2019 Individual Life Insurance Mortality Experience Report

Author

Report Subgroup, Individual Life Insurance Experience Committee of the Society of Actuaries

Description

This report evaluates mortality experience of the years 2012-2019 relative to standard industry mortality tables at a broad level and observes general trends in mortality experience by key policy characteristics. One notable change from earlier reports is that the NAIC now serves as the statistical agent for data collection, the role formerly held by the MIB. MIB provided the data from 2012-17. From 2018 on, the data is provided by the NAIC. Where possible, insights into the industry changes contributing to the observed trends are provided. The underlying data is in spreadsheet pivot table format for further investigation by qualified actuaries. Provided data also is in a delimited text file and Tableau dashboards for use with other software tools.

Materials

• 2019 Individual Life Insurance Mortality Experience Report 
• 2019 Individual Life Insurance Mortality Experience Report – Exhibit 1 
• 2019 Individual Life Insurance Mortality Experience Report – Exhibit 2 
• Vine Copula Models Methodology Details
• 2012-2019 Individual Life Experience Report Appendices 
• ILEC 2012-19 Text File and Data Dictionary (3.4GB) 
• ILEC 2012-19 Tableau Dashboards

Acknowledgments

The SOA extends its gratitude to the report subgroup of the Individual Life Experience Committee (ILEC). The report subgroup designed the project, completed/oversaw the analyses, and authored and peer reviewed the report. The members are:
Tatiana Berezin, FSA, MAAA (Subgroup Co-chair)
Jim Toole, FSA, CERA, MAAA (Subgroup Co-chair)
Cindy Chen, FSA, MAAA
Connie Cheng, FSA, CERA, MAAA
Ed Hui, FSA, MAAA, MSDS, CFA
Ken Klinger, FSA, MAAA, ACAS
John Koestner, FSA, CERA, MAAA
Kevin Larsen, ASA, MAAA
Kyle McCarthy, FSA, MAAA
John McGarry, ASA, MAAA

The following associates helped prepare the exhibits for this report:
Jairo Perez, FSA, MAAA

The SOA expresses its thanks to NAIC staff for their assistance and responsiveness in collecting, validating, compiling, and re-compiling the data which served as the foundation for this report. NAIC staff members involved include:
Pat Allison, FSA, MAAA
Angela McNabb, ASA, MAAA
Dan Reilly
Brian Shade
Jim Stinson

At the Society of Actuaries Research Institute:
Korrel Crawford, Senior Research Administrator
Pete Miller, ASA, MAAA, Experience Studies Actuary