Centre for Actuarial Compensation and Valuation of Life (CAVOL)

The centre brings together quantitative actuarial expertise and insights from the social sciences to address problems that are concerned with, for example, loss of income and employment, loss of pension provision, and fair compensation for cases of wrongful death.

By improving methodology and increasing awareness of the technical aspects of compensation calculations, CAVOL aims to promote the public good through better-informed decisions and fairer settlements.

Membership

Advisory Board

• Professor John Ward, University of Missouri and John Ward Economics
• Professor Victoria Wass, Cardiff University and OWP
• William Latimer-Sayer KC, Cloisters and OWP
• Richard Cropper, Personal Financial Planning Ltd and OWP

A number of researchers in the Accounting, Finance and Actuarial Science group and the Social Policy group at the University of York are involved in CAVOL projects.

Projects

CAVOL is partnering with the Ogden Working Party and Professor Victoria Wass (Cardiff) on a research project entitled “A New Estimation of Work Life Expectancy for Use in the Ogden Tables.” The project is funded by over 30 institutions, including the Institute and Faculty of Actuaries (IFoA).

The project aims to develop a third generation of Reduction Factors (RFs) for the Ogden tables using more recent data and advanced actuarial modelling techniques. By incorporating dynamic models that account for employment transitions, disability, and other key personal factors, the project seeks to improve the accuracy of estimates for future work life expectancy. These updated RFs will provide more precise and personalised estimates to enhance the determination of damages for future loss of earnings in legal contexts.

CAVOL welcomes PhD applications. For more information, please contact Şule Şahin at sule.sahin@york.ac.uk.

Workshops

10 April 2025:  “What is Life Worth? Fairer Compensation for Personal Injury and Death” at the School for Business and Society, University of York. 

This one-day workshop will bring together industry experts and academics to discuss two important topics relating to compensation for personal injury and wrongful death: the recently updated personal injury discount rate (PIDR) and periodical payment orders (PPOs). The workshop will feature presentations and panel discussions on these subjects, including representatives from organisations such as the Government Actuary’s Department, the Ogden Working Party, law firms representing claimants and defendants, NHS Resolution, insurance companies and academics from a range of disciplines. For more information and booking, please visit the workshop webpage.

23 March 2023:  “What is Life Worth? A Discussion between Actuaries and Lawyers” at the School for Business and Society, University of York. 

This workshop brought together industry experts and academics to discuss the state-of-the-art practice for UK personal injury and wrongful death compensation systems. The aim was to identify any problems or sources of conflict between the relevant parties, in terms of their methodologies and applications, and to suggest appropriate measures for resolving these.

Continuous professional development courses

• Compensation for Personal Injury and Fatal Accidents: An accessible introduction to the actuarial calculations

This introduction to the calculations behind the Ogden tables is held periodically and is accessible to non-actuaries. Please enquire if interested.