Introducing the Long COVID Knowledge Hub: A Resource for Actuaries

This initiative, spearheaded by the Long COVID Working Group, addresses the significant uncertainties surrounding the long-term impacts of Long COVID by providing a centralised resource for research findings and information.

The development of the hub was a collaborative effort from the Long COVID Working Group, with significant contributions from Shelley Agrawal, Daniel Langford, Chris Scheuber, Xu Shi, and Kelly Yong. Their dedication and expertise have been instrumental in bringing this resource to life.

Motivation behind the hub

Despite extensive ongoing research, much remains unknown about the long-term effects of Long COVID. The Knowledge Hub was created to collate these findings in one place, ensuring members have easy access to the latest data and insights for their research and professional practice.

The Knowledge Hub offers a wealth of resources, including:

• presentations prepared by the Working Group; and
• external resources on medical developments, qualitative surveys, and quantitative analyses, including estimates of Long COVID impacts within Australia and internationally.

Importance for actuaries

Engaging with the topic of Long COVID is crucial for several reasons:

• An ongoing condition: Long COVID is a condition that persists over time and early speculations suggested it might significantly impact the insurance industry. Although these impacts have not fully emerged yet, understanding Long COVID remains crucial for providing context and preparing for future developments.
• Data collection challenges: Defining Long COVID and collecting relevant data is inherently complex. Accurate data collection is essential for understanding the condition’s true impact and ensuring that actuarial models and predictions are based on reliable information.
• Rising cases: The number of COVID-19 cases remains high, which increases the potential for more Long COVID cases to develop. Actuaries need to be aware of this trend to anticipate and plan for future challenges that may arise from an increase in Long COVID cases.
• Societal impact: Although Long COVID affects a relatively small proportion of the population, its impact on those individuals and their families can be severe. Actuaries must consider these broader societal impacts when evaluating the condition and its potential consequences on insurance and health sectors.

Impact on actuarial practices

Understanding Long COVID can influence various aspects of actuarial practice, including:

• Data collection: Improving practices for gathering and analysing data related to Long COVID.
• Modelling approaches: Adjusting models to account for Long COVID impacts.
• Assumption setting and product monitoring: Enhancing the accuracy and relevance of actuarial assumptions and monitoring processes.

The Knowledge Hub provides access and opportunities for self-learning and research, allowing actuaries to deepen their understanding of Long COVID. It also fosters cross-practice discussions, encouraging collaboration and the exchange of ideas among actuaries.

Moreover, the Hub prompts considerations of the broader societal impact of Long COVID, extending beyond its implications for the insurance industry.

By facilitating these discussions and providing a wealth of resources, the Knowledge Hub aims to enrich the actuarial community’s knowledge and approach to managing Long COVID.

Anticipated impact on Long COVID understanding and management

While the immediate direct impacts may be limited, the Knowledge Hub aims to equip actuaries with the tools and knowledge to engage in more deliberate data collection and improve their understanding of Long COVID. This foundational knowledge is essential for informed decision-making and addressing the broader implications of the condition.

The Actuaries Institute invites all members to explore the Long COVID Knowledge Hub and utilise the resources available to enhance their professional practice and contribute to the ongoing research and understanding of this complex condition.

For more information and to access the resources, please visit the Long COVID Knowledge Hub via the Actuaries Institute website.

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