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WTW expands Geospatial Mortality Model for US pension risk transfers
WTW says the updated model is trained on nearly four million life-years of mortality data, including post-COVID experience through 2024.
WTW has launched an updated version of its Geospatial Mortality Model, or GMM, expanding access of the pension-focused longevity tool to insurers operating in the US pension risk transfer market, according to Reinsurance News.
The broker said the model combines pension-specific information with geographic data to generate mortality assumptions, incorporating socioeconomic and health-related factors linked to life expectancy, in addition to participant pension data.
WTW stated the latest GMM was trained on nearly four million life-years of mortality data, including post-COVID experience through 2024, and was developed by evaluating more than 200 socioeconomic factors to identify variables most predictive of longevity.
WTW said integrating the updated GMM into insurer operations can support more accurate PRT pricing, strengthen asset-liability management, and improve visibility into longevity risk, adding that it aims to help market participants mitigate the financial impact of unexpected mortality trends.