Working Paper 179 contains an anonymised summary of the third CMI Mortality Projections Model benchmarking survey, which asked insurer and reinsurer Subscribers about their use of the Model. We were pleased to receive responses from 25 Subscribers, including 18 insurers and 7 reinsurers.
- The survey showed that CMI_2021 was the most commonly used Model version at 31 December 2022.
- Of those respondents who indicated a likely Model version for 31 December 2022, around half indicated CMI_2022, with the majority of other respondents using either CMI_2019 or CMI_2021.
- We asked respondents to provide an indication of their best estimate view of the specific impact of the pandemic on the trend component of life expectancy. The liability-weighted average impact was a 1.7% fall in life expectancy.
- The paper also contains information on parameters used, life expectancies, and differences between insurers and reinsurers and between longevity and mortality protection books of business.
The Mortality Projections Committee hosted a webinar on 13 October 2023 to discuss the results of the benchmarking survey. The webinar was presented by Cobus Daneel (Chair of Mortality Projections Committee) and Piero Cocevar (Committee member of the Mortality Projections Committee). A recording of the webinar can be found here.
We have also published a spreadsheet that includes the values used in the charts in the working paper.
If you have issues accessing the working paper due to not yet receiving details for logging into your IFoA member account, you can request a link for updated registration details in the member account area. If this option is not available to you then please email projections@cmilimited.co.uk and we will provide you with a copy of the working paper
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