The CMI has also highlighted that mortality fell steadily from the mid‑1980s to around 2011, improved only slowly from 2011 to 2019, spiked sharply in 2020 back to levels last seen in 2008, and has since fallen back to new lows. Insurers therefore face a data set that combines a long period of strong improvement, a plateau, a pandemic shock and an unusually strong post‑shock rebound.
