SOA International Experience Study Estonia 2009 Introduction The 2009 Estonia experience study was undertaken as a joint research venture between the 4 Estonia insurance companies and the Society of Actuaries (SOA) International Experience Study (IES). The 2009 Estonia experience study includes both mortality and persistency studies of policies in force any time during the 2006‐2008 study period. The study applies to the entire portfolios of the contributing companies and these companies represent the vast majority of the Estonia individual life insurance market. Separate studies were performed based upon policy counts and insurance in force. Actual mortality was compared to expected mortality based upon the SOA 1975‐80 select and ultimate mortality table. Each of the contributing companies prepared a policy file of all policies in force during the study period that including policy, demographic and status information. These files were processed by each company using the SOA IES experience study tool and summary information was sent to the SOA Research Department for compilation. This report presents some of the summary information that was returned to the Estonia actuaries for their review. The study relied primarily upon the company actuaries to validate the quality of the data submitted although members of the SOA International Experience Study Working Group did review the data submissions for high level consistency. This study is the first study performed in Estonia and although there were no known data issues it is still expected that data quality is likely to improve as subsequent studies are performed.
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SOA International Experience Study
Estonia 2009
Introduction
The 2009 Estonia experience study was undertaken as a joint research venture between the 4 Estonia insurance companies and the Society of Actuaries (SOA) International Experience Study (IES).
The 2009 Estonia experience study includes both mortality and persistency studies of policies in force any time during the 2006‐2008 study period. The study applies to the entire portfolios of the contributing companies and these companies represent the vast majority of the Estonia individual life insurance market. Separate studies were performed based upon policy counts and insurance in force. Actual mortality was compared to expected mortality based upon the SOA 1975‐80 select and ultimate mortality table.
Each of the contributing companies prepared a policy file of all policies in force during the study period that including policy, demographic and status information. These files were processed by each company using the SOA IES experience study tool and summary information was sent to the SOA Research Department for compilation. This report presents some of the summary information that was returned to the Estonia actuaries for their review.
The study relied primarily upon the company actuaries to validate the quality of the data submitted although members of the SOA International Experience Study Working Group did review the data submissions for high level consistency. This study is the first study performed in Estonia and although there were no known data issues it is still expected that data quality is likely to improve as subsequent studies are performed.
Results
The graphs below illustrate results from the study. Additional detail is contained in the appendix to this report. The first graph shows the exposure to mortality risk based upon contracts. One contract year of exposure equals one contract in force for one year.
The next graph shows the average insurance (in thousand Kroons) per contract.
The next two graphs show the ratio of actual mortality to expected mortality based upon the SOA 1975‐80 select & ultimate table. One graph is based upon contracts in force while the other is based upon insurance.
The final graph presents persistency by policy years
The 2008 Philippines experience study was undertaken as a joint research venture between the Actuarial Society of the Philippines (ASP) and the Society of Actuaries (SOA) International Experience Study (IES).
The 2008 Philippines experience study includes both mortality and persistency studies of policies in force any time during the 2004‐2006 study period. The study applies to the entire portfolios of the 19 contributing companies and these companies represent roughly about three‐quarters of the entire Philippines individual life insurance market. Studies were performed based upon policy counts. Actual mortality was compared to expected mortality based upon the SOA 1975‐80 select and ultimate mortality table.
The policy types included in the study are Whole Life, Endowment, Term and Variable Life and are either Philippine Peso or US Dollar denominated. The majority of these policies are marketed through agency channels, while the remaining are either sold through bancassurance or alternative distribution. The data was also inclusive of both standard and substandard risk classes, as well as medical and non‐medically underwritten policies.
Each of the contributing companies prepared a policy file of all policies in force during the study period that including policy, demographic and status information. These files were processed by each company using the SOA IES experience study tool and summary information was sent to the SOA Research Department for compilation. This report presents some of the summary information that was returned to the Philippines actuaries for their review.
The study relied primarily upon the company actuaries to validate the quality of the data submitted although members of the SOA International Experience Study Working Group did review the data submissions for high level consistency. This study is the first study performed in Philippines and although there were no known data issues it is still expected that data quality is likely to improve as subsequent studies are performed.
Results
The graphs below illustrate results from the study. Additional detail is contained in the appendix to this report. The first graph shows the exposure to mortality risk based upon contracts. One contract year of exposure equals one contract in force for one year.
The next graph shows the ratio of actual mortality to expected mortality based upon the SOA 1975‐80 select & ultimate table. This graph is based upon contracts in force.
The final graph presents persistency by policy years
Appendix C: Contributing Companies (in alphabetical order)
Asian Life Financial Asian Life and General Assurance Corp. Ayala Life Assurance Country Banker’s Life Insurance Corporation First Life Financial Company Great Life Financial Assurance Corp. Great Pacific Life Insular Life Assurance Manufacturers Life Insurance Co. National Life Insurance Co. of the Philippines Philam Life & Gen. Philippine AXA Life Paramount Life & Gen. Ins. Co. Pioneer Life Inc. Phil. International Life Insurance PNB Life Insurance, Inc. Pru Life Ins. Corp of UK Sony Life Insurance (Phils.) United Coconut Planters Life
SOA International Experience Study
Vietnam 2009
Introduction
The 2009 Vietnam experience study was undertaken as a joint research venture between the 9 Vietnamese insurance companies and the Society of Actuaries (SOA) International Experience Study (IES).
