Overall, the survey results show that COVID-19 has had an impact on emerging LTC insurance experience through
higher mortality (for both active and disabled lives) and lower claim incidence. Results on voluntary lapse rates were
mixed; however, premium grace period extensions due to COVID-19 may have contributed to differences in
reporting. The survey results also indicated that, in many cases, the impact of COVID-19 has not yet been studied or
there is not yet data available. This was especially true in relation to studying COVID-19’s impact across various
characteristics (gender, attained age, marital status, situs).
For questions studying the impact of COVID-19 on specific assumptions, the effect was measured on a multiplicative
basis compared to the expectation without COVID-19, except for voluntary lapse, which was measured on an
additive basis. See examples in the full survey questions in Appendix A for additional detail.
Authors: Mike Bergerson, FSA, MAAA, Principal and Consulting Actuary
Andrew Dalton, FSA, MAAA, Principal and Consulting Actuary
Robert Eaton, FSA, MAAA, Principal and Consulting Actuary
James Stoltzfus, FSA, MAAA, Principal and Consulting Actuary
Publication Date: March 2021
Publication Site: Society of Actuaries