Briefing on New Mortality Table 1999 to 2003

Briefing on New Mortality Table 1999 to 2003

LIAM published the long-awaited mortality table M9903 in 2007.The M9903 table, which is based on the mortality experience of lives assured for years 1999 to 2003, formally replaces the old mortality table M8388.

Some of the findings of the mortality experience analysis for years 1999 to 2003 are - an overall improvement in the mortality experience especially in the age range where insurance policies are issued and the improvement in the life expectancy at birth for male and female from 73.9 to 75.1 years and from 80.5 to 81.9 years respectively.

The new mortality table is timely given that Malaysia is scheduled to implement Risk Based Capital (RBC) in 2009.The new table together with the claims analysis will assist the appointed actuaries and regulators in setting mortality assumptions for the RBC exercise.

A briefing on the new mortality table was held for members on?27 September 2007. It was conducted by Mr Hassan Scott Odierno of Mercer Zainal Consulting, the firm appointed to construct the new mortality table.