OTTAWA, 24 November 2021 (GLOBE NEWS) – Report 4: COVID-19 Month-to-month Cumulative Evaluation of Canadian Insurance coverage Business Knowledge from the Canadian Institute of Actuaries is now out there, information provision has been up to date till the top of Could 2021.
This sequence of stories examines the affect of COVID-19 on the life insurance coverage trade in Canada utilizing key findings to assist decision-makers higher perceive and handle dangers. In 2020 and 2021, the variety of particular person insured occasions elevated in comparison with 2019 as a result of COVID-19, with noticeable penalties in each the primary and second waves of the pandemic. Throughout the third wave, the general development in particular person insurance coverage claims was decrease. This can be due, a minimum of partly, to the early affect of vaccine deployment within the nation.
The outcomes additionally confirmed a decrease stage of affect in group insurance coverage, though some impacts have been famous within the second half of 2020 and early 2021, because the second wave was extra prevalent than the primary. The group’s declare ranges in March, April and Could 2021 have been decrease than the claims ranges for a similar interval in each 2020 and 2019. Nonetheless, given the lag in reporting on some claims, it may be assumed that the extent of claims in these months will improve as further claims are acquired.
Report 4: COVID-19 Month-to-month Cumulative Evaluation of Canadian Insurance coverage Business Knowledge finds COVID-19 claims peaked at 11% of particular person claims in April 2020 and seven% of group claims in January 2021.
“The CIA is dedicated to serving to decision-makers in Canada handle the longer term impacts of the pandemic on the trade, mitigate dangers and guarantee monetary stability,” mentioned Keith Walter, FCIA, creator of a sequence of stories and former chairman of the CIA’s Analysis Council. …
Learn the complete report: https://www.cia-ica.ca/publications/publication-details/rp221125
The primary, second and third stories are additionally out there.
Communications Supervisor, Canadian Institute of Actuaries
613-236-8196 ext. 106
V Canadian Institute of Actuaries (CIA) is the qualifying and governing physique of the actuarial career in Canada. We develop and keep rigorous requirements, share our experience in danger administration, and promote actuarial science for the monetary well being of society. Greater than 6,000 of our members apply their data of arithmetic, statistics, information evaluation and enterprise, offering the very best high quality service and recommendation to assist make sure the monetary safety of all Canadians.