MENA: DIFC Insurance Association to produce regional mortality tables
Source: Middle East Insurance Review | Jun 2018
The DIFC Insurance Association (DIFC IA) has launched a project on the development of standard mortality tables for the GCC and the MENA region.
DIFC IA and Milliman, a leading provider of actuarial and related products and services and a member of the Association, have agreed to collaborate to produce the first-ever Middle East Mortality Studies. Many insurance companies in the region have agreed to contribute to the data.
The scope of the project includes the following tasks:
- Collecting data across the GCC and MENA region, including conducting educational workshop for key data providers;
- Reviewing the data collected, checking for reasonableness, and working with the contributing companies to ensure accuracy of data;
- Developing industry-wide mortality tables for the MENA region; and
- Disseminating the findings in a report, including launching the standard mortality tables for the Middle East region.
“Standard mortality tables for our region are long overdue and will provide a basis and benchmark that will benefit all the life insurers, reinsurers and new players in the market. We are excited to be the pioneers in this area and to contribute to the industry through this study,” said Dr Bassel Hindawi, chairman and CEO of the DIFC IA.
“Life insurance penetration is growing rapidly and requires solid actuarial input. Using standard mortality tables will benefit the markets to better price, reserve and analyse their life portfolios,” said Mr Safder Jaffer, FIA partner and managing director at Milliman. M