Mortality (Working Group)
Insights about the level of mortality rates around the world, and the trends of future mortality rates, have never been more important. While mortality rates are declining in most countries, in other countries they are stable and in some instances are even increasing. Mortality rates affect many aspects of society, including:
- The costs of old age income support in Social Security systems;
- The proportion of resources absorbed by government sponsored and private health arrangements;
- The financial position of defined benefit pension funds;
- The probability that assets will be sufficient for retirement needs for members of defined contribution funds;
- The solvency requirements of life insurers;
- Pricing of long term mortality related financial products;
- Work place practices relating to the employment of older workers;
- The growth of certain industries (such as aged care services) and the need for infrastructure (such as accessibility to transport).
Planning in all these areas requires knowledge and understanding about present and projected future rates of mortality, and accordingly in January 2008, the International Actuarial Association set up a Mortality Task Force which transformed into the Mortality Working Goup in November 2009.
The vision of the IAA Mortality Working Group is:
The Mortality Working Group will be preeminent international actuarial body to provide insights and knowledge with respect to mortality and trends in mortality.
To serve as a working group within the IAA devoted to the worldwide study of mortality, particularly mortality impacts on insurance (including life, pension and living benefits) products or on government or world organisation (such as WHO and the UN) sponsored programs. Studies of the mortality experience of general populations, insured life and other population subsets are within in the scope of the MWG.
This brochure provides basic information about the Working Group:
Mortality, Longevity, morbidity