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ALARMING! Dr. John Campbell: Young Adult Death Rate Up 20% In 2023! (Also Up In 2020, 2021, 2022)
Excerpt:
The U.S. Center of Disease Control that show mortality rates alarmingly rising for different categories. For example, younger adult mortality rates are up more than 20% in 2023, the CDC said. Cause of death data show increased cardiac mortality in all ages. And even as COVID-related causes declined in 2022, others rose, particularly stroke, diabetes, kidney and liver diseases.
"Consider the ripples of COVID-19 and its varying impacts, leading to higher rates of depression, suicide, and increased substance abuse," said Samantha Chow, global leader for Life, Annuity and Benefits Sector at Capgemini, the giant multinational Paris-based consulting company. "This has set off a domino effect. From a life insurer's standpoint, and those dealing in retirement and long-term care solutions, there's a larger conversation at hand. Can the industry handle a sudden spike in claims? The surge in excess deaths caught carriers off guard, and our aging population is becoming more susceptible to illnesses or passing due to natural causes."
Chow said there's a real question of whether the insurance industry can sustain the enormous payouts the excess mortality rates will dictate.
"The real concern for life insurers lies in preparing for an unexpected wave of death claims and the impact on their assets under management," she said. "Do they have enough reserves to weather these outflows, given the excess deaths? It's not just about death or health. It is about the industry's ability and readiness to manage this monumental outflow."
Capgemini just published its World Life Insurance Report that revealed the upcoming largest inter-generational wealth transfer in history that is expected to cause a massive outflow of nearly 40% of life insurers' assets under management (AUM), totaling $7.8 trillion, by 2040.
"When we factor in the rise of payouts on death claims, the magnitude of the situation demands urgent attention by the industry," the report said.
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Summary by Dr. John Campbell:
Life insurance executives and actuaries believe the numbers are alarming
Life insurers paid record levels of claims in 2021
biggest one-year increase since 1918
Distributed a record $100.28 billion in total death benefits
Younger adult death rate up 20% in 2023
Center of Disease Control that show mortality rates alarmingly rising for different categories.
The surge in excess deaths caught carriers off guard
15 – 19 years
% difference from 2019
2018, 1%
2020, 21%
2021, 28%
2022, 21%
2023, (Jan – May), 24%
30 – 34 years
% difference from 2019
2018, -1%
2020, 30%
2021, 42%
2022, 30%
2023, (Jan – May), 23%
40 – 44 years
% difference from 2019
2018, -2%
2020, 30%
2021, 45%
2022, 30%
2023, (Jan – May), 25%
Cause of death data show increased cardiac mortality in all ages.
As COVID-related causes declined in 2022,
others rose, particularly stroke, diabetes, kidney and liver diseases.
Society of Actuaries poll
In August 2022, 85% thought excess morality rates would continue to 2025.
In September 2023, 79% believed excess mortality rates will continue through 2026.
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