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Assurances investigation

The CMI investigates the claims experience of policyholders with term and whole of life assurances issued by UK life offices.

Brief history

Until November 2013, mortality under assurance contracts was covered by the life office mortality investigation and critical illness experience was covered by the critical illness investigation. Since that date, both have been covered by the assurances investigation.

Data

The CMI currently adopts a flexible approach to the data it collects:

  • The data requirements for Term assurances are described in CMI Term assurances data July 2019.
     
  • The Committee has contacted known providers of Whole of life policies (both Underwritten and “Guaranteed acceptance”) for the years 2011-2018, to gauge their willingness and ability to submit data. This document sets out more details. We have collected sufficient volumes of data to progress with analysis, to be released later in 2021.

Methodology and results

Contributing offices receive results in respect of the business for which they have submitted data. Aggregate ‘all offices’ results are also produced.

The latest all-offices results that have been issued are:

  • Term assurances for 2015-2018 and 2019 are described in Working Paper 152; and
  • Endowment and Whole of Life assurances for 2007-2010 are described in Working Paper 75.

These results are each available in spreadsheets alongside the relevant paper. Each working paper contains commentary on the data, the methodology used in the results and commentary on the results.

Additionally, indicative analysis of term assurances to 30 June 2020 for a subset of offices is described in Working Paper 152 .

Mortality and critical illness tables

The “08” Series assurances tables were issued alongside Working Paper 94 comprising accelerated critical illness tables based on experience in the years 2007-2010 and term mortality tables based on the corresponding dataset.

Earlier tables are available under the life office mortality investigation and the critical illness investigation.

The Committee issued proposed tables for mortality (including terminal illness) and for accelerated critical illness under non-rated term assurance policies, based on 2015-2018 data, Working Paper 150 in April 2021. The proposed tables were issued for consultation. The consultation period for the proposed tables has now ended and the Committee is now assessing the feedback before finalising the tables.

Contact Details

If you have any questions about the CMI please email

info@cmilimited.co.uk

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