Investec Life is already planning for the next global pandemic
Life insurance unit is conducting actuarial modelling and scenario planning for next pandemic that could strike within a decade
Investec Life, the provider of high-end life insurance to Investec’s private banking clients, is already conducting actuarial modelling and scenario planning to assess the impact of another potential pandemic, which some experts believe could strike within the next decade.
Sinenhlanhla Nzama, head product actuary at Investec Life, says insurers have to think of the potential risks they may face in the future and how they will deal with their impact on capital provisions and the quantum of claims they can tolerate should various hypothetical risk scenarios materialise. Given the devastating effect of Covid-19, Investec Life has begun modelling the impact of a range of hypothetical future pandemic scenarios, including the potential for an airborne virus that may strike in either five, 10, 20 or 30 years’ time...