Egypt: Work on the first actuarial life tables to start in early Sep
Source: Middle East Insurance Review | Sep 2021
Work on the first Egyptian actuarial tables for life insurance will start next September, said the Financial Regulatory Authority (FRA) chairman Mohamed Omran.
Dr Omran said the Egyptian insurance industry, by applying these actuarial tables, will achieve fair pricing of life insurance policies in line with the country’s experience of death and disability rates, according to a report by Amwal Al-Ghad.
Last year, the FRA signed a cooperation protocol with a foundation of African Reinsurance Corporation under which the foundation agreed to bear the costs of launching the actuarial tables. The foundation was set up to handle the corporate social responsibility projects of the Africa Re Group.
Over the past 30 years, the Society of Actuaries, in cooperation with the regulatory authority, conducted three actuarial analytical studies to choose the most appropriate life tables that would represent the Egyptian experience in death rates only. At present, most life insurers in Egypt use UK life tables. M