First revision in 11 years eyed for life table in Japan

March 28, 2017

TOKYO- The Institute of Actuaries of Japan is expected to revise the standard mortality table, based on which death insurance premiums are calculated, in spring 2018 reflecting an increase in longevity in the nation, Jiji Press learned Monday.

Following the revision, the first in 11 years, premiums are likely to be reduced by several percent for death insurance policies to be signed in April 2018 and later, informed sources said.

The institute, which comprises life insurance companies, plans to draw up a draft of a revised mortality table by the end of this month, the sources said.

Life insurers set their death insurance premium rates based on the table, which shows mortality by age and gender, and other factors, including personnel and other costs as well as investment performances. Jiji Press