Canadian insurers paid out fewer death benefits in the first year of the pandemic than they did in 2019, new data show. Insurers said the unexpected finding was due to an anomaly in methods used to compile statistics..“It may have been expected that mortality would be up from the previous study overall because of COVID-19 but that is not the case,” said a Canadian Institute of Actuaries report Individual Life Experiences For Policy Year 2019-2020. “Mortality experience is down slightly from the previous study.”.“However only a little over one quarter of the study exposure was after April 1, 2020 when COVID deaths became significant,” wrote analysts. COVID deaths among the most vulnerable age group, pensioners and residents of nursing homes, peaked in May 2020, according to the Department of Health..According to Blacklock's Reporter, Canadian insurers paid out claims on 71,895 deaths in 2020 compared to 71,756 the year before. Death benefits totaled $3.45 billion in 2020 compared to $3.55 billion the year before. Data were from eight large insurers: Canada Life, Desjardins, Equitable, Industrial-Alliance, Ivari, Manulife, RBC Life and Sun Life..“COVID-19 numbers seem low but it must be recognized that because the study follows experiences between policy anniversaries, over half of the experience in this study is prior to COVID coming to Canada,” said Life Experience. All told Canadians carry $2.2 trillion in life insurance, the report added..Statistics Canada in a 2021 analysis said most pandemic victims were over 85, had dementia or Alzheimer’s and “may have been at a high risk of dying over this period regardless of the pandemic.” However 2021 Census figures would show in more detail “how the pandemic has profoundly altered population growth,” wrote analysts..“Increased COVID-19 deaths may be attributable to the disease taking a heavy toll on people who have been at a high risk of dying over this period regardless of the pandemic,” StatsCan wrote in a report Briefing On The Impact Of COVID-19 On Seniors. Coroners’ figures showed “the majority of Canadians who died from COVID-19 were residents of long-term care homes,” it added..The Public Health Agency in updated figures Friday said Canadians over 80 accounted for more than 60% of COVID deaths. Pandemic victims of all ages totaled 44,085..Québec had the highest number of COVID deaths, a total 16,287. Nunavut had the fewest, seven.
