Posted by (American Life Insurance Guide 07/07/2021 News) Standard & Poor’s Global Markets Corporation released a report in 2021Q2, due to Covid-19 (New Coronavirus Outbreak) There will be a large-scale resurgence in early 2021, and the death toll will increase,American Life Insurance CompanyThe death claims paid for this soared to a new high in the first quarter of 2021.
$259.2 billion in claims in the first quarter
The report pointed out that throughout Q2021 of 1,The American Life Insurance Company paid a total of $259.2 billion in death claims to policyholders.Standard & Poor's has compiled the consolidated financial statements of 648 U.S. life insurance companies in the first quarter of 2021 and released the report.
According to data from the US Interim Center for Disease Control and Prevention, the United StatesCOVID-19 The death toll reached its highest level in the first two weeks of January 2021.
Since February, the number of patients has dropped sharply. At the same time, as the vaccination rate continues to increase, it indicates that the pressure on life insurance companies to settle claims may also gradually decrease, and the speed of claims settlement may also be smoother.
And according toAmerican Life Insurance GuideThe claims settlement research in the community has feedback from recent cases. From the beginning of the claim settlement to the delivery of the claim payment to the beneficiary's account, it took a total of 2 weeks.
Double the number of claims
MetLifeThe actuarial rate of group life insurance deaths reached 106.3% in the first quarter, and the set target is between 85% and 90%.The company attributed approximately 17 percent to COVID-19.
Senior Vice President John Hall said on a conference call in May that the frequency and severity of claims for Metropolitan Life Insurance has increased.The main reason is the increase in the number of deaths of insured persons under 65.
In addition to COVID-19, Hall added, Insurance claims of more than US$200 million have "almost doubled compared to a typical quarter."
AIG GroupChief Financial Officer Mark Lyons stated on the Q2 conference call that the number of deaths related to Covid-19 in the United States was “higher than previously expected.” AIG’sLife Insurance Department(American General Life Insurance Co.)Death claims paid in the first quarter increased by 63.9% year-on-year.
Prudential (Prudential) The company’s executive vice president Kenneth Tanji stated that Prudential has set aside US$2021 million in the second quarter of 7000 for the possible 55,000 deaths during this period.New crown virusThe relevant situation.
According to data from the Centers for Disease Control and Prevention, between April 2021 and May 4, the second quarter of 4,The total number of confirmed and suspected COVID-19 deaths is 20,451, showing a downward trend in accumulation.(End of full text)
