Executives at the largest insurance companies in the United States are panicking that teenagers, young people and white-collar Americans in their ‘prime of life’ are suddenly dying at a record pace.
They say the inexplicable rise in deaths is causing a “monumental outflow” of death claims and a drag on profits. The industry is so shaken that it is even causing some to take a fresh look at the problem.
Insurers are reportedly concerned by data from the Centers for Disease Control and Prevention that show “mortality rates alarmingly rising for different categories,” including younger adult mortality rates that are up more than 20% above historic norms in 2023.
The Defender reports: Insurers saw death benefits rise 15.4% in 2020, the biggest one-year increase since the 1918 Spanish flu epidemic, followed by a record $100.28 billion — nearly double the historic norm — in total death benefits paid out by the industry in 2021.
“The numbers were naturally forecasted to climb during the pandemic, but some industry and health authorities are concerned the rates haven’t greatly diminished as COVID infection rates have declined,” InsuranceNewsNet reported.
According to InsuranceNewsNet, insurers are especially concerned by data from the Centers for Disease Control and Prevention (CDC) that show “mortality rates alarmingly rising for different categories,” including younger adult mortality rates that are up more than 20% above historic norms in 2023.
The CDC numbers reported in August show the death rate for Americans ages 15-45 rose 20-24% above normal in 2020, and soared in 2021, to a nearly 30% death increase for 15-year-olds and a more than 45% increase for 45-year-olds.
Most troubling to insurers, CDC data reported in August showed that Americans in the period January-May 2023 were still dying at abnormally high rates with the pandemic long over. Mortality rates were 25% higher than normal among 15- to 19-year-olds and 20% higher among 45-year-olds considered in the prime of life.
Even twenty-somethings were dying at a rate nearly 15% above normal and thirty-somethings at a pace 20% higher than usual, the CDC data show.
Samantha Chow, global leader for Life, Annuity and Benefits Sector at Capgemini, a large, multinational Paris-based consulting company, told InsuranceNewsNet, “The surge in excess deaths caught carriers off guard” and the issue demands urgent attention by the industry.
The issue is, “Can the industry handle a sudden spike in claims?” She added, “The real concern for life insurers lies in preparing for an unexpected wave of death claims and the impact on their assets under management.”
“Do they have enough reserves to weather these outflows, given the excess deaths? It’s not just about death or health,” Chow said. “It is about the industry’s ability and readiness to manage this monumental outflow.”
The excess deaths and the record drag on insurance company revenue and the predictive chaos in actuarial tables they represent, alarmed the Society of Actuaries (SOA), the world’s largest professional actuarial organization.
Excess mortality is defined as excess deaths in a given population and time period above the expected number.
The SOA has conducted ongoing research since 2021 to gather “a high-level view of U.S. Group Term Life Insurance mortality results during the COVID-19 pandemic” compared to prior baseline results.
The SOA Research Institute studied more than 2.7 million claims and over $120 billion in earned premiums reported by “20 of the top 21 U.S. group term life insurers” in the U.S., representing approximately 90% of the employer-based group term life insurance industry.
In an August 2022 poll among its more than 30,000 members worldwide, the SOA found that 85% of members thought excess mortality rates would continue to 2025. In August this year, the same poll found 79% believed excess mortality rates will continue through 2026.
Life insurance executives and actuaries told InsuranceNewsNet, “The numbers are alarming and could continue to drag earnings and surge death claims for years to come.”
Society of Actuaries: no connection between historic death rates and COVID shots
Yet in its latest report issued in May, the SOA Research Institute found no connection between the historic U.S. death rates and insurance payouts starting in 2021 and COVID-19 vaccine mandates that rolled out the same year.
Chow blamed the excess deaths and claims on “the ripples of COVID-19 and its varying impacts, leading to higher rates of depression, suicide, and increased substance abuse.”
Other insurance executives told The Wall Street Journal they blamed “delays in medical care as a result of lockdowns in 2020, and then, later, people’s fears of seeking out treatment and trouble lining up appointments” for a surprising surge in non-COVID-19 death claims, especially heart and circulatory issues and neurological disorders.
But Dr. Pierre Kory, president and chief medical officer of the Front Line COVID-19 Critical Care Alliance (FLCCC), who treats long COVID and vaccine-injured patients in his practice, called on insurance companies to work with media and governments and investigate the powerful evidence that countless deaths and disabilities are temporally linked to the COVID-19 mRNA vaccines and read the exploding science that pinpoints mRNA technology lethality.
In an interview with The Defender, Kory cited the more than 1 million COVID-19 vaccine-linked injuries, disabilities and more than 30,000 deaths reported by doctors, nurses and others to the Vaccine Adverse Event Reporting System (VAERS).
VAERS, run by the CDC and U.S. Food and Drug Administration, is the government’s “early warning system” to detect vaccine harms.
Dr. Peter McCullough, one of the most highly published cardiologists in the world, pointed to a study of deaths after vaccination with detailed autopsies in Heidelberg, Germany. “Of 35 fatalities within 20 days of injection, 10 were ruled out as clearly not due to the vaccine (eg drug overdose). The remaining 25 (71%) had final diagnoses consistent with a vaccine injury syndrome including myocardial infarction, worsening heart failure, vascular aneurysm, pulmonary embolism, fatal stroke, and vaccine-induced thrombotic thrombocytopenia,” McCullough wrote.
He also cited his own systematic review of “all autopsy studies that include COVID-19 vaccine-induced myocarditis as a possible cause of death” that found that “all 28 deaths were causally linked to COVID-19 vaccination by independent adjudication.”
Kory said a large and expanding volume of scientific literature has described the pathogenicity of the artificial spike protein, unleashed by the mRNA injection into the body.
“We know from research on autopsy series that among those who died from the vaccine, spike protein was disseminated to all organs and vessels of the body,” he told The Defender.
“Spike-induced damage occurs by numerous mechanisms, including necrosis of vessel walls leading to things like aortic dissection, inflammation of important organs, including the heart and brain causing myocarditis and cognitive deficits respectively,” Kory said.
He also also cited “fibrinoid aggregates circulating in the blood causing poor perfusion in the microcirculation as well as hypercoagulability in the blood causing strokes and heart attacks, immunosuppression causing increased risk of infectious illnesses, and/or reactivation of latent viruses.”