SOA leadership and members discuss the University-Earned Credit (UEC) program. Watch this recording of the May 24 member town hall about UEC. If you have any additional questions email us at email@example.com. Learn about the UEC program by visiting https://www.soa.org/education/resources/uec/uec-program/
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
The video features Neil Raden who is the author of ethical use of AI for Actuaries. Alongside him , it features Kevin Pledge who is CEO of Acceptiv , FSA,FIA and chair of Innovation and Research Committee of SOA. We discuss about the issue of ethics and about the use of new data sources in the recent Emerging issues in Underwriting Survey Report by IfOA.
The first quarter of 2020 all-cause individual life death counts were in the range of 93% to 99% for the first quarter in the previous five years, similar to the CDC’s estimated actual to expected all-cause deaths for the population.
The second quarter of 2020 all-cause individual life death counts were in the range of 110% to 113% for the second quarter in the previous five years. This was lower than the CDC’s second-quarter estimate of 118% to 123% for the population.
The average attained age at death of the individual life COVID claims is 0.6 years older than the average age of non-COVID claims. The U.S. population had a much larger difference of 3.0 years between the average attained age of COVID and non-COVID deaths.
Author(s): Individual Life COVID-19 Project Work Group
The Casualty Actuarial Society, Canadian Institute of Actuaries, and the Society of Actuaries are pleased to make available results from the 2020 Emerging Risks Survey, the fourteenth in the series. Conducted by Max J. Rudolph of Rudolph Financial Consulting LLC, the survey incorporated a set of Emerging Risks defined by the World Economic Forum as the basis for several of the questions. The survey also included questions related to current risk management topics.
Now available is a report presenting the major findings from the study. The full report will be released later in the year.
Description: The SOA conducted a survey, gathering a high-level view of U.S. Group Term Life Insurance mortality results during the COVID-19 pandemic, as compared to prior period baseline mortality results. The datasets for the SOA report encompass all Group Term Life claims reported to participating carriers as of August 31, 2020.
AUTHORS: Thomas J. Britt, FSA, MAAA Paul Correia, FSA, MAAA Mike Krohn, FSA, CERA, MAAA Rick Leavitt, ASA, MAAA Cynthia S. MacDonald, FSA, MAAA, SOA Patrick Nolan, FSA, MAAA, SOA Stacy Paris, FSA, MAAA Steve Rulis, FSA, MAAA