The Assurances Committee released the proposed “16” Series tables for mortality (including terminal illness) and for accelerated critical illness under term assurances, based on experience data for the period 2015 to 2018, for consultation alongside Working Paper 150 in April 2021.
Working Paper 154 was released in August 2021. This paper summarises the feedback received and sets out the Committee’s response. The one aspect of the proposed rates that attracted feedback warranting further consideration was in relation to the variation in mortality experience by sum assured band. Additional analysis has therefore been undertaken, which is also set out in this paper.
An Excel spreadsheet containing the final “16” Series tables is issued alongside this paper. This version of the spreadsheet was released in November 2021, with additional clarification on the format of the rates. The rates themselves are unchanged from the previous version of the spreadsheet and from the proposed tables.
The Committee hosted a webinar in June 2021, which gave an overview of the “16” Series tables and briefly covered the cause of claim analysis and analysis of term assurances experience to mid-2020. A recording of the webinar is available to Authorised Users only.
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