On contemporary mortality models for actuarial use I: practice

Stephen J. Richards and Angus S. Macdonald

British Actuarial Journal, 2025, vol. 30, -

Abstract: Actuaries must model mortality to understand, manage and price risk. Continuous-time methods offer considerable practical benefits to actuaries analysing portfolio mortality experience. This paper discusses six categories of advantage: (i) reflecting the reality of data produced by everyday business practices, (ii) modelling rapid changes in risk, (iii) modelling time- and duration-varying risk, (iv) competing risks, (v) data-quality checking and (vi) management information. Specific examples are given where continuous-time models are more useful in practice than discrete-time models.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:cup:bracjl:v:30:y:2025:i::p:-_18

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