Latest news

(updated 26 February 2010)

• Mortality projections
  
• • CMI Working Paper 41 was published on 25 November 2009. This paper accompanies the issue of the first live version of the CMI Mortality Projections Model, CMI_2009. The paper summarises the responses to each of the consultation questions posed in Working Paper 38, together with the Working Partys comments and details of the actions taken. Issued alongside the paper are the revised and updated versions of the Model, User Guide and parameter sensitivity test results. Presentations on the Model were given at the recent Current Issues in Life Assurance and Current Issues in Pensions events. The launch was supported by an Actuarial Profession webinar the first to feature the CMIs work allowing a very large audience to participate in a presentation and Q&A session on the Model. Copies of the slides are available here.
  • Working Paper 37 was published on 13 March 2009 to accompany version 1.1 of the CMI Library of Mortality Projections. To access Working Paper 37 and the library please click here.

   

• Gender differentials
  In June 2008, the CMI published bulletins for Life Assurance and Annuities, Critical Illness Insurance and Income Protection Insurance that life insurers may opt to rely on to support differential pricing in response to the Sex Discrimination (Amendment of Legislation) Regulations 2008 and associated guidance. Updated differentials for mortality were published in April 2009 and for critical illness in February 2010, both using data for 2003-2006. Updated differentials for income protection, also using data for 2003-2006, are intended to be published in May 2010.

    

• Per policy data
  Further offices have submitted data for the first time in the newer Per Policy format. A revised version of the coding guide has been issued to address issues that have arisen, in particular in interpreting the dates of claim submitted by offices to date.

Life Office Mortality

• The Life Office Mortality Committee is keen to hear from potential new volunteers. We would particularly welcome new members willing to play an active role in the work of the Committee, ideally with a good practical understanding of life assurance and annuity pricing or reserving. Relevant technical experience would clearly be advantageous however commitment and enthusiasm are equally important. For more information on joining a CMI committee, please click here. If you are interested in volunteering or would like more information, please contact the CMI.
• Working Paper 42 was published on 10 December 2009. This contains a report on the 2003-2006 life office mortality experience.
• Working Paper 40 was published on 17 August 2009, alongside a draft version of an updated Per Policy Coding Guide (version 1.6). The Working Paper provides additional explanation on the changes in the latest version and consults data contributors on these changes. Responses were originally requested by 30 September 2009, though following a number of requests for more time to respond this deadline was extended to the end of October 2009. The CMI has subsequently released version 1.6.
• The male assured lives dataset for 1947-2005 that was previously made available with the illustrative mortality projections software has been updated to include the 2006 data. Though the software is no longer being issued, the 1947-2006 dataset is now available on request. Member offices can also request age-specific results and underlying data for other Life Office Mortality investigations.
• CMI Report No. 23 was published in February 2009. This is the formal report covering the Graduation of the 1992-2002 Mortality Experience, the "00" Series Tables, together with full documentation of their derivation. The tables themselves are unchanged from those set out in Working Papers 21 & 22. Please let us know if you would be interested in receiving a hard copy of the report. The mortality rates themselves are also available in spreadsheets. Links to all these can be found here.  
• Working Paper 36 was published on 14 January 2009. This provides a summary of the mortality experience of impaired lives for the period 1995-2006. Due to falling data volumes the CMI has decided to cease collecting data for this investigation in the current format. Working Paper 36 includes a consultation on options for a revamped future investigation, perhaps broadened to encompass annuities and critical illness insurance.

Critical Illness

• The CMI has published Working Paper 43 which presents claim diagnosis rates for accelerated critical illness insurance, on a 'lives' basis, using data for claims settled in 1999 to 2004. The results in this paper are the first the CMI Critical Illness Committee has produced that relate to the date of diagnosis, when a critical illness claim is incurred. To access Working Paper 43 please click here.
• 2006 'All Office' results were released to member offices in October 2009. These included 'adjusted results' using the methodology set out in Working Paper 33.
• 2003-2006 quadrennial results were released to member offices in December 2009. Adjusted results have not yet been produced; initial analysis suggests the interval between diagnosis and settlement for this dataset is shorter than for 1999-2004. Therefore the Committee believes it is appropriate to derive an updated claim development distribution based on the more recent data and expects to release these results early in 2010.

Income Protection

• The Income Protection Committee is keen to hear from potential new volunteers. We would particularly welcome new members willing to play an active role in the work of the Committee, ideally with a good practical understanding of income protection pricing or reserving. Relevant technical experience would clearly be advantageous however commitment and enthusiasm are equally important. For more information on joining a CMI committee, please click here. If you are interested in volunteering or would like more information, please contact the CMI.
• 2006 'All Office' results for the individual investigation were released to member offices in July 2009.
• All the expected data for the 2005 Group investigation has been received and individual office results have been sent out to the respective offices. Due to the concentration of data between offices, 'All Office' results will not be issued. Consideration is being given to the future of this investigation.
• The majority of individual office results for the 2007 Individual investigation have now been signed off, but significant issues remain to be resolved on a few submissions before the All Office results can be prepared. Data collection has also commenced for the 2008 Individual experience, with around half of the expected data submissions received so far.
• Work is ongoing on the graduation of inceptions for Individual experience for 1991-98. The graduation methodology and results are expected to be published in a Working Paper early in 2010.

Self-Administered Pension Schemes (SAPS) Mortality

• The CMI SAPS Mortality Committee is keen to recruit an additional volunteer. We are seeking someone with a strong statistical background who is willing to play an active role in the work of the Committee. Relevant practical understanding of UK self-administered pension schemes is not crucial as the role of the new member would be to augment the Committee’s current skills and knowledge by increasing the level of statistical expertise. For more information on joining a CMI committee, please click here. Expressions of interest would be appreciated by the end of April 2010.
• A substantial number of schemes were submitted shortly before the 30 June 2009 submission cut-off for data to be included in the next experience report. It is expected that a Working Paper analysing this latest data will released in the first quarter of 2010.
• The SAPS Mortality Committee is analysing the improvements in mortality within the SAPS dataset over the period 2001-2006. Initial findings were submitted in response to the consultation on the Mortality Projections Model and the Committee hopes to produce a working paper in 2010.

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