New joint research study to examine COVID-19 impact on individual life mortality

LIMRA, the Society of Actuaries (SOA) and Tindall Associates (TA) have partnered on a joint mortality experience study that will compare individual life mortality involving COVID-19 now and into the near future. The organisations are currently working on an inaugural report to release later this summer.

This experience study will make use of the individual life insurance data stored in the TA reinsurance administration system, which includes over 90% of the top 50 life insurers in North America. Leveraging this data will help provide a faster and more consistent data collection process and will reduce the burden on insurers to find resources to compile data.

“This study will help our members understand the effect of the COVID-19 pandemic on mortality, and identify the market segments that are most likely to see the greatest impact from the disease.

“This data may also help our industry predict potential outcomes from future pandemics, enabling life insurers to conduct more effective scenario planning and preparations,” said LIMRA Data Sciences and Center of Excellence in Analytics corporate vice president and head Marianne Purushotham.

“This joint research project will provide a deeper understanding of the current state of mortality in the individual life insurance industry. The potential findings will help provide timely, meaningful data to help SOA members manage individual life insurance mortality risk through COVID-19,” said SOA senior experience studies actuary Cynthia MacDonald.

Organisations interested in participating in this study can contact TA directly.

Source: Asia Insurance Review