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Superseded investigations

In 2013, the CMI changed the structure of its investigations into the mortality experience of policyholders with assurances and annuitants of life offices, and the morbidity experience of critical illness policyholders

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.

For information on the CMI's more recent work on life office mortality, please see the Annuities investigation and/or the Assurance investigation.

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.

Results

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

Mortality tables

The '00' series base mortality tables were published in CMI Working Paper 21, CMI Working Paper 22 and CMI Report 23.

The '92' series base mortality tables and projections were published in CMI Report 17. An interim basis for adjusting the 92 series mortality projections was published in CMI Working Paper 1.

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.

Related documents

Contact Details

If you have any questions about the CMI please email

info@cmilimited.co.uk

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  • IFoA Joint Member Event with the Sunshine Insurance Group, Beijing China

    Room TBC, Kuntai International Plaza, No.12, Chaowai Street, Chaoyang District, Beijing 地址:会议室待定,北京市朝阳区朝外大街乙12号1号楼昆泰国际大厦
    12 December 2019

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    The IFoA’s President-elect Tan Suee Chieh will visit Beijing. We will co-host CPD and Awards Presenting event with the Sunshine Insurance Group on Thursday 12 December 2019. The event is part of Mr Tan’s first presidential trip to China.

  • ARC Sessional Research Event: Drivers of Mortality - Risk Factors and Inequality

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    6 January 2020

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    The authors will focus on a large dataset obtained from the UK’s Office for National Statistics (ONS) and related sources. Data are available at the level of Lower Super Output Areas (LSOAs) – small geographical areas with, typically, 1000-2000 residents and include death counts, exposures and a significant number of socio-economic variables including the index of multiple deprivation (IMD).

  • SIAS Event: My Journey to Data Science, Big Data and AI

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    7 January 2020

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    Patrick Lee is an actuary who has made the transition to working in software architecture and artificial intelligence (AI). He holds Microsoft Professional qualifications in Data Science, Big Data and AI and is currently working towards a DevOps (the automation of software testing and deployment) qualification. He is a member of the IFoA Council and is also President of the Wessex Actuarial Society. He is also a member of the IFoA and the RSS's joint Data Science Focus Group and will talk on the ethical use of AI. 

  • Spaces available

    This presentation covers the detail for how the matching adjustment is calculated. A small simple example spreadsheet is provided and discussed in detail.

    For actuaries wanting to get more involved with the matching adjustment, this is the opportunity to get a detailed description of the mechanics involved. This includes cashflows derisking, PRA tests as well as hypothecation.

    The presentation is provided by James Sharpe who has worked on a number of matching adjustment calculations with several firms.

  • IFoA Volunteer Recognition Reception

    Staple Inn, 4 High Holborn, Holborn, London WC1V 6DR, UK
    15 January 2020

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    As a thank you to all our Institute and Faculty of Actuaries (IFoA) volunteers, you are invited to join us at Staple Inn Hall, for an evening of drinks, canapes and networking, in London.

    IFoA President, John Taylor, will be attending and will make a speech

    If you support the IFoA as a volunteer (member or non-member), or in any other role, and you are going to be in London on 15 January, please book your place and join us at this reception.

     

  • Sessional Meeting - Operational Risk Dependencies

    Royal College of Physicians of Edinburgh 9 Queen St Edinburgh EH2 1JQ
    20 January 2020

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    The Operational Risk Working Party aims to assist actuaries and others in the modelling and management of operational risk. One of the key challenges in modelling operational risk is the modelling of dependencies between operational risks, and between operational and non-operational risks such as market, credit and insurance risk. Their paper seeks to assist in this regard, and help develop good practice in setting assumptions and modelling operational risk dependencies. 

  • KSS event in Glasgow: Public Sector Pensions

    Hymans Robertson, Glasgow 20 Waterloo St, Glasgow
    30 January 2020

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    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • KSS event in Stirling: Public Sector Pensions

    M&G Prudential, Stirling Craigforth Campus, Stirling
    30 January 2020

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    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • KSS event in Edinburgh: Public Sector Pensions

    Hymans Robertson 1, Exchange Place, Semple St, Edinburgh
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • The Great Risk Transfer – Breakfast briefing and launch event

    Staple Inn Hall, High Holborn London WC1V 7QJ
    31 January 2020

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    Launch of the IFoA’s 2020 thought leadership campaign The Great Risk Transfer. The campaign will examine the trend of the transfer of risk from institutions to individuals, and how people can be better equipped to manage the financial risks they now face. At this breakfast event the IFoA will launch a call for evidence on this topic.

  • Professional Skills Training - London (11 February 2020)

    Staple Inn, High Holborn, London WC1V 7QJ         
    11 February 2020

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    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Sessional: Impact of E-cigarettes Working Party

    Royal College of Physicians, 9 Queen St, Edinburgh EH2 1JQ
    24 February 2020

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    This sessional meeting will be of direct interest to actuaries and others working in the in the Health and Care, Life or Pensions sectors or indeed actuaries with an interest in morbidity or mortality. Note: Registration is from 17.30 in time for the sessional to begin at 18.00.

  • Professional Skills Training - Edinburgh (25 February 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    25 February 2020

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    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Spring Lecture 2020, Edinburgh - Vicky Pryce

    Assembly Rooms, 54 George St, Edinburgh EH2 2LR
    25 March 2020

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    What next in Economic Policy?

    Please join us on 25 March 2020 for our annual Spring Lecture presented by Vicky Pryce in Edinburgh. 

  • IFoA Asia Conference 2020, Kuala Lumpur

    CCEC Nexus, 7, Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
    24-25 June 2020
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    The sixth annual Asia Conference once again offers a prestigious line-up of home and international speakers discussing the insurance and financial industry’s innovation and change in Asia. This year's conference in Kuala Lumpur will be hosted by Tan Suee Chieh, IFoA’s first Asian President. He will also make his Presidential address at this conference and will expand on the important elements of IFoA’s new strategy. 

    Additionally, this landmark conference will showcase how the IFoA is reinventing itself to support its members to succeed and thrive in a digital age, within traditional businesses and beyond, as a global organisation. 

    Not to be missed by international industry players, opinion formers, academic and industry leaders, actuaries and non-actuaries.