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projects in life insurance

Mortality & Morbidity Investigation Project

The Kenya Mortality Tables KE-2007-2010 have been completed and approved by the industry regulator, IRA. The Tables are awaiting incorporation in the Insurance Act before they can be adopted by underwriters. 
The KE 2007-2010 Tables are a follow up to the initial KE 2001-2003 Tables that were commissioned in 2005 and completed in 2007 and have been in use in the industry. 
Development of the KE 2001-2003 Tables for assured lives mortality rates put Kenya on the world map for being the second country in Africa to develop its own mortality tables. To date, Kenya and South Africa are the only countries on the Continent to have achieved this great feat.
Prior to 2005, the Kenyan insurance market was using the A49/52 British mortality tables developed using 1949/1952 data in Britain. These tables were outdated and did not reflect the mortality experience in Kenya. 
The mortality study was financed by Financial Sector Reform and Strengthening Initiative ("the FIRST Initiative") and conducted by Alexander Forbes Financial Services. The survey was peer reviewed by Quindiem Consulting Actuaries of South Africa whose insights increased the value and credibility of the Tables.
Subsequently, the Insurance Act was amended in 2011 to adopt the KE 2001 – 2003 Mortality Tables that are now used in calculating the liability under life assurance policies.

While the initial study was a great success, concerns were raised by both the Actuarial team and the Peer Review team regarding the quality of data because this was the first time such an exercise was being carried out in Kenya. They recommended that a review be done after a five year period as this would improve the quality of data and subsequently impact on the quality of the Tables. The review would ensure that the Tables give a better understanding of emerging risks and trends in the market.

In 2014, AKI commissioned Alexander Forbes to study the Kenyan Assured Lives Mortality Experience for the Period 2007-2010. The study was peer reviewed by The Acturial Society of Kenya (TASK) Life Insurance Working party. The Mortality review exercise was completed in 2015 resulting in the KE 2007-2010 mortality tables

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