“Elevated deaths” are still being reported four years after the covid pandemic broke out in March 2020, according to a Swiss Re report on excess mortality.

The pandemic has been synonymous with excess mortality, presenting a challenge for the life and health insurance industry, the report says.

Excess mortality in the general population is an important indicator for insurers, as shifts in the major causes of death may require a reassessment of risk portfolios.

“Four years on, many countries worldwide still report elevated deaths in their populations,” the report says. “Ongoing excess mortality can have implications for [life and health] insurance claims and reserves ... with potentially several years of elevated mortality claims ahead, depending on how general population trends translate into the insured population.”

The report says if the disease’s impact is not curtailed, excess mortality rates in the general population may remain up to 3% higher than pre-pandemic levels in the US and 2.5% in Britain by 2033.

The primary driving factor of current and future excess mortality is respiratory disease including covid and flu, with other causes being cardiovascular disease, cancer and metabolic illnesses.

In the US, an average of 1500 covid deaths a week were reported last year – comparable to fentanyl or firearms deaths.

“Covid-19 is far from over,” Swiss Re CEO of life and health reinsurance Paul Murray said. “If this continues, our analysis suggests a potential scenario of elevated excess mortality extending over the next decade.”

He says excess mortality could return to pre-pandemic levels much sooner with the right action.

“The first step is to get covid under control, with measures such as vaccinations for the vulnerable. Over the longer term, medical advancements, a return to regular healthcare services, and the adoption of healthier lifestyle choices will be key.”

Click here for the report.