Life insurance

Explore professional insights and technical skills from actuaries working at the forefront of the life insurance industry.

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About life insurance

The actuarial profession is a key player in life insurance. In Australia, over a quarter of actuaries are working in this field. 

Life insurance actuaries play a crucial role in creating sustainable products and managing business operations effectively. Besides advising on premiums and product design, assessing risks, and evaluating profitability and distributing surpluses, life actuaries also hold roles in management, strategy, corporate operations, data science, oversight and financial control.

The life insurance sector constantly evolves due to changes in laws, regulations, financial reporting and mergers. It's a statutory obligation for an Appointed Actuary to provide reports on the financial robustness of a Life Insurance Company.

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Practice Committee

The Life Insurance
Practice Committee

The Life Insurance Practice Committee (LIPC) supports actuaries by promoting best practices and contributing to public policy discussions in life insurance.

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Professional Standards

Life Insurance Professional Standards and Guidance

Explore guidance and publications for actuaries working in life insurance.

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Latest articles

All life insurance articles

1 CPD Point

Product Sustainability, Financial Guidance and Genetics Regulation: The 2025 Life Insurance Appointed Actuary Forum

Catch up on key discussions from the 2025 Actuaries Institute AA Forum including IDII challenges, advice reforms, genetics ban and industry priorities.

Martin Considine
Martin Considine

14 July 2025

Family enjoying a sunset in a field

1 CPD Point

The Value of Group Insurance in Superannuation: Utilisation

Most working Australians receive death and disability insurance automatically through their superannuation fund. Few understand how likely it is that they may one day make a claim on this insurance. This article quantifies the likelihood of claim over a member’s working life.

Insurance in Super Sub-Committee
Insurance in Super Sub-Committee

4 June 2025

1 CPD Point

AI Case Studies: Reimagining Underwriting for the Digital Age

What if the traditional life insurance application process could be completed in minutes? The traditional life insurance underwriting process has remained largely unchanged for decades. But as consumers expectations shift towards instant digital experiences, how can actuaries leverage AI to create a streamlined, data-driven experience that delivers faster decisions without compromising risk assessment quality? The […]

Sting Fan
Sting Fan

6 April 2025

1 CPD Point

An Actuarial View: Designing the Right Ban on the Use of Genetic Tests in Life Insurance

In one of his final acts before he retires from parliament, the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP, is pressing ahead with the Government’s commitment to legislate a full ban on the use of genetic tests in life insurance underwriting in Australia. This follows a year-long review conducted by […]

Aidan NguyenAngela McLaughlin
Angela McLaughlin, Aidan Nguyen

30 March 2025

1 CPD Point

COVID-19 Deaths the Key Driver for 2024 Excess Mortality to November

In their latest article, the Mortality Working Group shares excess mortality analysis for the first 11 months of 2024. In summary For the first 11 months of 2024, against a baseline that includes anticipated COVID-19 deaths, total mortality was 1% higher than predicted, which is just within the 95% confidence interval. The statistically significant outcomes […]

Mortality Sub-Committee
Mortality Sub-Committee

19 March 2025

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1 CPD Point

Life Expectancy Headlines Don’t Tell the Whole Story for Retirement Planning

The Australian Bureau of Statistics (ABS) made headlines in November 2024 with its media release, “Australian life expectancy decreases for second year in a row”. Shortly thereafter, in December 2024, the Australian Government Actuary (AGA) released the 2020–2022 Australian Life Tables (ALTs), with less sensational messaging. While much of the discourse surrounding mortality data has […]

Philip Clark
Philip Clark

27 January 2025

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1 CPD Point

Risk vs. Discrimination in Life Insurance

From time to time, I find myself explaining how insurers allow for risk in insurance pricing, product design and underwriting, particularly as this can be seen as a form of direct or indirect discrimination. Indeed, there are already exemptions in anti-discrimination legislation that allow insurers to discriminate in insurance pricing, product design and underwriting in […]

Kirsten Flynn
Kirsten Flynn

20 January 2025

Asian doctor holding checking coronavirus or covid-19 infected patient name list sheet in quarantine area in hospital

1 CPD Point

Mortality in First Eight Months of 2024 2% Higher Than Predicted

In their latest article, the Mortality Working Group shares excess mortality analysis for the first eight months of 2024. In summary For the first eight months of 2024, against a baseline that includes anticipated COVID-19 deaths: total mortality was 2% higher than predicted; COVID-19 mortality was 70% higher than predicted; Non-COVID respiratory mortality was 8% […]

Mortality Sub-Committee
Mortality Sub-Committee

16 December 2024

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1 CPD Point

Mortality in First Five Months of 2024 Was Slightly Higher than Prediction

In their latest article, the Mortality Working Group shares excess mortality analysis for the first five months of 2024.

