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August 04, 2020 at 11:58 AM
Actuaries are talking to state insurance regulators about a future in which death makes a comeback.
The actuaries are part of the Mortality Improvement Subgroup, which, in turn, is an arm of one panel at the American Academy of Actuaries and a panel at the Society of Actuaries (SOA). The subgroup has been helping life insurers adjust their product reserves, and prices, to reflect the fact that Americans keep living longer.
Opioid use has reversed that improvement, a bit, in some years, but actuaries are still debating how much opioid use has affected people with life insurance and annuities.
Resources
- Links to Life Actuarial Task Force resources are available here.
- An article about the effects of opioid use on people with life insurance is available here.
Now members of the mortality improvement subgroup are wondering what kind of an effect COVID-19 might have.
Dale Hall, managing director of research at the Society of Actuaries, was set to brief state insurance regulators on the topic today, at a web-based meeting of the National Association of Insurance Commissioners’ Life Actuarial Task Force.
The task force helps state insurance regulators regulate life insurers’ use of math and statistics.
The Mortality Improvement Subgroup has been working mainly with Social Security Administration data for the period from 2013 through 2019, according to a Hall presentation slidedeck included in a task force meeting packet.
That analysis shows solid mortality improvement for young adults and people in their 70s, along with some deterioration for people in their late 20s and early 30s.
