Witness Testimony

Edward Dowd, a former Wall Street portfolio manager and founding partner of Phinance Technologies, testified regarding statistical analysis of mortality and disability data in the United States following the rollout of COVID-19 vaccines. He stated that he reviewed publicly available group life insurance data from the Society of Actuaries and observed elevated excess mortality among working-age individuals in 2021 compared to historical baselines. He testified that these increases were significant relative to normal actuarial expectations.
Dowd further described analysis of U.S. Bureau of Labor Statistics disability data, which he stated showed an increase in reported disabilities among employed individuals beginning in 2021. He presented correlations between vaccine rollout timelines and observed increases in disability and excess mortality, while acknowledging that correlation alone does not establish causation. He characterized the patterns as statistically unusual and warranting further investigation.
He also testified regarding broader financial and economic implications, including impacts on insurance industry performance, corporate risk exposure, and workforce participation. Dowd stated that actuarial anomalies should prompt transparent review by regulatory and public health authorities and called for independent examination of all-cause mortality and disability trends to determine underlying causes.