LIMRA has partnered with the Society of Actuaries (SOA) and TAI have joined forces to conduct groundbreaking research on the effects of the COVID-19 pandemic on individual life mortality.
According to Marianne Purushotham, corporate vice president and head of LIMRA Data Sciences and Center of Excellence in Analytics, the study will help LIMRA’s members understand the effect of the novel coronavirus on mortality, and determine which market segments will be most likely to see the greatest impact.
“This data may also help our industry predict potential outcomes from future pandemics, enabling life insurers to conduct more effective scenario planning and preparations,” Purushotham added.
The joint mortality experience study, which aims to look at data now and into the near future, will draw from individual life insurance data stored in the TAI Reinsurance Administration system. With over 90% of North America’s top 50 life insurers included, the system will help provide a faster and more consistent data collection process.
LIMRA, the SOA, and TAI are in the process of creating their inaugural report on the study, which is expected to be released later this summer.
“This joint research project will provide a deeper understanding of the current state of mortality in the individual life insurance industry,” said Cynthia MacDonald, FSA, MAAA, senior experience studies actuary at the SOA. “The potential findings will help provide timely, meaningful data to help SOA members manage individual life insurance mortality risk through COVID-19.”