Life office mortality investigations - brief history
The life office mortality investigation is the longest running investigation of the CMI. The full history of the investigation is detailed in CMI Report 1. In November 2013 the CMI changed the structure of the life office mortality and critical illness investigations into annuitant mortality and assurances investigations: the latter focuses on both mortality and critical illness.
Data and methodology
The CMI’s life office mortality investigation collected what is termed “scheduled" data. That is, the data provided by contributing offices was in a census format containing the total numbers of policies (in force and deaths) split by age and duration. No policy specific details were requested from contributors. The analysis methodology is summarised in section 2 of CMI Working Paper 45.
Contributing offices received results in respect of the business for which they have submitted data. Aggregate ‘All Office’ results are also produced.
The '80' series base mortality tables and projections were published in CMI Report 10.
Earlier mortality tables were published in various printed volumes which are not available electronically.
Download all published CMI base mortality tables in Excel format.
Impaired assured lives investigation
Between the years 1982 and 2006, the CMI ran an investigation into the mortality of impaired assured lives. A report on the latest data and results, covering the years 1995 to 2006, is contained within CMI Working Paper 36.
Critical illness investigation - brief history
The CMI critical illness investigation started in 1999 with the first data collected in 2000. The first data collected pertained to claims settled during 1998 and 1999. The 1998 data was significantly lower in volume than subsequent years, so has not been analysed further.
In November 2013, the CMI changed the structure of the life office mortality and critical illness investigations into annuitant mortality and assurances investigations: the latter focuses on both mortality and critical illness.
For information on the CMI's more recent work on critical illness, please see the Assurances investigation.
Data, methodology and results
Data are collected for both ‘stand alone’ and ‘full accelerated’ (where the cover includes death as well as critical illness) business.
In the early years of the investigation, critical illness data was collected annually from insurance companies on both policies in force and claims settled during an investigation year. The original analysis methodology is described in detail in CMI Working Paper 14. The results compared actual settled claims against expected diagnosed claims, calculated using CIBT93 (a population-based table which was originally contained in A Critical Review, presented to SIAS in 2000). These results have subsequently been referred to as ‘unadjusted results’.
In July 2008, a new methodology for analysing critical illness experience was presented in CMI Working Paper 33. This produces results that compare actual settled claims with expected settled claims, referred to as ‘adjusted results’. These results properly match claims to exposure, but are difficult to interpret particularly in terms of duration.
A special initiative to capture 2007-2011 data was launched in 2012, allowing offices to submit data in a flexible format. The data, methodology and results are all described in CMI Working Paper 75.
Critical illness diagnosis rate tables
The first set of insured lives accelerated critical illness diagnosis rates, based on 1999-2004 data, were presented in CMI Working Paper 43.
CMI Working Paper 50 updated these to 2003-2006 experience and formally presented tables of rates known as AC04. It is anticipated that these will be introduced as a comparison basis in future results.
CMI Working Paper 52 presented cause-specific diagnosis rates, again based on 2003-2006 data, and
CMI Working Paper 58 describes supplementary analyses designed to aid understanding of the AC04 Series rates.
You might also like
If you have any questions about the CMI please email
Filter or search events
What are the advantages of using artificial intelligence (AI) in investing? What are the differences between traditional quant and AI? This new webinar discusses challenges and the future of AI in the investment sector.
Delivered by the IFRS 17 Contractual Service Margin working party.
The Certified Actuarial Analyst (CAA) qualification has rapidly established itself as adding real value, to insurers and consultancies, and to the clients of consultancies, around the World. CAAs work alongside actuaries and actuarial students, as well as other financial services professionals, in an increasingly broad range of roles and fields.
This session is a repeat of the one earlier today at 09:30
Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term.
This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.
This year's Life Conference has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the life insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's website.
This webinar will provide an update on the emerging thinking around future regulation of DB schemes:
The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.
Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.
The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.