CMI Working Paper 69 accompanies the updated version of the CMI Mortality Projections Model, CMI_2013, and is issued alongside the Model and an updated User Guide

Note: More recent versions of the CMI Mortality Projections Model have subsequently been released. View the full list of model versions

The structure of the CMI_2013 Model is identical to that of the previous versions and is accompanied by an updated User Guide.  However, the default parameters contained in the model have been updated to reflect the publication of England and Wales population mortality data for calendar year 2012. This Working paper illustrates the impact of incorporating data for 2012.

CMI Working Paper 69 also summarises the responses to the recent consultation on the future of the Model and the CMI Library of Mortality Projections and outlines the Committee’s reaction and planned next steps

The default Initial Rates of Mortality Improvement are higher than those published in CMI_2012 at the youngest ages, for both males and females, however they are lower at older ages, again for both males and female. These reductions at older ages mean that Core Projections generated by CMI_2013 produce lower expectations of life than those produced by CMI_2012 (with other parameters held constant) for both males and females.

Age-period-cohort spreadsheets have been issued in response to the consultation because there were requests for increased transparency of the derivation of the Age/Period and Cohort Components of the initial rates of improvement.

Contact Details

If you have any questions about the CMI please email

info@cmilimited.co.uk

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  • Sub-Saharan Africa Town Hall

    26 February 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual SSA Town Hall 2021, hosted by John Taylor with IFoA Council Members Mukami Njeru, Prosper Matiashe and IFoA Chief Executive, Stephen Mann.

  • MENAP Town Hall

    2 March 2021

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    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Middle East, North Africa and Pakistan (MENAP) Town Hall 2021, hosted by John Taylor and IFoA Chief Executive, Stephen Mann. 

  • Spaces available

    COVID-19 has seen a marked increase in mental health issues. We all have mental health and poor mental health has serious consequences for individuals and our workplaces, with it costing UK businesses £33-42 billion annually.

  • The price is righter

    16 March 2021

    Spaces available

    This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced.

  • Spaces available

    This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)

     

  • Spaces available

    What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code?

    • How does effective stewardship create long term value for beneficiaries?
    • What roles do asset owners and asset managers play in active stewardship?
    • A practical approach to stewardship reporting
  • Spaces available

    Income drawdown products offer an investment strategy to generate an income in retirement.  However, for those needing to decumulate their capital to provide a sufficient income in retirement, sequencing risk is high.  This is the risk that poor returns are experienced when capital is highest (in the first part of the decumulation phase) and good returns when capital is lowest (in the last part).   It is very difficult to recover from this risk, if it is realised.  This means that income drawdown products are not very resilient for those needing to decumulate their capital.