More recent versions of the CMI Mortality Projections Model have subsequently been released. A full list of the versions of the Model is available on the mortality projections page.
Important note: updated version of CMI_2018 software
An updated version of the CMI_2018 software, v02, was released in April 2019 to address an issue with the user interface that may lead to incorrect results.
The issue is that if a user:
- opted to use the Advanced parameters and specified any non-zero value for the constant additions to mortality improvements by age, and
- reselected the Core parameters,
- the resulting projection used the values from the Advanced parameters, not the Core value of nil at all ages, and
- the output from the Model in this scenario would state invalidly that it is from the Core version.
We have also corrected a separate issue that would have prevented the Model from running if the user chose to enable automatic adjustment of smoothing parameters for other populations.
Release of CMI_2018 v3
We have released CMI_2018 v3, which makes a number of enhancements to the interface to the software since CMI_2018 v2, which do not affect the calculations. The key change, in response to requests from Subscribers, is to allow the initial addition to mortality improvements (“A”) to be used alongside Advanced parameters, rather than only as an Extended parameter, as in CMI_2018 v2.
We previously made CMI_2018 v3 available as a “beta” version. The updated version corrects the calculation of deviance and deviance residuals in cases where age/year cells in the calibration datasets have no deaths. This does not affect the Core dataset, and only has a marginal impact on the fitted model for other datasets that we have tested. We have also amended the formatting of smoothing parameters to show more decimal places.
The new features of CMI_2018 v3 are included in CMI_2019.
The software, and the updated user guide, which describes the various changes, can be obtained using the links.
A Briefing note on CMI_2018 has also been issued and is publicly available alongside this paper. It provides an overview of the latest version of the Model and is aimed at those receiving advice based on the Model, such as pension scheme trustees and Non-Executive Directors of insurance companies.
The latest version of the Model is calibrated to England & Wales population mortality data up to 31 December 2018. The calibration dataset is constructed in a similar way to the CMI_2017 dataset, but estimates of populations at high ages now incorporate the method proposed in Working Paper 106.
Following a proposal published in Working Paper 114 and confirmed, following consultation, in Working Paper 116, the Core value of the period smoothing parameter, Sk, has been reduced from 7.5 in CMI_2016 and CMI_2017 to 7 in CMI_2018. A new Extended parameter, the “initial addition to mortality improvements”, has been added to the Model software. This allows users to adjust the age-period component of initial mortality improvements more easily to reflect their views on appropriate improvements for specific populations.
Core Projections generated by CMI_2018 produce lower expectations of life than those produced by CMI_2017 (with other parameters held constant) for all ages for both males and females.
Working Paper 119 contains numerical results from CMI_2018 and commentary. It also contains analysis of recent mortality in the general population and illustrations of the sensitivity of the Model to new data.
The Model is accompanied by a methods paper, containing technical details of the calculations, and a user guide, describing how to use the software. These are updated versions of the methods paper and user guide published alongside Working Paper 105 for CMI_2017. Two additional spreadsheets have been released to show the derivation of the CMI_2018 dataset for males and females. The adjustments to population estimates at high ages are carried out in a separate spreadsheet.
The software has been tested and found to work properly using Excel 2010 and Excel 2016 in a Windows environment. If you see a yellow banner in Excel with buttons saying e.g. ‘Enable Editing’ or ‘Enable Content’ then you will need to click on these buttons in order to run the software. If however you see a red banner and the button to proceed is disabled preventing you from running the software than please let us know at Projections@cmilimited.co.uk.
- CMI Working Paper 119
- Briefing note for Working Paper 119
- CMI_2018 methods
- CMI_2018 software user guide
- The updated Model, CMI_2018 v3
- Derivation of the male dataset used in CMI_2018
- Derivation of the female dataset used in CMI_2018
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There will be a prestigious line-up of international speakers discussing the insurance and financial industry’s innovation and change in Asia. The conference will take place throughout September via an online platform. The webinars consist of plenary speaking sessions and a series of workshop sessions including Life, GI, Data Science, Sustainability, Risk Management and Investment.
This will be the perfect opportunity for you to discover,ask questions and be at the forefront of current and developing actuarial/financial topics and trends in Asia.
This free 90 minute webinar is designed to support the IFoA CPD Co-ordinators, and others, involved in supporting our members to achieve their CPD requirements.
The programme will include an overview of the new CPD Scheme; specifically sharing with you key messages to support you implement and embrace the new CPD Scheme for our members within your organisation and regional community; how to arrange a reflective practice discussion; and an interactive reflective practice discussion learning exercise. In addition, delegates will gain information about accessing, and making the most of the IFoA event Toolkits which you can make use of to run your own in-house events and events for regional communities.
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Consumer expectations are changing Insurance. The Royal Commission in Australia, Design Obligations in the UK, the insurtech ecosystem, and digital-first consumers demanding personalised solutions will all revolutionise how insurance looks like in the future.
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This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.
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