COVID-19 Actuaries Response Group

Bulletin 100

Where are we now?

Is there a suitable metaphor for the last year? The pandemic that took everybody by surprise has often felt like a disaster movie. Sometimes like ‘Groundhog Day’ for the many of us working from home and losing track of time. At other times, a new genre in its own right – ‘COVID noir’, perhaps.

If anything, it has been a journey. Students of drama will know that stories follow set patterns. Disruption to the status quo leads to a physical or moral journey, torturous encounters, dramatic resolution, and the eventual return to some ‘new normal’. Just like the last year, although we are still not close enough to the final act.

Bulletin 100

In our 100th bulletin, an achievement we’re proud of, we trace our own experience of the pandemic’s many ‘twists and turns’ to date. What started off as a ‘classical’ pandemic analysis quickly changed, mutating and spreading as fast as the virus itself. We were soon working on problems such as misinformation, data accuracy and case reporting, confounding risk factors, the life expectancy of octogenarian diabetics, behavioural economics, how the precautionary principle should be applied, how late reporting affects R calculations … and these were just the early months!

We have tackled this diversity of problems with a wide diversity of people and talents in our group. While our ‘core’ is actuarial, from the outset we included medical experts, actuaries with epidemiological backgrounds, catastrophists – all from a range of working backgrounds and countries. We have also been helped by many guest contributors, offering their valuable time, skills and insights. It has been a case study of teams being greater than the sum of their parts.

Joseph Campbell once remarked ‘A hero is someone who has given his or her life to something bigger than oneself’. Our team are certainly not heroes, an accolade deserved so much more by the many health workers who died from COVID-19, but we are proud to have contributed a large portion of our lives since last March to help others understand and tackle the pandemic better.

Hopefully this bulletin provides an interesting perspective on the journey we have all been on so far. We are still some way from the end – if there can be such a thing in this context – but with worldwide vaccinations now around 100 million, there is cause for hope!

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Stuart McDonald

Stuart is Head of Longevity and Demographic Insights at the consultancy Lane Clark & Peacock (LCP). He works across the Actuarial and Health Analytics teams, helping clients understand and manage the long-term
health and economic implications of the pandemic.

Prior to joining LCP he was responsible for demographic assumptions at Scottish Widows and previously led Munich Re’s longevity pricing team.

Stuart plays an active role within the actuarial profession, and is Deputy Chair elect of the Continuous Mortality Investigation. Early in 2020 he founded and co-chairs the COVID-19 Actuaries Response Group.

Stuart was awarded an MBE for services to Public Health in the 2022 New Year Honours.

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Nicola Oliver

Director of Life & Health - Medical Intelligence

Nicola is considered a leading expert in Public Health and associated Mortality, Morbidity & Longevity risk.

Areas of specialist knowledge include; public health policy, socioeconomic disparities, impact of risk behaviours on life expectancy & future infectious disease risks.

Nicola supports actuaries from many of the leading consultancies, pension & insurance companies in Europe and the US, with underwriting, annuity pricing, product development as well as internal model calibration to fulfil regulatory requirement.

She leads a small research team within Medical Intelligence and continues to regularly present her work and speak at events for and on behalf of clients and to wider public audiences.

Prior to co-founding Medical Intelligence in 2007, Nicola worked for the NHS for 19 years specialising in Public Health, this followed many years in senior roles in Intensive Care Nursing and Paediatrics.

Nicola trained as a nurse and subsequently studied at Homerton College University of Cambridge, graduating with a PgDip in Neonatal Special and Intensive Care followed up with a BSc (Hons) in Public Health (Specialist Community).

Nicola has also studied Epidemiology with the London School of Hygiene & Tropical Medicine and Statistics.

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Matthew Edwards

Actuary & Director - Willis Towers Watson

Matthew Edwards is an actuary working at Willis Towers Watson, where he leads the life insurance practice’s demographic risk work, focusing on mortality, longevity and associated analytics.

He has a particular interest in the interface between actuarial work and medical science.

Before his (circa) twenty years at Willis Towers Watson (via legacy Watsons and Towers Watson), he worked for Aviva, including several years in Italy, and for the Actuarial Education Company tutoring life and mortality courses.

He is Chair of the CMI, Editor of the IFoA’s Longevity Bulletin and chaired the profession’s Antibiotic Resistance Working Party.

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