Towers Watson's third study of U.S. life insurance industry mortality, The Older Age Mortality Study 3 (TOAMS 3) is the most comprehensive, longest-running study of older age mortality experience in the market.
The study provides insurers with an important tool that can help them assess life expectancy trends and fine-tune their pricing assumptions. Accurate pricing is particularly important today because the current low interest rate environment has placed downward pressure on life insurers' profitability. Insurers have had to reprice many products with profit streams vulnerable to low interest rates, heightening the need for greater pricing accuracy.
TOAMS 3 spans the five-year experience period from 2006 to 2010 for insureds with attained ages of 50 and above. Twenty-one participating companies provided experience that totaled $8.2 trillion of face amount for 48 million policy years. Over 700,000 deaths in the study represent $40 billion of death claims. The study was performed on an issue age and duration basis, using a select and ultimate period, consistent with the Society of Actuaries' 2001 and 2008 Valuation Basic Tables. Collective TOAMS data for the three studies offer a decade worth of mortality experience.
The study now includes predictive modeling analysis of participant data that uses Towers Watson's proprietary generalized linear modeling tool, Emblem™. Emblem makes it easier to determine what independent risk factors best predict the expected mortality rate.
TOAMS 3 is now available for purchase by nonparticipants. The TOAMS 3 package includes the detailed report that shows results from both the traditional experience analysis and the predictive modeling analysis, and also includes the TOAMS 3 Query Tool. With the tool, you can use specific criteria to create customized reports from the TOAMS 3 database.
To purchase the complete TOAMS 3 report with predictive modeling analysis, download the order form or e-mail: mortality.study@towerswatson.com.
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