Nearly 10 million suicidal actions are taken per year around the world, resulting in around 800,000 deaths.
Suicide rates over time change much more rapidly than do most medical causes of death, for better or worse. These large differences indicate that suicide may be one cause of death that could readily benefit from intervention strategies.
The insurance industry has a unique combination of resources and skilled personnel that could potentially be leveraged to mitigate this global epidemic. Opportunities abound but an important obstacle stands in the way: Data regulations.
Regulations serve as critical safeguards that prevent unscrupulous actors from taking advantage of consumers; but they can have a limiting effect on companies' actions. As a result of the COVID-19 pandemic, we are beginning to see the relaxing of certain regulatory restrictions around data in the service of potentially improving health outcomes and saving lives. If regulators have been more flexible for COVID-19, they might also be persuaded regarding suicide.
See also: Suicide Facts and Prevention
This video was developed in conjunction with actuview, the first permanent international media platform for actuaries (www.actuview.com). actuview content reflects contributions from actuarial institutions, corporate partners and industry professionals. RGA is actuview’s sponsoring partner.
See also: Suicide Prevention Strategies and Suicide Claims Trends and Risk Factors
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