“Mortality” refers to the incidence of death within a population over a specified period. It is a critical measure in public health, demography, and actuarial science, used to assess the overall health status of a population, the effectiveness of healthcare systems, and to calculate life expectancy. Mortality rates, often expressed as the number of deaths per 1,000 or 100,000 individuals in a year, help identify the leading causes of death and target public health interventions to reduce preventable deaths.
In the context of insurance, particularly life insurance and annuities, mortality rates are fundamental to the underwriting process and the determination of premium rates. Insurers use actuarial tables, also known as life tables, which are statistical compilations of mortality rates and life expectancy data for different age groups and demographics. These tables enable insurers to estimate the likelihood of death for individuals within those groups, which in turn influences the cost of providing life insurance coverage and the pricing of annuity products.
Mortality rates are influenced by a wide range of factors, including genetics, lifestyle choices, access to healthcare, and environmental conditions.