The CIA’s Canadian Individual Life Experience Updated to Policy Year 2023-24 has been released. It is the 75th annual report on intercompany mortality experience in Canada.
Produced annually, the report is a key reference for actuaries working in life insurance. It draws on data from 10 insurers and reflects the most recent policy year as well as trends over the past five years.
Signs of a shift in post-pandemic mortality trends
One of the report’s most notable findings is a decline in the overall actual-to-expected (A/E) mortality ratio to 87.4%, from 94.3% in the previous year.
This result may indicate a return to the downward mortality trends observed before the COVID‑19 pandemic. However, the report notes that more years of data are needed to confirm whether this is a sustained shift rather than short-term variation.
Recent studies pointed to elevated mortality during and after the pandemic, making this potential reversal an important development for actuaries involved in pricing, valuation and experience analysis.
Continued insights into joint life policies
The report continues its analysis of joint life policies, building on work introduced in recent editions. This year’s results confirm that A/E ratios for joint policies are significantly lower than those for single-life policies, though comparisons should be interpreted carefully given differences in product mix and characteristics.
Experience varies considerably by factors such as issue age, duration and policy size, underscoring the importance of segment-specific analysis when assessing mortality assumptions.
A long-standing benchmark for the profession
Now in its 75th year, the Canadian Individual Life Experience study remains a foundational resource for the Canadian life insurance industry, providing a consistent, credible view of mortality patterns to support actuarial work in pricing, valuation, risk management and research.
The report analyzes fully underwritten individual life insurance policies across a broad range of segments, offering a detailed picture of mortality experience in the Canadian market.
Explore the report
“Ongoing analysis of mortality experience is critical to ensuring that actuarial assumptions remain appropriate and responsive to emerging trends across the Canadian market,” says Junyu Chen, FCIA, Chair of the Canadian Insured Life Annual Mortality Study Subcommittee.
Actuaries and industry professionals are encouraged to review the report, tables and database for detailed analyses, including breakdowns by product type, underwriting class and policy characteristics.
This year’s study was prepared by R.C.W. (Bob) Howard and approved by the CIA Research Council, along with its Mortality Risk Research Committee and its Canadian Insured Life Annual Mortality Study Subcommittee.