Mortality Sub-Committee
Mortality Sub-Committee

12 September 2024

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1 CPD Point

Mortality in First Four Months of 2024 in Line with Prediction

In their latest article, the Mortality Working Group shares excess mortality analysis for the first four months of 2024. In summary Total mortality was in line with the new baseline for the first four months of 2024. The early mortality experience of 2024 includes higher COVID-19 mortality than predicted, particularly for March and April. Pneumonia […]

Mortality Sub-Committee
Mortality Sub-Committee

12 August 2024

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1 CPD Point

The Devil in the Details: Challenges Reading IFRS 17 Statements

With the first series of annual statements published under the new IFRS 17 standard, is the new standard achieving the desired transparency and comparability, or is variability undermining these objectives? The new IFRS 17 standard for accounting insurance contracts became mandatory for IFRS accounts starting January 1, 2023. This year insurance companies have presented their […]

Sunil KansalMichael Winkler
Michael Winkler, Sunil Kansal

31 July 2024

Audience Listening To Speaker At Conference Presentation

1 CPD Point

2024 Life Insurance Appointed Actuaries Forum

Good isn’t good enough – best estimate is ‘best’ for a reason. This is a key area that our profession needs to focus on maintaining to uphold our responsibility to the industry. To achieve that, we need to stay on top of the changing environment in which we operate and make sure key issues are […]

Kathryn Pollastrini
Kathryn Pollastrini

10 July 2024

One woman, worried female doctor in protective suit, looking through the hospital window.

1 CPD Point

Excess Mortality in First Three Months of 2024 Was Slightly Higher Than Predicted

In their latest article, the Mortality Working Group shares excess mortality analysis for the first quarter of 2024. In summary Total excess mortality relative to the new baseline for the first three months of 2024 is 1%. The early mortality experience of 2024 includes higher COVID-19 mortality than predicted, particularly for March. All other causes […]

Mortality Sub-Committee
Mortality Sub-Committee

9 July 2024

1 CPD Point

Introducing the Long COVID Knowledge Hub: A Resource for Actuaries

The Actuaries Institute is delighted to announce the launch of the Long COVID Knowledge Hub. This initiative, spearheaded by the Long COVID Working Group, addresses the significant uncertainties surrounding the long-term impacts of Long COVID by providing a centralised resource for research findings and information. The development of the hub was a collaborative effort from […]

Long COVID Working Group
Long COVID Working Group

30 June 2024

1 CPD Point

Career Case Study: Raymond Bennett FIAA–Associate Professor, Curtin University

“I’ve worked all over the world, on every continent except Antarctica.”Raymond is an actuary with a global career spanning over 25 years, working across Australia, the United Kingdom, South Africa, and South-East Asia. He has 21 years’experience as a consultant and 4 years in the insurance industry. Throughout his career, Raymond has focused […]

Actuaries Institute
Actuaries Institute

20 June 2024

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1 CPD Point

Excess Mortality in First Two Months of 2024 Was Nil, Noting the New Baseline

The Mortality Working Group presents their first set of results using the new approach to setting the predicted number of deaths.

Mortality Sub-Committee
Mortality Sub-Committee

19 June 2024

Disability Insurance Sustainability Publications

All life insurance publications
Publication

2 CPD Points

Disability Insurance in Australia: Findings and Recommended Actions

The Disability Insurance Taskforce has released its final Paper, Updated Findings and Recommended Actions. This Paper offers key recommendations to promote sustainability across disability insurance and align with meeting APRA's sustainability expectations for IDII and beyond.

