CMI Model benchmarking survey results

Working Paper 153 contains an anonymised summary of the first CMI Mortality Projections Model benchmarking survey, which asked insurer and reinsurer Subscribers about their use of the Model. We were pleased to receive responses from 22 Subscribers, including 15 insurers and 7 reinsurers.

  • The survey showed that CMI_2019 was the most commonly used Model version at 31 December 2020.
  • Of those respondents who indicated a likely Model version for 31 December 2021, nearly half indicated CMI_2019 and nearly half indicated CMI_2020. Of those who indicated a likely assumption for the weight for 2020 data in CMI_2020, all indicated that they would use the Core weight of 0%.
  • The paper also contains information on parameters used, life expectancies, and differences between insurers and reinsurers and between longevity and mortality protection books of business.

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  • CILA 2022

    23 May 2022 - 24 May 2022

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    We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; transitioning to Net Zero; increased inflationary pressures and supply chain issues; to self-imposed changes in regulatory requirements. CILA 2022 focuses on these challenges to ensure we continue to be informed and remain battle ready, as well as showcasing highlights of recent CMI outputs.

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    In the spirit of fostering the IFoA’s vibrant, global community and enabling our members to participate, we have decided to hold our AGM virtually again this year. This allows for greater accessibility to this important annual event, and for greater accountability of our organisation.

    The Business of the AGM

  • The IFoA Conference 2022

    133 Houndsditch, London EC3A 7BX and Online
    22 June 2022 - 23 June 2022
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    We’re delighted to welcome you back to our first in-person conference since early 2020, also being delivered virtually in our first-ever hybrid event. The theme of our inaugural two-day conference is ‘Focusing on tomorrow’s actuary’ and will explore the contribution actuarial science is making to some of tomorrow’s biggest issues.

     

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    • Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities

    • This tension can be resolved with a concept called Universal Ownership

    • Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities

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    This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on  the expected future changes. Through examining  the transformation, we will highlight how the sector is and can use actuarial  expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.