The Dollar Value of Human Life Losses Associated With COVID-19 in Canada

Abstract

Background: The coronavirus disease 2019 (COVID-19) pandemic continues to cause morbidity and premature mortality and ravage the socio-economic sectors in Canada.
Objectives: The study aimed to appraise the Total Dollar Value of Human Life Losses (TDVHL) associated with COVID-19 in Canada.

Methods: The net output approach was applied in the dollar valuation of the 8810 human life losses associated with COVID-19 in Canada as of July 16, 2020. The economic model was
rerun assuming 3%, 5%, and 10% discount rates with Canada’s life expectancy of 83 years, the world’s average life expectancy of 73 years, the world’s highest average life expectancy of
88 years, and a 3% discount rate.

Results: The human lives lost to COVID-19 had an estimated value of the international dollar (Int$) 2037021173 and an average of Int$ 231217 per human life lost. Quebec and Ontario
provinces alone accounted for 94.99% of the TDVHL. Reanalysis of the economic model with discount rates of 5% and 10% resulted in declines in TDVHL of Int$ 192721390 (9%)
and Int$ 530132423 (26%), respectively. Substitution of the nation with the word’s average life expectancy shrank the TDVHL by Int$ 1754972473 (86%) while applying the world’s
highest life expectancy triggered a growth in the TDVHL of Int$ 498674987 (24%).