Reference:
Britt, T. J., Correia, P., Hurley, P., Krohn, M., LaSala, T., Leavitt, R., Lumia, R., MacDonald, C. S., Nolan, P., Rulis, S., & Spector, B. (2022). Group Life COVID-19 Mortality Survey Report. Society of Actuaries Research Institute.
Summary:
The Group Life COVID-19 Mortality Survey Report, published in August 2022, analyses the impact of the COVID-19 pandemic on U.S. Group Term Life Insurance mortality from April 2020 to March 2022. This report updates previous findings, incorporating data from over 2.3 million claims, representing about 90% of the market share in employer-based Group Term Life insurance. Key findings indicate that reported claim incidence rates during the pandemic period were approximately 20% higher compared to the baseline from 2017-2019, with roughly 13% of claims attributed directly to COVID-19. The report underscores significant variations in mortality by industry, geography, and demographic factors, revealing that excess mortality rates were notably higher among younger age groups and in regions with lower vaccination rates. This comprehensive analysis provides valuable insights for insurers and policymakers in understanding the pandemic’s long-term effects on mortality rates in the Group Life sector.