The COVID-19 fatality rate is very high compared to influenza. The broad expectation is that increased testing will show the actual rate (collectively 3.4% right now according to the WHO) is lower.
Crucially, the fatality rate is highly age-dependent and adults, particularly seniors, are most effected.
All numbers from CDC and CDC China:
Flu death rates by age
0-4: .01%
5-17: .01%
18-49: .02%
50-64: .06%
65+: .83%
COVID-19 death rates by age
(AFAIK there are no deaths under age 13—Ty)
10-19: .2%
20-29: .2%
30-39: .2%
40-49: .4%
50-59: 1.3%
60-69: 3.6.%
70-79: 8%
80+: 14.8%
What’s not expressed in these numbers are any comorbidity factors (obesity, smoking, high blood pressure, diabetes, etc.). Is the fatality rate higher in older adults because they have more of these factors? Surely in part. (Not a lot of under age 10 smokers, for example.)

The bottom line, though, is that seniors need to be especially careful about COVID-19. It is significantly more lethal that the influenza virus, even this year where the flu season has been particularly hard.