Somewhat smaller denominator, sure, but changes in the numerator should also be smaller for similar reasons: healthier population, employed, therefore more shie

Somewhat smaller denominator, sure, but changes in the numerator should also be smaller for similar reasons: healthier population, employed, therefore more shielded from socioeconomic stresses around the pandemic. I sort of agree that the insurance financial risks associated with a low mortality population can be high in unusual situations, but it's not a blanket explanation for any particular situation.