THE INSURANCE Commission (IC) will conduct a study on the impact of the coronavirus disease 2019 (COVID-19) pandemic on mortality trends and life insurers’ claims experience.
THE INSURANCE Commission will conduct a study on the impact of the coronavirus disease 2019 pandemic on mortality trends and life insurers’ claims experience.
“It aims to examine the industry’s mortality experience compared to the 2017 PICM Table and the impact of COVID-19 to the experience. The study will not result in an updated mortality table,” the IC said. “In order to quantify the impact of COVID-19 on the mortality, 2 sets of results are expected to be submitted for the study with 1) all deaths tagged as DEATH and 2) only COVID-19 deaths tagged as DEATH. Even as COVID-19 claims are recent and may not yet be fully reported, the experience from claims reported may already give an indication of the minimum impact of COVID-19 on industry mortality,” the regulator said.
It will cover experience from policy anniversaries in 2014 to 2021 and track experience by policy duration.
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