The graduations are based on the experience of male, occupation class 1 lives for individual IP business for 1991-98 and will be referred to as IPM 1991-98.
The complexity of IP risks and limitations in the data have contributed towards the work producing these graduations being spread over a number of years and the results, including graduated sickness inception and termination rates, being presented in five inter-related working papers, totalling nearly 300 pages.
To help practitioners benefit from this large body of work, an overview paper has also been produced.
CMI Working Paper 48: An Overview of the Sickness Inception and Termination Rate Graduations provides an overview of the work presented in the five inter-related working papers
CMI Working Paper 48 summarises both the methodology and the key features of the graduations and experience. It is hoped that this paper will meet the needs of many IP practitioners on a stand-alone basis, and that it will also serve to provide an introduction and contextual ‘road map’ for the longer papers for those readers who wish to follow through all the detail.
CMI Working Paper 46: Background Papers on the Analysis of CMI Individual Income Protection Claim Records. This paper contains four short papers that present features of the claims data and changes to the initial processing of this data and report results of background investigations.
CMI Working paper 47: The Graduation of Sickness Rates for the CMI Individual Income Protection Experience 1991-98 of Males, Occupation Class 1. This is the main paper describing the development of the new graduations of the sickness inception experience.
This work was carried out before embarking on the graduation of the inception experience as the multi-state model demands this.
CMI Working Paper 5: The Graduation of Claim Recovery and Mortality Intensities for the Individual IP Experience for 1991-98 of Males, Occupation Class 1. This is the main paper describing the development of the new graduations of the termination experience.
CMI Working Paper 6: Date-related Features of Individual Income Protection Claims 1975-1998. This paper describes some features which emerged during the detailed examination of the claims records during the course of the work undertaken to produce graduations of the termination experience.
CMI Working Paper 7: The Claim Termination Experience of Income Protection Business, 1991-98, for Other Male Occupations, Females and Group. This paper compares the experience of other subsets of the 1991-98 data with the new termination graduations, which were based on the male, class 1 experience.
These Working Papers refer to the Committee’s intention to recommend the IPM 1991-98 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 IPM 1991-98 tables.
CMI Working paper 48. An overview of the graduations of sickness inceptions and termination rates for the CMI individual income protection experience for 1991-98 of males, occupation class 130 June 2010
CMI Working paper 46. Background papers on the analysis of CMI individual income protection claim records30 June 2010
CMI Working paper 47. The graduation of sickness rates for the CMI individual income protection experience for 1991-98 of males, occupation class 129 July 2010
Graduated values of claim inception intensities for males, occupation class 1, 1991-98, by exact age at falling sick29 July 2010
CMI Working paper 7. The claim termination experience of icome protection business, 1991-98, for other male occupations, females and group6 May 2004
- 6 May 2004
CMI Working paper 5. The graduation of claim recovery and mortality intensities for the individual income protection experience for 1991-98 of males, occupation class 16 May 2004
If you have any questions about the CMI please email
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Presenter Matt Modisett
In collaboration with the Institute and Faculty of Actuaries, the Principles of Responsible Investment is delighted to host this webinar discussing the response to the TCFD’s recommendations two years on from their publication. The webinar will feature new analysis of the 591 investors representing $45 trillion who responded to PRI’s 2019 climate indicators, insights from the past Chair of the IFoA’s Resource and Environment Board as well as an investor case study of implementation in practice from Aviva.
An introductory session to help you get ahead with climate change.
- Science, terminology and initiatives: handy facts to keep in your back pocket
- Getting your point across: how to influence people and avoid common traps and pitfalls
- Taking action: what are actuaries expected to do...and what are we actually doing?
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
Friday, 6 September, Beijing Local Time (CST) 14.00-16.30; British Summer Time (BST) 07.00-9.30
The IFoA Beijing Office and China Life are pleased to be co-hosting a Professional Skills Training (PST) session in Beijing, Shanghai and Shenzhen on Friday, 6 September. Wen Li (FIA), the IFoA Lead Representative in China and East Asia, will lead the PST presentation and discussion on ‘Getting it right!’.
The main venue will be in Beijing. Members in Shanghai and Shenzhen can join the interaction with Beijing via video conference at China Life’s regional venues. (see full details below)
This event is now fully booked. Please click here to register for the wait list.
The actuarial profession has much to offer the world of banking. In this second webinar on opportunities for actuaries in banking we have two actuaries sharing their experience
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
This workshop, now in its sixth year, is aimed at senior actuaries working in life insurance - predominantly Chief Actuaries, but also Reviewing Actuaries and others working in risk and financial reporting. It will provide seven hours of relevant CPD.
Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.
Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better?
It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.
The Institute and Faculty of Actuaries and the Royal Statistical Society have worked together to develop joint ethics guidance on data science. This is the culmination of an 18 month programme of practitioner led work.
Join us for the launch of this new guidance, with a high-level panel discussion which will explore the role of data science practitioners and professional bodies in data ethics.
The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October. The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters.
ARC Event: Beyond Proportional Hazards: Statistical methods for assessment of the impact of medical advances and health interventions on longevity and population projections.
This workshop is being delivered by the Actuarial Research Centre’s (ARC) ‘Big Health and Actuarial Data’ Research Programme.
This evening will feature two new cases studies that highlight the implications for insurers of issues impacting on health and mortality for life, pensions, and health and care products; Impactability modelling: a worked example in Type II diabetes presented by Josephine Robertson, and Seasonal Mortality in England and Wales 1993-2016 presented by Mary Hall, Dublin City University.
Join us for this brand new seminar that brings together our Current Issues in Pensions, Pensions and the Law, and Investment for Pension Actuaries events. The seminar builds on the IFoA’s Annual Pension Conference with sessions covering CDC, TPR’s code of practice, investments, legal updates and Professional Skills Training with a focus on interactive discussion throughout.
The National Records of Scotland (NRS) collects, preserves and produces information about Scotland's people and history to inform current and future generations - work that underpins the fabric of Scottish society and tells the story of our nation. This KSS talk will explore the following and other areas impacting Scotland’s changing population, and assess the potential implications of the changes:
- population statistics
- life expectancy
- changes in age structure
- birth and death rates, including causes of death statistics.
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.
Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP.
We are delighted to announce the launch of the findings from our ARC funded Behavioural Finance research with a special evening event at Staple Inn on Tuesday14th January 2020. Entitled Behavioural Aspects of Institutional Investment Decision-Making, this research programme is being delivered by City, University of London, Leeds University Business School and Ipsos.