Vision

Insights about the level of mortality rates around the world, and the trends of future mortality rates, have never been more important. Whilst mortality rates are declining in most countries, in other countries they are stable and in some instances are even increasing. Mortality rates affect many aspects of society, including: • The costs of old age income support in Social Security systems; • The proportion of resources absorbed by government sponsored and private health arrangements; • The financial position of defined benefit pension funds; • The probability that assets will be sufficient for retirement needs for members of defined contribution funds; • The solvency requirements of life insurers; • Pricing of long term mortality related financial products; • Work place practices relating to the employment of older workers; • The growth of certain industries (such as aged care services) and the need for infrastructure (such as accessibility to transport). Planning in all these areas requires knowledge and understanding about present and projected future rates of mortality, and accordingly in January 2008, the International Actuarial Association (IAA) set up the IAA Mortality Task Force which transformed into the IAA Mortality Working Group i