This paper describes the data and the processes used to produce the first standard tables of mortality of South African immediate annuitants. A parametric curve was fitted to the data from the normal retirement ages up to age 85. Below the normal retirement ages the rates increasingly reflected the impact of higher mortality due to ill-health retirements and so the curve was blended into that of the most recent standard table of life-assured mortality (SA85–90). Above age 85 the estimates were thought to be unreliable and the extrapolation of the curve fit to the younger ages did not allow for the expected fall in the rate of increase in the rates with age. Thus rates above this age were estimated using a relationship proposed by Coale and Kisker. It was not possible to produce select rates or to decide on a trend in these rates over time. Keywords : South Africa; annuitant; mortality; standard table South African Acturial Journal Vol. 7 2007: pp. 161-184
{"title":"South African Annuitant Standard Mortality Tables 1996-2000 (SAIML98 and SAIFL98)","authors":"R. Dorrington, S. Tootla","doi":"10.4314/SAAJ.V7I1.24512","DOIUrl":"https://doi.org/10.4314/SAAJ.V7I1.24512","url":null,"abstract":"This paper describes the data and the processes used to produce the first standard tables of mortality of South African immediate annuitants. A parametric curve was fitted to the data from the normal retirement ages up to age 85. Below the normal retirement ages the rates increasingly reflected the impact of higher mortality due to ill-health retirements and so the curve was blended into that of the most recent standard table of life-assured mortality (SA85–90). Above age 85 the estimates were thought to be unreliable and the extrapolation of the curve fit to the younger ages did not allow for the expected fall in the rate of increase in the rates with age. Thus rates above this age were estimated using a relationship proposed by Coale and Kisker. It was not possible to produce select rates or to decide on a trend in these rates over time. Keywords : South Africa; annuitant; mortality; standard table South African Acturial Journal Vol. 7 2007: pp. 161-184","PeriodicalId":40732,"journal":{"name":"South African Actuarial Journal","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2007-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70613885","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper presents a model for what is termed Lifelong Professionalisation Learning for actuaries. The model is grounded on the proposition that professions are dynamic, offering the public varying quantities and qualities of professional aspects over time. The overall curriculum for the model is derived by ordering these aspects into cognitive, normative and organisational strands. Different aspects of the curriculum need to be addressed at the different stages of an actuary's career. Delivery of the curriculum may take many forms, and should be planned by national actuarial associations under the guidance of an education expert. Keywords professionalism, professionalisation, continuing professional education, lifelong learning South African Actuarial Journal Vol. 6, 2006: 1–17
{"title":"PLANNING LIFELONG PROFESSIONALISATION LEARNING FOR ACTUARIES","authors":"Michael Lowther, W. Mcmillan","doi":"10.4314/SAAJ.V6I1.24504","DOIUrl":"https://doi.org/10.4314/SAAJ.V6I1.24504","url":null,"abstract":"This paper presents a model for what is termed Lifelong Professionalisation Learning for actuaries. The model is grounded on the proposition that professions are dynamic, offering the public varying quantities and qualities of professional aspects over time. The overall curriculum for the model is derived by ordering these aspects into cognitive, normative and organisational strands. Different aspects of the curriculum need to be addressed at the different stages of an actuary's career. Delivery of the curriculum may take many forms, and should be planned by national actuarial associations under the guidance of an education expert. Keywords professionalism, professionalisation, continuing professional education, lifelong learning South African Actuarial Journal Vol. 6, 2006: 1–17","PeriodicalId":40732,"journal":{"name":"South African Actuarial Journal","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2006-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70613995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper proposes a categorisation of the models used in actuarial science. It illustrates the application of that categorisation by using it to classify numerous such models. It is suggested that this categorisation, together with the illustrative classification, may be used as a typology for the classification of other such models, and that this typology may be found useful as a candidate exemplar, or as a basis for further refinement, in the discourse of actuarial science. South African Actuarial Journal Vol. 6, 2006: 19–36
