ODHIAMBO, JOAB ONYANGO
Many actuaries worldwide use Systematic Mortality Risk (SMR) to value actuarial prod-
ucts such as annuities and assurances sold to policyholders. Data availability plays an
essential role in ascertaining the SMR models’ accuracy, and it varies from one country to
another. Incorrect stochastic modeling of SMR models due to paucity of data has been a
problem for many Sub-Saharan African countries such as Kenya, thus prompting modifi-
cations of the classical SMR models used in those countries with limited data availability.