A New York state legislator is advocating for a state law requiring insurance companies to consult actuarial tables when setting life insurance rates, claiming that lower life expectancies in other states are driving up rates. “(The representative) would have a point if the only thing that mattered in determining the premium a life insurance buyer pays was an aggregate mortality table,” professor emeritus Rob Hoyt told Newsweek.
“However, life insurance pricing and underwriting decisions typically consider various factors, including age, health status, family health history, lifestyle, tobacco use, gender, driving record, and occupation.” He added that state-specific pricing may have little practical impact on rates because rates already account for the individual factors that contribute to lower average life expectancies.
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Marc Ragin, an associate professor of risk management and insurance, talked to his research partner, UGA atmospheric sciences professor and science columnist Marshall Shepherd, about the new Center for Innovation in Risk, Catastrophes, and Decisions. The center is a multidisciplinary research effort supported by UGA, Duke University, and several private insurance companies. “Extreme weather poses a complex, universal threat that no single industry can solve alone. At CIRCAD, we break down silos by uniting atmospheric scientists, engineers, and economists,” Ragin told Shepherd for a column in Forbes. “Our priority is simple: to deliver high-impact, real-world research that helps organizations and people manage extreme weather risk today and build resilience for tomorrow.”
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