{"title":"A typology of models used in actuarial science : refereed paper","authors":"R. Thomson","doi":"10.4314/SAAJ.V6I1.24505","DOIUrl":"https://doi.org/10.4314/SAAJ.V6I1.24505","url":null,"abstract":"This paper proposes a categorisation of the models used in actuarial science. It illustrates the application of that categorisation by using it to classify numerous such models. It is suggested that this categorisation, together with the illustrative classification, may be used as a typology for the classification of other such models, and that this typology may be found useful as a candidate exemplar, or as a basis for further refinement, in the discourse of actuarial science. South African Actuarial Journal Vol. 6, 2006: 19–36","PeriodicalId":40732,"journal":{"name":"South African Actuarial Journal","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2006-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70614034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
B. O'Malley, R. Dorrington, S. C. Jurisich, J. A. Valentini, T. Cohen, B. Ross
This paper outlines the findings of an investigation of the mortality of South African assured lives, covering the period 1995 to 1998. The investigation was carried out by the Continuous Statistical Investigations (CSI) Committee of the Actuarial Society of South Africa (ASSA). Some of the major findings of the investigation were worsening mortality below age 50, general improvements in mortality above age 50, substantial differences in mortality between the different socio-economic classes and signs of anti-selection below age 50, especially in the better socioeconomic classes. Keywords : mortality, experience, investigation South African Actuarial Journal Vol. 5 2005: 27-59
{"title":"An investigation of the mortality of South African assured lives, 1995–1998","authors":"B. O'Malley, R. Dorrington, S. C. Jurisich, J. A. Valentini, T. Cohen, B. Ross","doi":"10.4314/saaj.v5i1.24502","DOIUrl":"https://doi.org/10.4314/saaj.v5i1.24502","url":null,"abstract":"This paper outlines the findings of an investigation of the mortality of South African assured lives, covering the period 1995 to 1998. The investigation was carried out by the Continuous Statistical Investigations (CSI) Committee of the Actuarial Society of South Africa (ASSA). Some of the major findings of the investigation were worsening mortality below age 50, general improvements in mortality above age 50, substantial differences in mortality between the different socio-economic classes and signs of anti-selection below age 50, especially in the better socioeconomic classes. Keywords : mortality, experience, investigation South African Actuarial Journal Vol. 5 2005: 27-59","PeriodicalId":40732,"journal":{"name":"South African Actuarial Journal","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2005-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70613776","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper uses Wilkie's definitions of mutuality and solidarity to review the history of private healthcare in South Africa. The vision for a future unified national healthcare system is given and the phases of reform are outlined. The first phase of reforms has been completed and these are contextualised in terms of a return to solidarity principles. The elements of a planned social healthinsurance system are described and it is shown how income cross-subsidies will further entrench the principles of solidarity. In the past, healthcare actuaries largely supported mutuality principles. The implications for the actuarial profession are suggested. Keywords : healthcare, medical schemes, social solidarity, community rating, minimum benefits, social health insurance, risk equalisation South African Actuarial Journal Vol. 5 2005: 135–167
{"title":"Mutuality and solidarity in healthcare in South Africa","authors":"H. McLeod","doi":"10.4314/SAAJ.V5I1.24507","DOIUrl":"https://doi.org/10.4314/SAAJ.V5I1.24507","url":null,"abstract":"This paper uses Wilkie's definitions of mutuality and solidarity to review the history of private healthcare in South Africa. The vision for a future unified national healthcare system is given and the phases of reform are outlined. The first phase of reforms has been completed and these are contextualised in terms of a return to solidarity principles. The elements of a planned social healthinsurance system are described and it is shown how income cross-subsidies will further entrench the principles of solidarity. In the past, healthcare actuaries largely supported mutuality principles. The implications for the actuarial profession are suggested. Keywords : healthcare, medical schemes, social solidarity, community rating, minimum benefits, social health insurance, risk equalisation South African Actuarial Journal Vol. 5 2005: 135–167","PeriodicalId":40732,"journal":{"name":"South African Actuarial Journal","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2005-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70613855","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Whether in occupational