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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 “16” Series tables for mortality (including terminal illness) and for accelerated critical illness were issued alongside Working Paper 154. The tables are based on data for non-rated term assurance policies in the years 2015-2018.

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

Contact Details

If you have any questions about the CMI please email

info@cmilimited.co.uk

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Start date
E.g., 26/10/2021
End date
E.g., 26/10/2021

Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Fully booked.

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

  • Spaces available

    The importance of biodiversity for finance, business and policy is being increasingly recognised. While many studies highlight the overall economic impact that biodiversity loss could have, it is much more difficult to quantify and understand the particular impact that is may have on individual businesses or communities. The management and measurement of these risks is a field where actuaries are well placed to contribute.

  • Spaces available

    The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.

  • GIRO 2021 Webinar Series

    Online
    8 November 2021 - 19 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas and new research across the general insurance sector.

  • Spaces available

    This is a free webinar with an expert panel providing their views on the ongoing IFoA consultation for proposals regarding changes to the regulatory framework on climate change and sustainability.

    The regulatory consultation sets out, for feedback some proposed approaches that the IFoA are considering in relation to charter commitments under the UK’s Green Finance Education Charter (GFEC) and the regulatory framework, including the Actuaries’ Code.

  • Life 2021 Webinar Series

    Online
    22 November 2021 - 26 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas, and new research across the Life insurance sector.

  • Spaces available

    The role of actuaries within the health sector varies considerably from one country to another, due to differences in the local evolution of health systems and the funding models for health services. 

  • Spaces available

    Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.
     

  • The Many Faces of Bias

    2 December 2021

    Spaces available

    This webinar looks at the many types of biases, both conscious and unconscious and the impacts they can have in the workplace.  Raising our own awareness and understanding of the issues can help us avoid the pitfalls of unconscious bias in particular.  We’ve all heard the phrase ‘office banter’ but are we sure that’s how those on the receiving end perceive it and is it ok to go along with it?