Working Paper 136: Final “IP11” claim inception and termination rates for individual income protection experience

Important note: “IP11” claim inception rates

We have identified issues with some of the data underlying the “IP11” claim inception rates, leading to an overstatement of inceptions exposure and therefore an understatement of claim inception rates. More information is provided in CMI Working Paper 149, and a spreadsheet of indicative adjustments to the claim inception rates is provided below. Terminations experience is unaffected.

All CMI subscribers were contacted to notify them of this issue.

CMI Working Paper 136 

CMI Working Paper 136 was originally published in September 2020. Updated versions of Working Paper 136 were released in March and April 2021 to note the discovery of an underlying data issue and signpost users to more information. It covers the final “IP11” Series claim inception and termination rates based on CMI income protection experience in the period 2007-2016. The working paper:

     • Contains an overview of the final “IP11” Series rates;

     • Summarises feedback on the proposed rates, issued for consultation in Working Paper 131  and the Committee’s responses to this feedback; and

     • Discusses future work. 

A spreadsheet of “IP11” central claim inception rates, and indicative adjustments following discovery of underlying data issues, is available alongside this paper. This replaces the previous version and the spreadsheet of claim inception and sample termination rates made available alongside Working Paper 131.

“IP11” claim termination rates can be derived using the latest version of the CMI IP Rate Table Tool, which incorporates the “IP11” rates.

These outputs are available to Authorised Users only.

A briefing note on the final “IP11” claim inception and termination rates has also been issued and is publicly available alongside this paper. It provides an overview of the rates and is aimed at those receiving advice based on the tables, such as Non-Executive Directors.

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