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📈 '''Continuous Mortality Investigation (CMI)''' is a research body operated under the auspices of the [[Definition:Institute and Faculty of Actuaries | Institute and Faculty of Actuaries]] in the United Kingdom, dedicated to analyzing [[Definition:Mortality | mortality]], morbidity, and [[Definition:Longevity risk | longevity]] trends using data contributed by UK [[Definition:Life insurance | life insurers]] and [[Definition:Pension fund | pension funds]]. Since its establishment in 1924, the CMI has served as one of the world's most influential sources of mortality research for the insurance industry, producing graduated life tables and projection models that directly feed into [[Definition:Reserving | reserve]] calculations, [[Definition:Pricing | pricing]] assumptions, and [[Definition:Capital management | capital requirements]] for life and annuity business. Although rooted in UK data, the CMI's methodological frameworks — particularly the CMI Mortality Projections Model — are referenced, adapted, or benchmarked against by actuaries and regulators well beyond British borders, including in Continental Europe, parts of Asia, and by international bodies studying global longevity trends.

🔬 The CMI Mortality Projections Model, updated annually, provides a structured approach for projecting how mortality rates are expected to improve (or deteriorate) into the future — a question that sits at the heart of valuing long-duration [[Definition:Annuity | annuity]] and [[Definition:Pension | pension]] liabilities. The model blends historical experience with a long-term assumed rate of improvement, and its parameters — particularly the choice of long-term improvement rate and the speed of convergence toward it — can materially shift liability valuations. Actuaries using the model select core parameters to suit their portfolio and view, but the CMI provides default calibrations based on the latest data, offering a credible starting point. Critically, the annual updates incorporate the most recent mortality experience, which means that events affecting population mortality — such as the disruptions observed during and after the COVID-19 pandemic — are captured and analyzed, prompting the CMI to publish supplementary guidance on how to treat pandemic-period data within projection models.

💡 For the life insurance and pension industries globally, the CMI's work product influences financial outcomes measured in billions. A small change in projected [[Definition:Life expectancy | life expectancy]] improvement can materially alter the present value of annuity liabilities, affecting reported [[Definition:Solvency | solvency]] positions under [[Definition:Solvency II | Solvency II]], [[Definition:IFRS 17 | IFRS 17]], and other frameworks. UK [[Definition:Prudential Regulation Authority (PRA) | PRA]]-regulated firms are expected to justify their longevity assumptions, and the CMI model serves as a widely accepted reference point in those discussions. Beyond the UK, actuarial bodies in countries such as Canada, the Netherlands, and Australia have developed their own mortality investigation processes, but frequently cross-reference CMI methodology when designing improvement models. The CMI's combination of a century-long data archive, transparent model construction, and regular peer-reviewed updates makes it an enduring pillar of actuarial practice — one that bridges academic demographic research and the day-to-day financial management of life insurance and pension obligations.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Longevity risk]]
* [[Definition:Mortality table]]
* [[Definition:Life insurance]]
* [[Definition:Annuity]]
* [[Definition:Institute and Faculty of Actuaries]]
* [[Definition:IFRS 17]]
{{Div col end}}

Definition:Continuous Mortality Investigation (CMI) - Revision history

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