Author: Aaron Woolner
The UK’s Continuous Mortality Investigation (CMI) carries out research into mortality and morbidity experience using data from pension schemes and insurers. The CMI released its base series of projections (known as the ‘92’ series, after the year its data came from) in 1999 and on a regular basis since. The CMI is an offshoot of the Institute and Faculty of Actuaries and it released its latest set of projections in the middle of July (CMI_22). These projections are based on data from 2022, and unlike the previous two years, this time the committee decided to incorporate Covid-19 data into their…
The US pension risk transfer (PRT) market saw its biggest year in 2022, with AON recording a total of 568 transactions, worth $52bn — a 28% rise on the previous year and a record for the sector. This heightened level of activity has continued into 2023 with Legal & General Retirement America’s (LGRA) Q1 2023 PRT Monitor reporting around $6bn worth of deals in the first three months of 2023, ahead of the $5.3bn recorded a year earlier. LGRA said it was likely the first half of 2023 would see a record $23bn worth of transactions. Big name US corporates…
As artificial intelligence (AI) becomes more high profile, insurance practitioners are taking note of the potential for the technology, but also the potential for AI bias. Insurance regulators have been concerned about the dangers posed by AI for some time. In January 2019 the New York Department of Financial Service (NYDFS) put out a circular on the: ‘Use of External Consumer Data and Information Sources in Underwriting for Life Insurance’. The circular was issued following a departmental investigation which highlighted two major problems with insurers using AI to collate external data sources for their underwriting process: the potential for unlawful…
More than three years after the start of the Covid-19 pandemic, excess mortality may finally be declining in Europe, but it remains at elevated levels compared to a 2019 baseline. That is the latest observation from EuroMOMO, a pan-European mortality monitoring group which measures excess deaths among public health threats such as pandemics and seasonal influenza. In its tenth weekly 2023 bulletin, the group, which draws on data from 28 European countries and subregions, said that while the recent trend of elevated all-cause mortality was receding, the exclusion of post-2020 data means its analysis could be unreliable: in other words,…
The insurtech sector is driving significant change in the underwriting approach, fuelled by an explosion in the availability of data, the quality of data, and the technology available to analyse it.
Longevity assumptions have become more challenging to predict due to the Covid-19 pandemic