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Barnett Waddingham
0333 11 11 222
Our specialist longevity team have an unrivalled depth of knowledge and experience in analysing and modelling mortality and longevity risk which underpins the advice we provide to the holders, buyers and sellers of longevity risk.

We always look to deliver clear and pragmatic advice based on robust analysis commensurate with the end-purpose and the strengths and limitations of the available data.

For advice on best estimates of current mortality we combine the results of experience analysis with estimates derived from consideration of the socio-economic, geographic and lifestyle profiling of the specific portfolio, whilst also taking account of other relevant studies and wider populations.

We also have considerable knowledge and experience in analysing past mortality change and modelling future mortality improvements using formal mathematical models and more subjective approaches, informed by expert opinion.

Much of our work is project-based and we undertake assignments for insurance companies, reinsurance companies, investment banks, international governmental organisations and pension schemes.

Ongoing clients include the Continuous Mortality Investigation (CMI) and the Life and Longevity Markets Association (LLMA).  The CMI has been a major client for over 20 years and our role includes data collection and analyses for the CMI life office and SAPS investigations and supporting the development of the CMI Mortality Projections Model.

We also act as a centre of excellence for actuarial teams in Barnett Waddingham, helping them to provide expert advice to their clients.

Recent projects have included:

  • Cause of death modelling – we reviewed the model used by a major insurer to set both best-estimate and ICA stress assumptions.
  • Enhanced Annuities – we examined portfolio experience and medical studies to advise an insurance company on appropriate mortality assumptions by type of impairment (including smoking).
  • Old age mortality – we have advised several insurance companies on mortality assumptions at ages 90+, where there is limited reliable data.
  • Bespoke mortality tables – we constructed tables appropriate to a large pension scheme with highly-unusual mortality experience.
  • Stochastic models and Solvency II - we helped a major insurer to review existing stochastic longevity models and to select and adapt one model for use in calculating its capital requirements.

Related knowledge and resources


  • Picture for Making predictions just got harder
    Making predictions just got harder

    Question marks over our ability to predict the future provided two of the highlights of recent our annual pensions conference. Senior Partner Nick Salter explores...

  • Picture for Solvency II: longevity risk and spurious parameters
    Solvency II: longevity risk and spurious parameters

    For a recent survey, Barnett Waddingham gathered information on Solvency II capital requirements for longevity from eight internal model firms and we found significant variations in assumptions.

  • Picture for Slower start for bulk annuities in 2016
    Slower start for bulk annuities in 2016

    Our recently released report on the state of play in the bulk annuity market, Barnett Waddingham’s Bulk Annuity Annual Report 2016, examines the latest developments in the market.

  • Choosing the right mortality table for your Fund

    Longevity is a topic of significant importance to defined benefit pension schemes and their actuaries. What can we learn from the latest research, what does it all mean for LGPS Funds - and why on earth does it have anything to do with shopping for shoes?

  • Spotlight on Longevity

    The slowing of mortality improvements in the UK in recent years has been widely discussed. In this Spotlight we compare recent mortality in the UK to a large number of European countries.

  • Mortality analysis for LGPS Funds

    As part of the 31 March 2016 valuation process, 15 of the English Funds participating in the Local Government Pension Scheme (LGPS) advised by Barnett Waddingham agreed to take part in a project to comprehensively review their mortality assumptions.

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