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Canadian Institute of Actuaries L’Institut canadien des actuaires
2009 Annual Meeting ● Assemblée annuelle 2009 Halifax, Nova Scotia ● Halifax (Nouvelle-Écosse)
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IP 4 Group Life and Health Research
The Committee Activities LTD Termination Study LTD Termination Study LTD Incidence Study 2009 Post Retirement Medical Study Future Studies Details on LTD Study Assemblée annuelle 2009 2009 Annual Meeting
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Group Life and Health Research Sub-Committee
Part of the CIA Research Committee Current team active Since Mid-2008 Includes representative from Large and small insurers Reinsurers Consultants Ontario, Quebec and the West Assemblée annuelle 2009 2009 Annual Meeting
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CIA Group Life and Health Research Sub-Committee
Peter Douglas (Chair) Don Blue Isabelle Bouchard Joel Cornberg Réjean Dion Ron Hoskins Micheline Lafond Natalie Laporte Cindy Lau Stéphane Levert Stella-Ann Ménard Wayne Morris Michel Simard Assemblée annuelle 2009 2009 Annual Meeting
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1988-97 LTD Termination Study
Assemblée annuelle 2009 2009 Annual Meeting Continuation of LTD and waiver studies Inherited a largely complete study Published on CIA website June 2009 Details later
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2004-8 LTD Termination Study
Assemblée annuelle 2009 2009 Annual Meeting New study RFP for researcher in early 2009 Fraser/Garand will perform the study Request for data May 2009 Final study expected Mid-2010
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2004-8 LTD Termination Study - Scope
Include All claims paid ASO and Litigated claims Tracked but excluded Exclude Plans with max. duration <10 years Track Plan/Employer Information Offsets Assemblée annuelle 2009 2009 Annual Meeting
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2004-8 LTD Termination Study - Deliverables
Tables Separate mortality and recovery Sex age at disability (banded) Duration since disability Analysis By region To prior studies With vs. without CPP/QPP benefits Assemblée annuelle 2009 2009 Annual Meeting
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2009 LTD Incidence Rate Study
RFP for Researcher in early 2009 No firm proposals but Fraser/Garand interested Need to achieve “critical mass” of data Some key players have yet to sign on Need to better define study terms to get sign on Study will be revisited Assemblée annuelle 2009 2009 Annual Meeting
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Post Retirement Medical Study
Follow on to 2008 Task Force Report Study of Inflation factors initially RFP for researcher June 2009 Target for completion early 2010 More studies to follow “Hot Topic” with public visibility for Consultants CIA leadership Session IP15 Assemblée annuelle 2009 2009 Annual Meeting
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Future Studies Revisit LTD incidence rates
More on post-retirement medical Less urgent issues Waiver Falls out of LTD Critical Illness Data availability Group Life Others? Assemblée annuelle 2009 2009 Annual Meeting
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1988-97 LTD Termination Study
Assemblée annuelle 2009 2009 Annual Meeting Update of existing CIA studies LTD CIA Life waiver Performed by University of Western Ontario Published on CIA website June 2009
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1988-97 LTD Study Overview Scope Key Findings
Assemblée annuelle 2009 2009 Annual Meeting Scope Key Findings Deliverables (Table formats) Analysis Comparisons to existing tables
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1988-97 LTD Study 25 Insurers (95% of market in 1997) 300,000 claims
4 million units of exposure Months for first 36 months Years thereafter 43% females 140,000 terminations 20,000 deaths 120,000 recoveries Assemblée annuelle 2009 2009 Annual Meeting
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LTD Exposures by Elimination Period
Assemblée annuelle 2009 2009 Annual Meeting
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LTD Exposures by Province
Assemblée annuelle 2009 2009 Annual Meeting
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1988-97 LTD Study Key Findings
Assemblée annuelle 2009 2009 Annual Meeting Quebec different from others Recoveries and deaths Recovery rates No difference by sex end of “own occ” period Lower in first month on claim Slight upward trend 1988‑97 No difference Refund vs. Non Refund ASO different
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Disabled Recovery Tables
All tables unisex 10 year select period 5 year age bands Separate Quebec/Non Quebec tables Ultimate All provinces By attained age Monthly rates for 36 months, then annual Assemblée annuelle 2009 2009 Annual Meeting
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Disabled Mortality Tables
Sex distinct 10 year select period 5 year age bands Separate Quebec/Non Quebec tables Ultimate All provinces By attained age Monthly rates for 36 months, then annual Assemblée annuelle 2009 2009 Annual Meeting
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Terminations by Region
Assemblée annuelle 2009 2009 Annual Meeting
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Terminations by Region
Assemblée annuelle 2009 2009 Annual Meeting A:Es based on CIA Life Waiver table PQ much higher initially, little difference after 3 years
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Deaths by Region Assemblée annuelle 2009 2009 Annual Meeting
A:E based on Life Waiver
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Recoveries by Region Assemblée annuelle 2009 2009 Annual Meeting
A:E based on CIA Life Waiver
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Recoveries Improved Over Time
Assemblée annuelle 2009 2009 Annual Meeting
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No Mortality Trends Assemblée annuelle 2009 2009 Annual Meeting
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Termination A:E by Year and Province
Assemblée annuelle 2009 2009 Annual Meeting PQ Ontario
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Recovery Rates (All Ages)
Assemblée annuelle 2009 2009 Annual Meeting
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Recovery Rates (All Ages)
Assemblée annuelle 2009 2009 Annual Meeting PQ Rates much higher initially Experience converges after 3 years
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Recovery Non-PQ (All Ages)
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Recovery Non-PQ (All Ages)
Assemblée annuelle 2009 2009 Annual Meeting Lower recovery rates in first month on claim No differences by sex Spike at end of “own occ” period
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Recovery PQ (All Ages) Assemblée annuelle 2009 2009 Annual Meeting
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Recovery (Ages 40-44) Assemblée annuelle 2009 2009 Annual Meeting
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Recovery (Ages 40-44) Assemblée annuelle 2009 2009 Annual Meeting
PQ much higher initially Experience converges after 3 year
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Mortality PQ (All Ages)
Assemblée annuelle 2009 2009 Annual Meeting
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Mortality Non-PQ (All Ages)
Assemblée annuelle 2009 2009 Annual Meeting
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Mortality Non-PQ vs. PQ (all ages)
Assemblée annuelle 2009 2009 Annual Meeting
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Mortality Non-PQ vs. PQ (all ages)
Assemblée annuelle 2009 2009 Annual Meeting PQ higher at 12 months Experience yrs PQ initially lower
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Results by Funding Type
Assemblée annuelle 2009 2009 Annual Meeting A:E Ratios vs 87GLTD
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Results by Funding Type
Assemblée annuelle 2009 2009 Annual Meeting
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Results by Funding Type
Assemblée annuelle 2009 2009 Annual Meeting
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Comparison vs. CIA 88-94 Assemblée annuelle 2009 2009 Annual Meeting
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Comparison vs. CIA 88-94 Assemblée annuelle 2009 2009 Annual Meeting
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Comparison vs. CIA 88-94 Assemblée annuelle 2009 2009 Annual Meeting
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Comparison vs. GLTD Assemblée annuelle 2009 2009 Annual Meeting
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