CMI Working Paper 163

Working Paper 163 contains an anonymised summary of the second 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 20 Subscribers, including 12 insurers and 8 reinsurers. 

• The survey showed that CMI_2020 was the most commonly used Model version at 31 December 2021.
• Of those respondents who indicated a likely Model version for 31 December 2022, around half indicated CMI_2021, with the other respondents using either CMI_2019 or CMI_2020.
• We asked respondents to provide an indication of their best estimate view of the specific impact of the pandemic on the trend component of life expectancy. Around half of respondents indicated no change, while the other responses were split broadly evenly between a life expectancy deterioration of 0.5% and 1%. 
• 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.

We have also published a spreadsheet that includes the values used in the charts in the working paper.