Kathmandu. In Nepal, a decade-and-a-half-old schedule is in use for determining the death rate, which is considered as the basis for determining the insurance rate of life insurance. Nepal Insurance Authority (NEA) had first released the death rate table in 2066 BS.
Prior to the release of nepal’s death rate schedule, the insurers had been using the Indian death rate table to determine the insurance rate. At the time of the release of the first death rate table, according to the last national census 2058, the average age of Nepalis was 60.4 years. The average life expectancy of Nepalis has increased by 14 years during this period. According to the 2011 census, the average nepali population has reached 71.3 years. The average age of women is 68.2 years and that of men is 73.8 years.
The underwriting capacity of the life insurer and the awareness of the insured have also increased. Apart from this, the per capita average income of Nepalis has increased significantly. The World Bank report confirms that the population living below the poverty line has also decreased significantly.
New data needed to prepare a mortality table is already available in sufficient quantities. As all life insurers are using specialized software in relation to insurance transactions, the risk of data errors is also becoming relatively low.
Despite these backgrounds, consumers in nepal’s life insurance market have to pay insurance fees based on the 15-year-old death rate schedule. Due to expensive insurance payments, the insurance cost has increased unnecessarily, the cost of the insurer for the transfer of reinsurance risk has increased, the domestic currency has gone out.
Information Officer of Nepal Insurance Authority Nirmal Adhikari said that despite repeated efforts by the AUTHORITY to update the death rate schedule, it did not bear fruit. He said data on the death claims of the insured was collected two years ago after the World Bank assured support, but no progress has been made. According to him, although it is necessary to revise the death rate table, increasing the national average life expectancy will not only increase the average life expectancy in the death rate table, but many other factors will affect it.
##inline_tags_PLACEHOLDER_11#ritualistic attempts to amend #तालिका:
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Nepal Insurance Authority (INSURANCEA) had first requested to provide data for the project in 2075 BS. Chiranjibi Chapagain was the chairman of the insurance committee at that time. The committee had collected data from 10-year-old life insurers. After collecting the data, the authority was formed.
Surya Prasad Silwal became the chairman of the committee in 2077 BS, and in June 2079, the insurance committee did the same to revise the death rate schedule. An interactive program was organized at the star hotel with the participation of life insurers and insurers.
Sharad Ojha has been in charge since 2081 after Silwal retired. Although it has been prepared through long-term research, the technical study and analysis of the revision of the death rate table has not made significant progress even after April 2082.
भारतमा Fifth Death Rate Table:
India has revised the death rate table for the fifth time. According to the Insurance Regulator of India, the last time the death rate table based on data for 2012-15 has been in force since 2021.
The first mortality table in India was implemented in 2001.
1) Mortality for Assured Lives – LIC (1994-96)
2) Indian Assured Lives Mortality (1994-96) (Modified) Ult Effective date: 1st January 2005
3) Indian Assured Lives Mortality (2006-08) Ult Effective date: 1st April, 2013
4) Indian Assured Lives Mortality (2012-14) Ult(Male insured lives that are medically underwritten at inception) Effective from 1st April 2019,
5) Indian Individual Annuitant’s Mortality Table (2012-15)
Since the work of revising the death rate table is a complex technical matter, a large amount of money should be spent along with skilled expert manpower. According to the Nepal Insurance Authority, provisions related to the existing procurement process have also hindered this work. There is not enough skilled manpower available in the country to prepare the death rate table.
Insurance regulators, Institute of Actuaries of India, Actuari Association, Insurance Information Bureau, Insurance Institute, Life Insurance Council and Life Insurers have been collaborating to prepare the death rate table in India. Tribhuvan University, which is also teaching insurance in Nepal, had pledged to cooperate in the study.
The NRA has the option of utilizing the money collected from the insurance company as regulatory fees for the necessary study research for the mortality rate schedule. Under institutional social responsibility, the Life Insurers Association can also make some contribution to this. Technical support can also be expected from donor organizations including the World Bank, which is providing technical support for effective regulation of the insurance sector in Nepal.
के Death Rate Table: ##inline_tags_PLACEHOLDER_12#
The mortality rate table is a list of people between the ages of 0 and 99 who are more likely to die. It determines the average death rate of people of a given age in a country based on factors such as age, death claim, age, gender, occupation, health status, geographic location, etc.
In the context of life and health insurance, mortality and prognosis schedules are important for the pricing and management of insurance production, especially life insurance. The mortality table, also called the life table or actuarial table, states the probability of death for people of different ages. The prognosis table identifies the incidence and prevalence of diseases and diseases.
Mortality tables are used to estimate the likelihood of death within a certain period of time, which helps insurance companies determine insurance fees, evaluate the risk associated with the insured’s survival age, and ensure financial stability.
Age, gender, and other demographic factors, as well as lifestyle choices and healthcare access, can affect mortality. Mortality tables are not stable and are updated periodically to reflect changes in mortality due to advances in medicine and improved healthcare access.
Disease tables track the incidence and prevalence of diseases and diseases within a population, providing data on the number of specific diseases and their impact. These data usually present data on age, gender, and other relevant factors, indicating the possibility of developing a particular disease or disease.
While disease tables specific to health insurance may not be as widely published as mortality tables, insurance companies use disease data to evaluate risk and value health insurance and other related products. Age, gender, lifestyle choices, and environmental factors can influence disease rates. Morbidity tables are regularly updated to reflect changes in disease patterns and treatment progression.
