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CMI Working Paper 92

Working Paper 92: Proposed “08” Series term mortality tables

Working Paper 92 describes the proposed “08” Series term mortality tables based on experience in 2007-2010, for consultation. The paper provides an overview of the dataset, describes the methodology used to produce the tables, sets out accompanying analyses and describes the proposed approach to extending the tables to younger and older ages.

An Executive Summary has been produced for Working Paper 92 and is contained in a separate document. This provides a brief synopsis of the working paper and is publically-available.

The proposed “08” Series term mortality tables are issued for consultation; feedback is requested on these tables, and the accelerated critical illness tables, issued alongside Working Paper 89 by 30 November 2016. The Committee is hosting a discussion forum in London in the afternoon of Friday 28 October at which we will provide an overview of the key points of both sets of proposed tables with time for questions and discussion. Further details are available on the events calendar.

There are a number of Excel spreadsheets issued alongside this paper:

  • The proposed “08” Series term mortality tables This spreadsheet contains the proposed rates, including the indicative rates at younger and older ages.
  • All Offices results for 2007-2010, comparing the experiences of the graduations dataset with the proposed and indicative “08” Series tables; note that this dataset comprises data for business written in 2001 and later years. A second set of results is also provided additionally incorporating data for business written in 2000 and earlier years.
  • The dataset that underlies the graduations; reformatted to enable easier use in the graduation software, available alongside Working Paper 77. Note that this spreadsheet also includes a dataset that includes business written in 2000 and earlier years

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Events calendar

  • Finance in the Public Interest Series

    16 March 2021 - 23 March 2021

    Spaces available

    There is widening debate that many of our social, financial and regulatory institutions need to be rethought so that we can create more sustainable futures, particularly in light of the Covid-19 pandemic, the policy/macro-economic response to the pandemic and how it affects consumers, as well as the impending climate crisis. This multi-day series of three keynote webinars, individually presented by leading economist John Kay, Sir Paul Collier, Professor of Economics and Public Policy at the Blavatnik School of Government, Ashok Gupta, Chair at Mercer Ltd, and Nico Aspinall, Chief Investment Officer at B&CE, will open up discussion on these essential topics. The series will culminate in a panel session with Chief Economist of the Bank of England, Andy Haldane.

  • The price is righter

    16 March 2021

    Spaces available

    This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced.

  • Spaces available

    This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)

     

  • Spaces available

    What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code? How does effective stewardship create long term value for beneficiaries and what roles do asset owners and asset managers play in active stewardship. This webinar will offer answers to these questions in a practical approach to stewardship reporting.

  • Spaces available

    Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis.  However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year.  This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work.