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Indiana Life Insurance CEO Says Deaths Are Up 40% Among Ages 18-64

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The head of Indianapolis-based insurance company OneAmerica stated the death rate is up 40% from pre-COVID levels in working-age people.

CEO Scott Davison sounded the alarm by saying it’s not elderly individuals driving the increase in deaths for the life insurance industry.

However, it’s individuals ages 18-64 for deaths unrelated to COVID-19.

While OneAmerica is a life insurance company based in Indiana, Davison reports the dramatic uptick in deaths is apparent across the entire industry.

In addition to deaths, the company has witnessed a sharp increase in long-term disability claims.

COVID-19 impacts primarily the elderly and immunocompromised, yet that’s not the demographics driving the increase in life insurance claims.

Naturally, this raises questions that the long-term impact of lockdowns and vaccine-related injuries led to the surging death rates in the life insurance business.

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The Center Square reported:

“We are seeing, right now, the highest death rates we have seen in the history of this business – not just at OneAmerica,” the company’s CEO Scott Davison said during an online news conference this week. “The data is consistent across every player in that business.”

OneAmerica is a $100 billion insurance company that has had its headquarters in Indianapolis since 1877. The company has approximately 2,400 employees and sells life insurance, including group life insurance to employers in the state.

Davison said the increase in deaths represents “huge, huge numbers,” and that’s it’s not elderly people who are dying, but “primarily working-age people 18 to 64” who are the employees of companies that have group life insurance plans through OneAmerica.

“And what we saw just in third quarter, we’re seeing it continue into fourth quarter, is that death rates are up 40% over what they were pre-pandemic,” he said.

“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,” he said. “So 40% is just unheard of.”

Davison was one of several business leaders who spoke during the virtual news conference on Dec. 30 that was organized by the Indiana Chamber of Commerce.

Most of the claims for deaths being filed are not classified as COVID-19 deaths, Davison said.

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“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.”

He said at the same time, the company is seeing an “uptick” in disability claims, saying at first it was short-term disability claims, and now the increase is in long-term disability claims.

Atlanta Insurance Live added:

Dr. Lindsey Weaver, Indiana’s chief medical officer, said the number of hospitalizations in the state is now higher than it was before the COVID-19 vaccine was introduced a year ago, and is actually higher than it has been in the past five years. Press conference with Governor Eric Holcomb on Wednesday.

Only 8.9% of intensive care beds are available in the state’s hospitals, a low for this year, and fewer than at any time during the pandemic. But the majority of intensive care beds are not consumed by Covid-19 patients – only 37% of them, while 54% of intensive care beds are occupied by people with other illnesses or conditions.

The state’s online dashboard shows that the moving average of daily deaths from COVID-19 is less than half what it was a year ago. At the height of the epidemic a year ago, 125 people died in one day – on December 29, 2020. In the past three months, the highest number of deaths in a single day was 58, on December 13.

 

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