Since its declaration as a pandemic by the World Health Organization (WHO) on 11 March 2020, COVID-19 has exacted a heavy social and economic toll globally. As we transition from a “public health emergency of international concern” to accepting COVID-19 as endemic, it is imperative that the longer-term impacts of the pandemic be understood. Particularly for the insurance sector, it is important that we understand the impact of COVID-19, as a pandemic and now an endemic, on mortality now and into the future.
As part of the Global Asia Insurance Partnership's Living Lab, in collaboration with our key academic partner, Nanyang Technological University, a research study into these impacts in East and Southeast Asia was undertaken. This research aimed to provide tangible insights into the mortality impact from the Pandemic and looking ahead under endemic scenarios as well as a set of tools exclusive to our partners to assist in assessing the mortality impact on their book of business. Further, the report discusses the implications for the insurance sector across a variety of protection gaps and provides recommendations for consideration.
Author: Jessica Dang
*This paper has been updated and published in the North American Actuarial Journal. You may find the paper here.
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