plans or private supplementary arrangements, workers pay for the opportunity to save for retirement through a variety of charges that erode the prosperity of their retirement years. This paper provides an analysis of the administrative charges paid by South Africans saving for retirement in the areas of occupational retirement funds, individual-life products and unit trusts, using a model designed to evaluate the lifetime effect of these charges. The analysis suggests that retirement funds are cheapest, followed by unit trusts and then individual-life products. These results are consistent with the flexibility of the more expensive products. Overall, however, charges appear to be high. Comparison with international benchmarks appears to confirm these concerns. South Africa is in need of new pension-fund legislation and initial thinking on the framework has begun. The paper ends with thoughts on the implications of this research for policymakers. Keywords : retirement, administration, charges South African Actuarial Journal Vol. 5 2005: 61–133
{"title":"Saving for retirement in South Africa : charges to the consumer","authors":"R. Rusconi","doi":"10.4314/SAAJ.V5I1.24503","DOIUrl":"https://doi.org/10.4314/SAAJ.V5I1.24503","url":null,"abstract":"Whether in occupational plans or private supplementary arrangements, workers pay for the opportunity to save for retirement through a variety of charges that erode the prosperity of their retirement years. This paper provides an analysis of the administrative charges paid by South Africans saving for retirement in the areas of occupational retirement funds, individual-life products and unit trusts, using a model designed to evaluate the lifetime effect of these charges. The analysis suggests that retirement funds are cheapest, followed by unit trusts and then individual-life products. These results are consistent with the flexibility of the more expensive products. Overall, however, charges appear to be high. Comparison with international benchmarks appears to confirm these concerns. South Africa is in need of new pension-fund legislation and initial thinking on the framework has begun. The paper ends with thoughts on the implications of this research for policymakers. Keywords : retirement, administration, charges South African Actuarial Journal Vol. 5 2005: 61–133","PeriodicalId":40732,"journal":{"name":"South African Actuarial Journal","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2005-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70613845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the impact of social criteria on the investment performance of the Community Growth Fund, a trade-union-controlled South African unit trust. It gives a brief history of the fund, discusses reasons for performance deviations, and shows that there may be reason for believing that some social criteria improve performance.
{"title":"The relative investment performance of the Community Growth Fund","authors":"A. Asher","doi":"10.4314/SAAJ.V5I1.24501","DOIUrl":"https://doi.org/10.4314/SAAJ.V5I1.24501","url":null,"abstract":"This paper examines the impact of social criteria on the investment performance of the Community Growth Fund, a trade-union-controlled South African unit trust. It gives a brief history of the fund, discusses reasons for performance deviations, and shows that there may be reason for believing that some social criteria improve performance.","PeriodicalId":40732,"journal":{"name":"South African Actuarial Journal","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2005-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70614029","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper explores the risks faced by South African life insurance companies arising from the provision of investment guarantees in products sold. The current thinking and practice of the larger South African life insurance companies regarding investment guarantees is set out following their responses to a survey. The paper examines the forms of investment guarantee available and the business issues created by the writing of these guarantees. These include issues around the design and pricing of new business, as well as the risk management of in-force business. The paper also compares existing methods used internationally to value life insurance business with investment guarantees, focusing on the use of stochastic models. The different allowances for risk within each valuation method and the appropriateness of these allowances when valuing investment guarantees are considered. The stochastic models compared include both statistically based real-world models and market-consistent state-price-deflator or risk-neutral models. Practical issues around the building of such asset-liability stochastic models are briefly discussed. Finally, the authors put forward their own views of possible developments in the future within South Africa that may impact on life insurance business with investment guarantees, and the possible implications.