Disability Insurance Taskforce

27 September 2024
Publication

2 CPD Points

Work Capability Assessments in Individual Disability Income Insurance: Introductions and Considerations for Actuaries

This Paper, Work Capability Assessments in Individual Disability Income Insurance: Introduction and Considerations for Actuaries, provides insights into good practice principles that insurers might use to improve the effectiveness and clarity of defining disability and work capacity in IDII. Additionally, the Paper offers relevant case studies and principles for consideration when assessing work capacity at time of claim.

Disability Insurance Taskforce

1 April 2024
Publication

2 CPD Points

Disability Income Data Collection Guide

This document is intended as a guide to assist life insurers with determining what data they could collect for their portfolio having regard to community expectations, privacy, and other considerations to inform their understanding of product sustainability. The document is intended to be useful for all life insurance practitioners.

Disability Insurance Taskforce

1 February 2024
Publication

2 CPD Points

The Role of the Risk Function in Life Insurance Product Sustainability

This Note has sought to distinguish between the role of the life insurance CRO and the Appointed Actuary (AA) in relation to product sustainability, as well as to provide suggestions and guidance with respect to the Risk Appetite Statement (RAS) and risk management related activities across the value chain. While this note is primarily focused on direct insurers, which design and distribute products, it is relevant for reinsurers, which have an influence on insurers and are also exposed to product sustainability risk.

Disability Insurance Taskforce

19 May 2023
Publication

2 CPD Points

Individual Disability Income Insurance Sustainability Guide

This Sustainability Guide (Guide) has been developed by the Actuaries Institute Disability Insurance Taskforce (the Taskforce) to support actuaries in their various professional roles, other insurance professionals, boards, management, regulators, and other interested parties with the aim of creating or enhancing practices to promote sustainability in the retail Individual Disability Income Insurance (IDII) market, in line with APRA’s expectations and sustainability measures. The range of professional roles in which actuaries work includes in pricing and valuation teams, as Appointed Actuaries, in risk management functions, as executive leaders and board members. This Guide is intended to help actuaries and any other readers to consider critical aspects of product design, operational practices, pricing uncertainty, risk management and risk appetite. It provides clarity about important practices that may lead to poor sustainability. Actuaries and other readers should consider using this Guide to help continually improve their frameworks, policies and day to day practices to mitigate risks and improve long term IDII sustainability for consumers and insurers.

Disability Insurance Taskforce

5 December 2022
Publication

2 CPD Points

Fairness in the Life Insurance System – Concept Note

This note considers one aspect of fairness in the life insurance system. It is intended to assist interested parties to understand the concepts at work.

Disability Insurance Taskforce

24 September 2021

How COVID-19 has Affected Mortality in 2020 to 2023

There were 8,400 more deaths in Australia in 2023 than predicted had the pandemic not occurred – less than half of the almost 20,000 excess deaths estimated for 2022. This new Research Paper from the Mortality Working Group explores how COVID-19 affected mortality in Australia from 2020 to 2023 and how Australia’s experience compares with the rest of the world.

Read more
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Upcoming events

Latest publications

All life insurance publications
Submission

1 CPD Point

Consultation - Ban on the Use of Adverse Genetic Testing Results in Life Insurance

The Institute supports the Government’s decision to ban adverse genetic test results in life insurance underwriting.

Actuaries Institute

12 March 2025
Publication

2 CPD Points

Disability Insurance in Australia: Findings and Recommended Actions

The Disability Insurance Taskforce has released its final Paper, Updated Findings and Recommended Actions. This Paper offers key recommendations to promote sustainability across disability insurance and align with meeting APRA's sustainability expectations for IDII and beyond.

Disability Insurance Taskforce

27 September 2024
Submission

1 CPD Point

Submission to Senate Inquiry into Excess Mortality

The Actuaries Institute welcomes the opportunity to provide this submission to the Senate Community Affairs References Committee’s Inquiry into Excess Mortality.

Actuaries Institute

22 May 2024
Publication

2 CPD Points

Work Capability Assessments in Individual Disability Income Insurance: Introductions and Considerations for Actuaries

This Paper, Work Capability Assessments in Individual Disability Income Insurance: Introduction and Considerations for Actuaries, provides insights into good practice principles that insurers might use to improve the effectiveness and clarity of defining disability and work capacity in IDII. Additionally, the Paper offers relevant case studies and principles for consideration when assessing work capacity at time of claim.

Disability Insurance Taskforce

1 April 2024

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