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The Board for Actuarial Standards (BAS) received 38 responses to its discussion paper on Actuarial Mortality Assumptions. The BAS has now published an analysis of the responses, which generally indicated that the discussion paper had helped to stimulate debate and that it presented a balanced view.

Following the consultation, the BAS has confirmed that it does not intend to publish a separate standard on mortality, but that mortality assumptions will be covered in several of the standards that will be published in 2009 and 2010, including those on Modeling, Reporting, Long Term Insurance Business and Pensions.

The BAS believes that the use of some specified comparisons for mortality assumptions might be helpful to users, particularly in the area of possible scenarios for future rates of improvement. It is working with the Continuous Mortality Investigation and other bodies towards the early development of suitable candidate benchmarks.

Commenting on the responses, Paul Seymour, Chairman of the BAS, said: “I am pleased that we received so many useful responses to our discussion paper, which show that both actuaries and the users of actuarial information are engaging with the important issue of mortality assumptions”.

Actuarial Mortality Assumptions: Analysis of responses to Discussion Paper