{"title":"Investment guarantees in the South African life insurance industry","authors":"K. Foroughi, I. Jones, A. Dardis","doi":"10.4314/SAAJ.V3I1.24495","DOIUrl":"https://doi.org/10.4314/SAAJ.V3I1.24495","url":null,"abstract":"This paper explores the risks faced by South African life insurance companies arising from the \u0000provision of investment guarantees in products sold. The current thinking and practice of the larger \u0000South African life insurance companies regarding investment guarantees is set out following their \u0000responses to a survey. The paper examines the forms of investment guarantee available and the business issues created \u0000by the writing of these guarantees. These include issues around the design and pricing of new \u0000business, as well as the risk management of in-force business. The paper also compares existing methods used internationally to value life insurance business \u0000with investment guarantees, focusing on the use of stochastic models. The different allowances \u0000for risk within each valuation method and the appropriateness of these allowances when valuing \u0000investment guarantees are considered. The stochastic models compared include both statistically \u0000based real-world models and market-consistent state-price-deflator or risk-neutral models. \u0000Practical issues around the building of such asset-liability stochastic models are briefly \u0000discussed. Finally, the authors put forward their own views of possible developments in the future within \u0000South Africa that may impact on life insurance business with investment guarantees, and the \u0000possible implications.","PeriodicalId":40732,"journal":{"name":"South African Actuarial Journal","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2004-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70613977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper provides the results of a survey of the structure of HIV/AIDS benefits in open and restricted medical schemes in South Africa in 2002. The results of the survey were used to develop a series of recommendations to the Minister of Health in respect of the extent of prescribed minimum benefits for HIV/AIDS. Medical schemes are required to provide the PMBs to their members without limits or co-payments. Keywords: Medical schemes; HIV; AIDS; benefits; prescribed minimum benefits South African Actuarial Journal: 2003 3: 77-112
{"title":"Minimum benefits for HIV / AIDS in South African medical schemes","authors":"H. McLeod, Z. Achmat, A. Stein","doi":"10.4314/SAAJ.V3I1.24496","DOIUrl":"https://doi.org/10.4314/SAAJ.V3I1.24496","url":null,"abstract":"This paper provides the results of a survey of the structure of HIV/AIDS benefits in open and restricted medical schemes in South Africa in 2002. The results of the survey were used to develop a series of recommendations to the Minister of Health in respect of the extent of prescribed minimum benefits for HIV/AIDS. Medical schemes are required to provide the PMBs to their members without limits or co-payments. \u0000Keywords: Medical schemes; HIV; AIDS; benefits; prescribed minimum benefits \u0000South African Actuarial Journal: 2003 3: 77-112","PeriodicalId":40732,"journal":{"name":"South African Actuarial Journal","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2004-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70614012","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study provides a seismic risk assessment for various sites in South Africa and discusses the possible impact of seismic activity on the South African insurance industry in the light of this analysis. The work begins with an introduction and an historical perspective on the estimation of seismic damage to buildings. The methodology for the estimation of expected damage from a probabilistic point of view is presented. The work continues with an application of the described methodology to several sites around the country. The result of the investigation is that the seismic risk faced by South Africa is non-negligible. Keywords: Seismic risk, seismic hazard, expected damage, South Africa, short-term insurance South African Actuarial Journal: 2003 3: 1-28
{"title":"Seismic risk assessment : with an application to the South African insurance industry","authors":"N. Davies, A. Kijko","doi":"10.4314/SAAJ.V3I1.24494","DOIUrl":"https://doi.org/10.4314/SAAJ.V3I1.24494","url":null,"abstract":"This study provides a seismic risk assessment for various sites in South Africa and discusses the possible impact of seismic activity on the South African insurance industry in the light of this analysis. The work begins with an introduction and an historical perspective on the estimation of seismic damage to buildings. The methodology for the estimation of expected damage from a probabilistic point of view is presented. The work continues with an application of the described methodology to several sites around the country. The result of the investigation is that the seismic risk faced by South Africa is non-negligible. \u0000Keywords: Seismic risk, seismic hazard, expected damage, South Africa, short-term insurance\u0000 South African Actuarial Journal: 2003 3: 1-28","PeriodicalId":40732,"journal":{"name":"South African Actuarial Journal","volume":null,"pages":null},"PeriodicalIF":0.2,"publicationDate":"2004-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70613965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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