Claims rose most in the United States, India and South Africa due to the more lethal variants and a rise in fatalities or illness among younger and unvaccinated groups.
In the initial “shock” period of the pandemic in 2020, the insured U.S. population suffered 12% more deaths than average, according to research from life insurance trade association LIMRA shared with Reuters. “For the insurance industry, that’s not huge because we have reserves,” said Marianne Purushotham, LIMRA’s chief actuary.The impact for insurers in 2020 was more muted because deaths were mainly among older people who typically do not take out life insurance.
Reinsurer Swiss Re said its pandemic model takes more than 20,000 different scenarios into account. It has been updating its risk model regularly with the latest data on testing, vaccination, infection, hospitalization and fatality rates.With the emergence of the even more transmissible Omicron, COVID-19 vaccine manufacturer Pfizer has said it does not expect the pandemic to subside to an endemic state globally until 2024.
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