City Research Online

Abstract

We introduce and provide evidence to support the Proportionality Hypothesis which states that Covid-19 infection fatality rates are approximately proportional to all-cause death rates by age and subgroup (e.g., socio-economic class). We also show that vaccination played a very significant role in preventing people infected with Covid-19 from needing to be hospitalised, since it reduced the average severity of an infection. Death rates involving Covid-19 were very significantly lower for people in the fully vaccinated group compared to the unvaccinated group. During the pandemic, death rates from other causes were in some cases reduced (e.g., flu and pneumonia), in some cases unchanged (e.g., lung cancer) and in some cases elevated (e.g., heart disease). We discuss the implications of our findings both for potential adjustments to extrapolative mortality models which allow for future pandemics in a way that is consistent with the Proportionality Hypothesis and for insurance companies in terms of both modelling extreme scenarios and the design of mortality catastrophe bonds.

Publication Type:	Article
Additional Information:	This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/.
Publisher Keywords:	Covid-19 mortality, The Proportionality Hypothesis, Infection fatality rate, All-cause mortality, Biological frailty, Relative frailty, Age, Deprivation
Subjects:	H Social Sciences > HC Economic History and Conditions H Social Sciences > HD Industries. Land use. Labor R Medicine > RA Public aspects of medicine > RA0421 Public health. Hygiene. Preventive Medicine
Departments:	Bayes Business School Bayes Business School > Finance
SWORD Depositor:	Symplectic Administrator

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