Disruption of Life Insurance Profitability in the Aftermath of the COVID-19 Pandemic

Carannante, Maria; D’Amato, Valeria; Fersini, Paola; Forte, Salvatore; Melisi, Giuseppe

doi:10.3390/risks10020040

Cited by 10 publications

(7 citation statements)

References 19 publications

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“…The empirical evidence in medical and actuarial literature shows that many of those who die from coronavirus would have died anyway in the relatively near future due to their existing frailties or co-morbidities ( 5 , 8 , 25 – 27 ). The underlying idea according to deaths is “accelerated” ahead of schedule due to COVID-19 representing a mortality acceleration.…”

Section: Discussionmentioning

confidence: 99%

The Future Evolution of the Mortality Acceleration Due to the COVID-19: The Charlson Comorbidity Index in Stochastic Setting

Carannante

D’Amato

Iaccarino

2022

Front. Cardiovasc. Med.

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The empirical evidence from different countries point out many of those who die from coronavirus would have died anyway in the relatively near future due to their existing frailties or co-morbidities. The acceleration of the mortality conceives the underlying insight according to deaths are “accelerated” ahead of schedule due to COVID-19. Starting from this idea, we forecast the future mortality acceleration, based on the deterioration due to the presence of the comorbidities at COVID-19 diagnosis. Accordingly, we explicitly determine the contribution of each comorbidity on the acceleration forecasting, showing the future trend of the excess of deaths due to the COVID-19. To this aim, our proposal consists in developing a revised Charlson Comorbidity Index in a stochastic environment. Based on a post-stratification scheme, we obtain an unbiased comorbidity index that varies by age, centered on the reference population.

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Section: Discussionmentioning

confidence: 99%

The Future Evolution of the Mortality Acceleration Due to the COVID-19: The Charlson Comorbidity Index in Stochastic Setting

Carannante

D’Amato

Iaccarino

2022

Front. Cardiovasc. Med.

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“…However, health insurance by its very nature can not exclude medical treatment of a pandemic. Similarly, the effects of large pandemics on mortality rates can alter life insurance profitability in ways that are ex ante unpredictable (Carannante et al, 2022 ). Thus, a pandemic is of particular interest to insurance markets because it is a potentially uninsurable risk that is partially covered by insurance.…”

Section: Discussionmentioning

confidence: 99%

Impact of cultural tightness on vaccination rate

Jones

Trombley

2022

Risk Manage Insurance Review

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We find that cultural tightness, that is, the level of social punishment for violating norms, is associated with lower vaccination rates against COVID-19 across both states and counties in the United States. This is consistent with individuals in tighter cultures being more likely to base risk management decisions on social norms rather than on advice from experts and leaders. It is also consistent with our documentation of a social norm against COVID-19 vaccination. This implies that when a society depends on individual action to help manage society-wide risks, social norms can influence the degree to which individuals in tighter societies will engage in actions that minimize the overall risk to the society. | INTRODUCTIONThe World Economic Forum's, 2021 Global Risk Report lists "infectious diseases," "climate change inaction," "biodiversity loss," "natural resource loss," and "human environmental damage" as the top risks facing the world over the next 10 years (World Economic Forum, 2021). These risks all share a requirement for collective risk management actions from countries, states, communities, and individuals. Understanding how culture affects collective risk management is critical to mitigating these high-impact risks.One important aspect of culture that affects individual decision-making is cultural tightness (Pelto, 1968). Cultural tightness (looseness) is the strength of punishment and the degree of latitude (permissiveness) for violating social norms. From the perspective of RMI researchers, it can be used in a similar manner as the Hofstede cultural dimensions (Hofstede, 1984) and the Big Five Personality traits (Schmitt et al., 2007) concepts. Although these are very different

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“…Consequently, life insurers should forecast future mortality rates taking into account the negative effects induced by the COVID-19 pandemic. In the international literature, there is an ongoing discussion on how temporarily stressed mortality rates change post-COVID-19 mortality rates and the M. Borda mortality term structure and premium calculations (Carannante, D'Amato, Fersini, Forte, Melisi, 2022;Harris, Yelowitz, Courtemanche, 2021;Milesky, 2021;Spiegelhalter, 2020).…”

Section: Changes In Technical Activitymentioning

confidence: 99%

Long-Term Post-Covid-19-Pandemic Effects Faced by Life Insurers in Poland in the Context of European Trends

BORDA

2023

hss

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The COVID-19 pandemic has initiated or accelerated significant changes in the insurance sector, including remote customer service, along with changes to risk management processes and the insurance offer. In the post-pandemic environment, these may increase development opportunities and improve the market competitiveness of insurers. The aim of this paper is to identify and discuss the implications of the COVID-19 pandemic for life insurers operating in Poland. To examine the direct responses of life insurance markets to the COVID-19 pandemic, an analysis is conducted of the life insurance sector in Poland and the whole of Europe, based on the most up-to-date data available. Next, the implications of the pandemic for life insurers’ technical operations and financial sustainability are examined. The article also discusses the main challenges to the further development of life insurance businesses in the context of long-term post-pandemic effects.

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Disruption of Life Insurance Profitability in the Aftermath of the COVID-19 Pandemic

Cited by 10 publications

References 19 publications

The Future Evolution of the Mortality Acceleration Due to the COVID-19: The Charlson Comorbidity Index in Stochastic Setting

The Future Evolution of the Mortality Acceleration Due to the COVID-19: The Charlson Comorbidity Index in Stochastic Setting

Impact of cultural tightness on vaccination rate

Long-Term Post-Covid-19-Pandemic Effects Faced by Life Insurers in Poland in the Context of European Trends

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