Tuesday, September 1, 2015

Felix Chan on Using Actuarial Evidence in Tort Cases (HKLJ)

"Using Actuarial Evidence in Singapore and Hong Kong: A Sequel to 'Lai Wee Lian Revisited'"
Felix Chan, Wai Sum Chan and Johnny SH Li
Hong Kong Law Journal
August 2015, Vol. 45, Part 2, pp 499-515
Abstract: Following the English common law, successful claimants in personal injury and clinical negligence cases in Singapore and Hong Kong usually receive their compensations as a lump sum. The amount in respect of future expenses and loss of future earning is a result of discounting the future pecuniary values into a single present-day amount, considering inflation, the time value of money and the claimant’s mortality. Using actuarial tables based on projections of the mortality rate of the general population may be considered as an alternative method in converting the future loss of earnings and future expenses into a lump sum reflecting its present value. For this purpose, a set of actuarial tables are constructed in this article. Various options for determining the appropriate discount rate(s) are explored in the context of the statistical and economic data of Singapore and Hong Kong.  Contact the authors for a copy of the article.

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