Modelling the mortality of members of group schemes in South Africa

 

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dc.contributor.author Clur, J C
dc.contributor.author Dorrington, R E
dc.contributor.author Schriek, K A
dc.contributor.author Lewis, P L
dc.date.accessioned 2016-04-28T06:59:44Z
dc.date.available 2016-04-28T06:59:44Z
dc.date.issued 2013
dc.identifier http://dx.doi.org/10.4314/saaj.v13i1.5
dc.identifier.citation Clur, J. C., R. E. Dorrington, K. A. Schriek, and P. L. Lewis. "Modelling the mortality of members of group schemes in South Africa." South African Actuarial Journal 13, no. 1 (2013): 143-184. en_ZA
dc.identifier.issn 1680-2179 en_ZA
dc.identifier.uri http://hdl.handle.net/11427/19246
dc.identifier.uri http://www.ajol.info/index.php/saaj/article/view/96743
dc.description.abstract In this paper, the methodology underlying the graduation of the mortality of members of group schemes in South Africa underwritten by life insurance companies under group life-insurance arrangements is described and the results are presented. A multivariate parametric curve was fitted to the data for the working ages 25 to 65 and comparisons are made with the mortality rates from the SA85–90 ultimate rates for insured lives and the ASSA2008 AIDS and demographic model. The results show that the mortality of members of group schemes is lower than that of the general population, mortality decreasing with increasing salary, as would be expected. For males it was found that there were differences in mortality rates by industry for a given salary band, whereas for females these differences only occurred in the lower salary bands. Furthermore, there is evidence of the healthy-worker effect at ages 60 and above, where the mortality rates appear to level off or even decrease as age increases. This contrasts with the mortality rates from the SA85–90 ultimate rates for insured lives and the ASSA2008 AIDS and demographic model, which increase exponentially. en_ZA
dc.language eng en_ZA
dc.publisher Acturial Society of South Africa en_ZA
dc.rights Creative Commons Attribution 4.0 International (CC BY 4.0) *
dc.rights.uri http://creativecommons.org/licenses/by/4.0/ en_ZA
dc.source South African Actuarial Journal en_ZA
dc.source.uri http://www.actuarialsociety.org.za/Professionalresources/SAActuarialJournal/SAActuarialJournal2013.aspx
dc.subject.other parametric graduation
dc.subject.other mortality laws
dc.subject.other mortality rates
dc.subject.other force of mortality
dc.subject.other occupational mortality
dc.subject.other group life insurance
dc.subject.other group schemes
dc.subject.other ASSA2008 model
dc.title Modelling the mortality of members of group schemes in South Africa en_ZA
dc.type Journal Article en_ZA
dc.date.updated 2016-04-28T06:57:33Z
uct.type.publication Research en_ZA
uct.type.resource Article en_ZA
dc.publisher.institution University of Cape Town
dc.publisher.faculty Faculty of Commerce en_ZA
dc.publisher.department Centre for Actuarial Research (CARE) en_ZA
uct.type.filetype Text
uct.type.filetype Image
dc.identifier.apacitation Clur, J. C., Dorrington, R. E., Schriek, K. A., & Lewis, P. L. (2013). Modelling the mortality of members of group schemes in South Africa. <i>South African Actuarial Journal</i>, http://hdl.handle.net/11427/19246 en_ZA
dc.identifier.chicagocitation Clur, J C, R E Dorrington, K A Schriek, and P L Lewis "Modelling the mortality of members of group schemes in South Africa." <i>South African Actuarial Journal</i> (2013) http://hdl.handle.net/11427/19246 en_ZA
dc.identifier.vancouvercitation Clur JC, Dorrington RE, Schriek KA, Lewis PL. Modelling the mortality of members of group schemes in South Africa. South African Actuarial Journal. 2013; http://hdl.handle.net/11427/19246. en_ZA
dc.identifier.ris TY - Journal Article AU - Clur, J C AU - Dorrington, R E AU - Schriek, K A AU - Lewis, P L AB - In this paper, the methodology underlying the graduation of the mortality of members of group schemes in South Africa underwritten by life insurance companies under group life-insurance arrangements is described and the results are presented. A multivariate parametric curve was fitted to the data for the working ages 25 to 65 and comparisons are made with the mortality rates from the SA85–90 ultimate rates for insured lives and the ASSA2008 AIDS and demographic model. The results show that the mortality of members of group schemes is lower than that of the general population, mortality decreasing with increasing salary, as would be expected. For males it was found that there were differences in mortality rates by industry for a given salary band, whereas for females these differences only occurred in the lower salary bands. Furthermore, there is evidence of the healthy-worker effect at ages 60 and above, where the mortality rates appear to level off or even decrease as age increases. This contrasts with the mortality rates from the SA85–90 ultimate rates for insured lives and the ASSA2008 AIDS and demographic model, which increase exponentially. DA - 2013 DB - OpenUCT DP - University of Cape Town J1 - South African Actuarial Journal LK - https://open.uct.ac.za PB - University of Cape Town PY - 2013 SM - 1680-2179 T1 - Modelling the mortality of members of group schemes in South Africa TI - Modelling the mortality of members of group schemes in South Africa UR - http://hdl.handle.net/11427/19246 ER - en_ZA


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