Development of actuarial loss of earnings tables. These tables are suitable for use in selected developing countries to enable calculation of awards of compensatory damages for court cases involving disability and death.
In several developed countries, it is common for payments on disability or death to be determined by reference to actuarially based tables, such as the Ogden Tables in the UK. In most developing countries, this is not the case. Awards are often arbitrary and are not based on factors such as actuarial expectations of life.
Stokeley Smart, Senior Lecturer and head of the Actuarial Science Programme of The University of the West Indies, St. Augustine, Trinidad, has been working with Nadia Kangaloo, a High Court Judge of the Judiciary of Trinidad and Tobago and Kyle Rudden, former President of the Caribbean Actuarial Association to develop a framework for these tables suitable for application throughout the Commonwealth Caribbean, as well as many other developing nations, particularly those with judicial systems based in English common law.
Issues to be considered include the lack of reliable demographic and market data in many jurisdictions, as well as intangibles such as understanding judicial philosophy and ease of use in Court systems often burdened with heavy caseloads.
 
Find the Q&A here: Q&A on 'New Approaches to Underwriting and Compensation'