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Indiana life insurance company sees 40% increase in death rates and uptick in disability claims
During the virtual news conference on 30 December 2021 organized by the Indiana Chamber of Commerce, Scott Davison, the head of the Indianapolis-based insurance company OneAmerica, which offers group life and disability insurance to employers, said:
„We are seeing right now the highest death rates we have ever seen in the history of this business, not just at OneAmerica. The data is consistent across every player in that business.”
Death rates in third quarter continuing into fourth quarter were up 40% from pre-pandemic levels, primarily among working-age people 18 to 64.
“Just to give you an idea of how bad that is: a three-sigma or a one-in-200-year catastrophe would be 10% increase over pre-pandemic. So 40% is just unheard of.”
“What the data is showing to us is that the deaths that are being reported as COVID deaths greatly understate the actual death losses among working-age people from the pandemic. It may not all be COVID on their death certificate, but deaths are up just huge, huge numbers.”
„We are also seeing an uptick in disability claims. At first it was short-term disability claims and now we are seeing long-term disability whether it is long Covid or whether it is because people haven’t been able to get the health care that they need because the hospitals are overwhelmed. We are seeing those claims starting to tick up as well.“
Costs of well over $100 million are expected, insurance premiums will have to go up.
„Most of us in the industry are starting to target and to add primium loads onto employers that are based in counties that have low vaccination rates.“
Chamber of Commerce, Indiana Hospital Association discuss COVID impact (20:50-25:44)
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