Pandemic Briefing – Life Insurance implications of Coronavirus
Following the release of the Pandemic Briefing on risk management implications of Coronavirus, the Working Group has today released a briefing specific to actuaries advising life insurers or reinsurers.
Developed by the Life Insurance Working Group formed as part of the Institute’s COVID-19 Working Group, the briefing considers a range of implications relating to pricing, policy liabilities, capital management, valuations, underwriting, and product design.
The briefing is structured to set out a summary of potential impacts and considerations in respect of COVID-19 on the financial performance, capital position, management and operations of life insurers.
Whilst reference is made to life insurers throughout the note, most of the considerations are equally relevant to life reinsurers. Many of these issues are interdependent with the most obvious, and potentially significant, being the potential impact of an economic downturn, and associated rise in unemployment, business failures and financial hardship, on disability income claims experience.
The Working Group is keen to hear your thoughts relating to this briefing. Please share them on the discussion forum here.
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