Where Can You Find Disability Insurance and Long Term Care Insurance Actuarial Tables?
Disability insurance and long term care insurance actuarial tables are crucial tools in the fields of actuarial science and underwriting. They provide the basis for calculating premiums and reserves for insurance policies. These tables are primarily based on historical studies and empirical data. In this article, we explore the various sources where you can find these actuarial tables for different populations and regions.
Where to Find Actuarial Tables for Disability and Long Term Care Insurance
There are several organizations and sources where you can find the actuarial tables for disability and long term care insurance, each specializing in different regions and populations.
United States
The United States has two key sources for actuarial tables.
Society of Actuaries (SOA)
The Society of Actuaries (SOA) is a leading professional organization in the United States that conducts research and publishes actuarial tables. The SOA's Research Committee regularly updates and publishes experience studies and tables that are widely recognized in the industry. These tables are essential for determining the risk and pricing of insurance policies for various segments of the population, including but not limited to individuals with disabilities and those seeking long term care coverage.
Tables Calculators, Modeling Tools
In addition to the SOA, there are numerous online tools and calculators that use actuarial tables to estimate long term care and disability insurance needs. These tools often provide a user-friendly interface for inputting demographic and health information to generate personalized estimates. They can be a valuable resource for individuals and advisors looking to understand the financial implications of different insurance options.
United Kingdom
In the United Kingdom, the primary source for actuarial tables is the Institute and Faculty of Actuaries (IFoA).
Institute and Faculty of Actuaries (IFoA)
The IFoA is a professional body that regulates actuaries in the UK. They conduct research and publish actuarial tables that are used by insurance companies and other entities to underwrite risk. The IFoA's publications are highly regarded and are widely used in the industry for various actuarial applications, including disability and long term care insurance.
Australia
Australia also has its own actuarial organizations that provide actuarial tables.
Actuaries Institute
The Actuaries Institute in Australia is the professional body for actuaries working in Australia. They conduct research and publish actuarial tables that are used by insurers and other entities in the country. These tables are available through the Institute and can be accessed by members and non-members.
Hong Kong
Hong Kong has a dedicated professional organization for actuarial science.
Actuarial Society of Hong Kong
The Actuarial Society of Hong Kong is the local body for actuaries in Hong Kong. They conduct research and publish actuarial tables that are relevant to the region. These tables are frequently used by insurance companies and other entities in Hong Kong and are a valuable resource for understanding the risks and pricing of disability and long term care insurance policies in the area.
Governments and International Organizations
In addition to the professional organizations, governments and international bodies also publish mortality tables that are of wider relevance, not just for insured lives.
Government and International Organizations
For broader populations, mortality tables are published by governments and international organizations such as the United Nations (UN). These tables provide a comprehensive overview of mortality rates for different age groups and are used for various purposes, including healthcare planning and public health initiatives.
Reinsurers
Reinsurers collect a significant amount of mortality data, but their tables are generally not publicly available due to confidentiality and proprietary concerns.
Reinsurers
Reinsurers gather detailed mortality data from insurance companies and other sources. This data is used to pool risk and provide additional underwriting capacity. However, due to the sensitive nature of the data and the competitive landscape, reinsurers typically do not publish their actuarial tables. Instead, they may share aggregated data with industry associations or regulatory bodies for broader industry use.
Conclusion
Actuarial tables for disability and long term care insurance are an essential tool for underwriting and pricing insurance policies. The availability and sources of these tables vary by region, with professional organizations like the SOA, IFoA, and the Actuaries Institute providing the most reliable and up-to-date information. While governments and international organizations provide relevant broader mortality data, insurers and reinsurers sometimes hold proprietary information that is not publicly accessible.
Understanding the sources of these actuarial tables is crucial for individuals seeking to better understand their insurance options, while for professionals and insurers, it is essential for accurate risk assessment and pricing.