CMI Working Paper 58 completes the further work identified in Working paper 50, which presented the "AC04 Series" of claim diagnosis rates for accelerated critical illness insurance, on a 'lives' basis, using data for claims settled in the period 2003 to 2006. Specifically, it describes the supplementary analyses designed to aid understanding of the AC04 Series rates.
Specifically, it describes the supplementary analyses designed to aid understanding of the AC04 Series rates. The main assumptions underlying the AC04 Series rates are restated and the sensitivity of the rates to them considered.
The Committee has developed an approach for deriving approximate standard errors to help actuaries to understand and allow for uncertainty associated with the rates. These also provide support for the existence of a select effect by duration.
The paper reports on the experience of subsets of the data to examine whether they exhibit different underlying claims experience and hence whether the characteristics used to define these subsets could be regarded as risk factors not allowed for explicitly in the AC04 Series rates
Two types of analysis were undertaken: a series of one-way analyses and a multivariate analysis, using a generalised linear model. The AC04 Series rates apply only to accelerated critical illness business; this paper also examines the experience of stand-alone business.
CMI Working Paper 58 contains a statement that the Committee intended to recommend the AC04 diagnosis rates for ‘adoption’ by the IFoA.
It was subsequently agreed that the concept of adoption was no longer relevant and this was not pursued. It should not be inferred that there was any dilution of quality standards in respect of the AC04 tables.
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Wicked Problems, Clumsy Solutions and Leading Change -
Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called 'Minimizing longevity and investment risk while optimising future pension plans'. -
Professional Skills Training Webinar - 21 April 2021
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This event is now temporarily closed on Monday 26 April, but the session will be repeated on Tuesday 27 April, 09.00-10.30. Please click here to register your place.
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Available to watch globally in May.19-21 May 2021
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Online webinar series16-22 June 2021
Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion.
Wicked Problems, Clumsy Solutions and Leading Change
Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called '
Climate-Related Risk - This free to view webinar on Climate-Related Risk is the first in a series focusing on some of the ‘Hotspots’ identified in the 
Join us for this brand new IFoA webinar weries comprising of a fortnight of webinars, panel sessions and a 
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This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity.
Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list.
Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion.