the pandemic had noticeable impact on individual insurance claims
Report 4: COVID-19 Canadian Insurance Industry Monthly Aggregate Data Analysis from the Canadian Institute of Actuaries is now available, providing data updated to the end of May 2021. This report series examines the impact of COVID-19 on Canada’s life insurance industry, using key findings to help decision-makers better understand and manage risk.
Long Live Rock
The Rolling Stones are back on tour this fall, despite the recent passing of drummer Charlie Watts, proving that old age and impending mortality don’t have to be impediments when it comes to being a rock star. But they’re not the only ones. Several performers from the classic rock can still be seen making new music and touring, even as they reach ages when most of us hope to be well into retirement.
COVID-19 Modelling: The Story Behind the Headline
Despite our ability to adapt and science’s best efforts to keep up, unpredictable variables have made forecasting the pandemic’s future outcomes a challenge. To understand the COVID-19 pandemic in the face of uncertain factors, the CIA put together a Pandemic Modelling Project Team to analyze scenarios for Ontario where key assumptions are varied, and to present outcomes of the pandemic in the research paper The Future of COVID-19 in Ontario: Variants, Vaccines, and Avoiding Future Waves. But the unique story of collaboration behind the headline is just as interesting.
December 2020 had second-highest level of COVID-19 insurance claims for the year
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.
The impact of COVID-19 on life insurance claims
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?
Life insurance claims up in April and May due to COVID-19
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.
Lapse/persistency considerations in the time of COVID-19
The experience related to the impact of COVID-19 on lapse/persistency of life and health insurance contracts is just starting to emerge and life insurers are monitoring this experience closely. Amal Rajwani and Dan Doyle discuss short-term and long-term considerations in relation to lapse and persistency.
Mortality considerations in the time of COVID-19
By Steve Bocking, FCIA, and Marie-Andrée Boucher, FCIA, respective Vice-Chair and Chair of the Committee on Life Insurance Financial Reporting (CLIFR) The experience related to the impact of COVID-19 on insured mortality is very preliminary and is just starting to […]
Actuaries highlight need for more robust data on COVID-19 victims
Media release Actuaries highlight need for more robust data on COVID-19 victims Ottawa, May 11, 2020 – An important challenge presented by COVID-19 is that of information. We are faced with a critical need to better understand the nature of the […]
COVID-19 and the oil shock: the case for a black swan event
By Terence Narine, FCIA The content of this article should not be construed as an actuarial opinion or guidance on actuarial work. I do not have experience in some of the practice areas mentioned in this article, so my comments […]