The dollar value of human life losses associated with COVID-19 in Canada

Background:  The objective of the study was to appraise the total dollar value of human life losses (TDVHL) associated with COVID-19 in Canada. Methods: The net output approach (also known as human capital approach) was applied in the dollar valuation of the 6,062 human life losses associated with COVID-19 in Canada as of 23 May 2020. The economic model was rerun five times: (a) using the national life expectancy of 82.8 years and a 3% discount rate; (b) using the national life expectancy of 82.8 years and a 5% discount rate; (c) using the national life expectancy of 82.8 years and a 3% discount rate; (d) applying the global average life expectancy of 72 years and a 3% discount rate; and (e) applying the world highest average life expectancy of 87.1 years and a 3% discount rate. Results:  The human lives lost to COVID-19 had an estimated value of Int$ 1,483,241,129, and an average of Int$ 237,319 per human life lost. Quebec and Ontario provinces alone accounted for 94.2% of the TDVHL. Reanalysis of the economic model with discount rates of 5% and 10% resulted in declines in TDVHL of Int$164,046,549 (11%) and Int$441,139,289 (30%), respectively. Substitution of the national with the global average life expectancy shrank the TDVHL by Int$ 1,086,136,233 (73%); and while application of the world highest life expectancy triggered a growth in the TDVHL of Int$ 840,520,852 (57%). Conclusion: The average value of human life lost is 4.6 times the total GDP of Canada.