The 2009 Vietnam experience study includes both mortality and persistency studies of policies in force any time during the 2004‐2008 study period. The study applies to the entire portfolios of the contributing companies and these companies represent the entire Vietnam individual life insurance market. Separate studies were performed based upon policy counts and insurance in force. Actual mortality was compared to expected mortality based upon the SOA 1975‐80 select and ultimate mortality table.
Each of the contributing companies prepared a policy file of all policies in force during the study period that including policy, demographic and status information. These files were processed by each company using the SOA IES experience study tool and summary information was sent to the SOA Research Department for compilation. This report presents some of the summary information that was returned to the Vietnamese actuaries for their review.
The study relied primarily upon the company actuaries to validate the quality of the data submitted although members of the SOA International Experience Study Working Group did review the data submissions for high level consistency. This study is the second study performed in Vietnam and although there were no known data issues it is still expected that data quality is likely to improve as subsequent studies are performed.
Results
The graphs below illustrate results from the study. Additional detail is contained in the appendix to this report. The first graph shows the exposure to mortality risk based upon contracts. One contract year of exposure equals one contract in force for one year.
The next graph shows the average insurance per contract.
The next two graphs show the ratio of actual mortality to expected mortality based upon the SOA 1975‐80 select & ultimate table. One graph is based upon contracts in force while the other is based upon insurance.
The final graph presents persistency bay policy years
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Western EuropeAustriaBelgiumDenmarkFinlandFranceGermanyGreeceGuernseyIrelandItalyLiechtensteinLuxembourgMonacoNetherlandsNorwayPortugalSpainSwedenSwitzerlandUK
AXA ING Met NYL Pru ZFS CommentAfricaBeninBotswana XBurkina FasoCameroon XCentral AfricaEgyptGabon XGhanaIvory Coast XMadagascarMaliMalta XMorocco X XSenegal XSouth Africa XTogoZimbawe X
South AmericaArgentina X X X X XBolivia XBrazil X X XChile X X XColumbiaMexico X X X X XPeru XUruguay X XVenezuela X
Asia PacificAustralia X X X X
Corporate Sponsors
BruneiChina X X X X XGuam XHong Kong X X X X X X HKAS produces studies currentlyIndia X X X X XIndonesia X X XJapan X X X X X JAS produces studies currentlyLaosMalaysia X X XNew Zealand X X XPakistanPhilippines X XSingapore X X XSouth Korea X X X X XSri LankaTaiwan X X X X XThailand X X X XVietnam
Western EuropeAustria XBelgium X X X XDenmarkFinland XFrance X X XGermany X X XGreece X XGuernseyIreland X X XItaly X X XLiechtenstein XLuxembourg X X XMonaco XNetherlands X X X
Norway XPortugal X XSpain X XSweden X XSwitzerland X X Swiss actuarial society already produces studiesUK X X X Institute currently produces studies
Central/Eastern EuropeAzerbajanBulgeria XCroatiaCyprusCzech X XEstoniaHungary X XKazahkstanLatviaLithuaniaPoland X X X XRomania XRussia X XSlovakia X XSloveniaTurkey X X XUkraine X
Middle EastBehrain X XIsreal XLebanon X XOman XQatar XSaudi Arabia XUnited Arab Emerites X X
AXA ING Met NYL Pru ZFS Allianz CommentsAfricaBenin XBotswana XBurkina Faso XCameroon X XCentral Africa XEgypt XGabon XGhana XIvory Coast X XMadagascar XMali XMalta XMorocco X X XSenegal X XSouth Africa X XTogo XZimbawe X
South AmericaArgentina X X X X X XBolivia XBrazil X X X XChile X X XColumbia XMexico X X X X X XPeru XUruguay X XVenezuela X X
Asia Pacific
Corporate Sponsors
Australia X X X X XBrunei XChina X X X X X XGuam XHong Kong X X X X X X X HKAS produces studies currentlyIndia X X X X X XIndonesia X X X XJapan X X X X X X JAS produces studies currentlyLaos XMalaysia X X X XNew Zealand X X X XPakistan XPhilippines X XSingapore X X X XSouth Korea X X X X X XSri Lanka XTaiwan X X X X X XThailand X X X X XVietnam
Western EuropeAustria X XBelgium X X X X XDenmark XFinland X XFrance X X X XGermany X X X XGreece X X XGuernsey XIreland X X X XItaly X X X XLiechtenstein X XLuxembourg X X X X
Monaco XNetherlands X X X XNorway X XPortugal X X XSpain X X XSweden X X XSwitzerland X X X Swiss actuarial society already produces studiesUK X X X X Institute already produces studies
Central/Eastern EuropeAzerbajan XBulgeria X XCroatia XCyprus XCzech X X XEstonia XHungary X X XKazahkstan XLatvia XLithuania XPoland X X X X XRomania X XRussia X X XSlovakia X X XSlovenia XTurkey X X X XUkraine X X
Middle EastBehrain X X XIsreal XLebanon X X XOman X