Group Life COVID-19 Mortality Survey – Updated through September 2021

Link: https://www.soa.org/resources/experience-studies/2022/group-life-covid-19-mortality/

Report PDF: https://www.soa.org/48ff80/globalassets/assets/files/resources/research-report/2022/group-life-covid-19-mortality.pdf

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Excerpt:

Table 5.2 shows more detailed industry results for the top ten industry segments by number of COVID claims. Most of these industries were in the top ten for the July 2021 report as well. As we now have more quarters with more complete results, both the A/E ratios for April 2020 through September 2021, as well as the COVID claims as a percentage of baseline claims, showed greater consistency across industries than in the previous report. Public Administration continues to be a key driver of high A/E ratios for the White Collar category. Doctors (Healthcare, also White Collar), Retail Trade (Grey Collar), and Misc. Services (Grey Collar) have the highest COVID claims as a percentage of baseline claims. Heavy Steel Manufacturing (Blue Collar) has a much lower A/E ratio than the other top 10 industries. In the table below, “B,” “W,” and “G” refer to Blue Collar, White Collar, and Grey Collar, respectively.

It should be noted that the high A/E ratios for Public Administration are driven by experience in the Executive, Legislative, and General Government segment (Standard Industry Classification [SIC] codes 9100-9199). This segment does not include police and fire and represents over 85% of claims in the broader Public Administration segment.

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Publication Date: January 2022

Publication Site: Society of Actuaries Research Institute

Group Life COVID-19 Mortality Survey Report

Link: https://www.soa.org/4a368a/globalassets/assets/files/resources/research-report/2022/group-life-covid-19-mortality-03-2022-report.pdf

Graphic:

Excerpt:

Tables 2.1 through 2.41 display high-level incidence results for the second quarter of 2020 through the first quarter of 2022 compared to the 2017-2019 baseline period for each combination of (a) incurred/reported basis and (b) count/amount basis as of March 31, 2022. In these tables, the number of COVID-19 claims has not been adjusted for seasonality, but the ratios to baseline have been adjusted for seasonality.


Note that additional data reported in April and May 2022 indicated that the 1Q 2022 excess mortality would likely complete downward from the 19.9% shown below using March data. The fully complete 1Q 2022 excess mortality is expected to remain above 15%.

….

The 24-month period of April 2020 through March 2022 showed the following Group Life mortality results:
• Estimated reported Group Life claim incidence rates were up 20.0% on a seasonally-adjusted basis
compared to 2017–2019 reported claims.
• Estimated incurred Group Life incidence rates were 20.9% higher than baseline on a seasonally-adjusted
basis. As noted above, the incurred incidence rates in February and March 2022 are based on fairly
incomplete data, so they are subject to change and should not be fully relied upon at this point.

Author(s):

Thomas J. Britt, FSA, MAAA
Paul Correia, FSA, MAAA
Patrick Hurley, FSA, MAAA
Mike Krohn, FSA, CERA, MAAA
Tony LaSala, FSA, MAAA
Rick Leavitt, ASA, MAAA
Robert Lumia, FSA, MAAA
Cynthia S. MacDonald, FSA, MAAA, SOA
Patrick Nolan, FSA, MAAA, SOA
Steve Rulis, FSA, MAAA
Bram Spector, FSA, MAAA

Publication Date: August 2022

Publication Site: SOA