User:Fletch79/Continuous Mortality Investigation

The Continuous Mortality Investigation (CMI) is a research organisation of the Actuarial Profession in the United Kingdom. It carries out research into mortality and morbidity experience, producing tables of data that are primarily of use by members of the actuarial profession and insurance companies. The CMI also seeks opportunities to use its data to promote a better understanding of trends in mortality and morbidity within the UK.

The CMI was set up in 1924, and has traditionally carried out investigations into those people covered by long term risk contracts issued by life assurance offices in the United Kingdom and the Republic of Ireland with the data being provided on a confidential basis by life offices covering the majority of the market. Since 2006, it has also provided research into the mortality of members of pension schemes in the UK.

Publications include life tables for pensioners, methods for projecting future mortality rates, and analysis of critical illness and income protection experience.

History
Life tables based on mortality for the national population of England and Wales (called the English Life Tables or ELTs) have been published at roughly ten-year intervals since 1843. This exercise was carried out by the Government Actuary's Department (GAD) between ELT 9 (1920-22) and ELT 14 (1980-82), and by the Office for National Statistics (ONS) since then.

The precedent of using pooled insurance company data to produce mortality analysis in the UK and Ireland was set by the Seventeen Offices Experience, a life table published in 1843, and based upon the experience of seventeen offices from 1762 to 1840

In 1869, the Institute of Actuaries published a set of life tables (known as the Twenty Offices Experience or the Institute of Actuaries Life Table). Further investigations into the mortality experience of annuitants in the UK were carried out by ad hoc committees until the 1920s.

The continuous collection of data started from the beginning of 1924, and included statistics from assured lives, children's deferred assurances and immediate annuities. The investigation on children's deferred assurances ended in 1960, due to lower interest in the experience on such policies, whilst the investigations on assured lives and immediate annuities are ongoing.

In June 2006, the CMI also officially took over research into the mortality of members of Self-Administered Pension Schemes (SAPS) in the UK based on data submitted on a confidential basis by actuarial consultancies.

Data
The base data used by the CMI is supplied by life insurance offices covering the majority of the market, and by actuarial consultancies. All dealings with individual offices or consultancies are confidential. Contributors are expected to help the CMI to resolve any data queries.

The main areas in which data is currently provided to the CMI are:
 * life assurance
 * annuity contracts
 * pensioners
 * critical illness insurance
 * income protection insurance

Publications
Since 1973, official publications of the CMI have been in the form of Continuous Mortality Investigation Reports (CMIRs) which have appeared roughly every 18 months. CMIR 23 was published in 2009.

In December 2002, the CMI started publishing its Working Papers, to allow information to be provided more quickly, and to enable interested parties to provide feedback. These are published on a more regular basis than CMIRs, with Working Paper 40 being published in August 2009.

Funding and organisation
The CMI is funded by contributions from its members, who consist principally of those who contribute data and reinsurers. These members receive results on a regular basis.

The CMI is orgainsed and administered by an Executive Committee which consists of not less than six members appointed by the Management Board of the Actuarial Profession. At least three members of the Executive Committee are Fellows of the Institute of Actuaries and at least three members of the Executive Committee are Fellows of the Faculty of Actuaries in Scotland.

Reporting to the Executive Committee are a number of subcommittees, covering each of the key investigation areas. The Working Papers are produced by Working Parties who report to the relevant subcommittee. The members of the committees and Working Parties all work on a voluntary basis.