Latest news

(updated 25 July 2008)

• Gender differentials
  The CMI has 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. A letter to insurers regarding these bulletins was sent to Life Practising Certificate holders on 20 June 2008. Any actuary wishing to receive a copy of this letter, or with any questions arising from it, is asked to contact the CMI.

   

• Important note on draft SAPS Mortality Tables
  The CMI has issued a Preliminary response to consultation on the draft graduations of the CMI SAPS 2000-2006 mortality experience. In particular, the CMI wants to highlight that a discrepancy in age definition between the data used and the software resulted in the draft tables over-stating mortality rates by half-a-year.
  
  The preliminary response indicated that the CMI hoped to publish final tables by the end of June 2008. The CMI has carried out a significant amount of work in the meantime to update its methodology and systems. This work has led to the identification of a number of further data issues that have taken time to resolve. A revised dataset has now been produced and the SAPS Mortality Committee is working on finalising the graduations. However, this work is not expected to be complete before September 2008.

   

• Mortality projections
  The CMI Library of Mortality Projections was published in November, together with a user guide and Working Paper 30. Working Paper 30 summarises the responses received to Working Paper 27 and the draft library of mortality projections, the CMI’s reaction to these points, and the resultant changes incorporated in version 1.0 of the library. To access these documents please click here.

   

• Per policy data
  Initial work is complete on handling and checking of Per Policy data. Several offices' data have been processed using the new system with offices commenting on the process/coding guide as issues are discovered. An updated Coding Guide, clarifying a number of issues has now been released. Data for the 2006 and 2007 Life Office Mortality and Critical Illness investigations is now being requested and offices are being asked to advise when they expect to first submit data in the new format. For more details on this initiative please click here.

Life Office Mortality

• 2005 'All Office' results have been released to member offices. These results include comparisons against both the "92" and "00" Series base tables. It is intended that only the "00" Series comparisons will be used from 2006.
• Impaired Lives results for the period 1994-2005 have been released to member offices, also with both "92" and "00" Series comparisons.

Critical Illness

• The CMI has produced Working Paper 33 that further develops the methodology used to analyse critical illness experience and derives best estimate assumptions of the claim development distribution and off rates. These are used to produce results for accelerated critical illness experience and the paper contains results for 1999-2002. To access Working Paper 33 click here.
• David Heeney and Dave Grimshaw gave a presentation on recent progress in the CMI Critical Illness investigation to the Profession's Healthcare Confernece on 16 May 2008. please click here for a copy of the slides.
• 2005 data remains outstanding from one of the offices included in the 2003-4 results, and some issues have yet to be resolved with other offices.

Income Protection

• Individual data from one office for the 2004 investigation is currently being validated. Once the data has been verified, the All Office results will be produced.
• Most data for the 2005 investigation has now been received, as well as a few 2006 submissions.
• Work is ongoing on the graduation of inceptions for Individual experience.

Self-Administered Pension Schemes (SAPS) Mortality

• PLEASE SEE THE IMPORTANT NOTE AT THE TOP OF THIS PAGE REGARDING THE DRAFT GRADUATIONS
• CMI Working Papers 31 and 32 were published on 7 January 2008.
  
  • Working Paper 31 reports on the experience based on data received by 30 June 2007. This Working Paper was previously issued in draft form to CMI SAPS members in October.
  • Working Paper 32 contains proposed graduations of this data. These tables are released for consultation; feedback is requested by 29 February 2008.
• An investigation into the mortality experience of large retailers is also under way.

Contact us

For further information contact the CMI at info@cmib.org.uk.

Back to the CMI Home page