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Insurers writing business in Ireland have a range of UK industry mortality tables and Irish population mortality tables available to them, but which ones best reflect the experience of the Irish insured market?
A recent study by the Society of Actuaries of Ireland’s Demography Committee, the Irish Insured Lives Mortality Investigation (IILMI), provides insight into insured life experience in Ireland. The study involved aggregating and analysing experience data over the period 2009-2015 for a range of annuity and assurance products that were sold to lives resident in Ireland. The combined coverage of the contributing insurers represented the majority of the Irish insurance market.
While the data is very representative of the Irish insurance market, there are some limitations to the results, due to the size of the dataset. This is particularly the case when considering results by individual segments, such as by age band or year. Owing to these data limitations, the committee did not try to fit tables to the results...
The results demonstrate that smoking status is a very significant factor affecting mortality rates for Irish assured lives, as smokers displayed mortality levels approximately double that of non-smokers. The impact of smoking status is most significant between the ages of 40 and 80. The mortality levels for those taking out term assurance policies were lower than for those with whole-of-life or unit-linked protection policies. This difference is likely to be the result of the different underwriting and sales processes that apply to these policy types.
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Source: The Actuary
