Egypt’s Financial Regulatory Authority (FRA) has agreed with one of the specialised English companies to consult on establishing Egypt’s first actuarial life table, according to Deputy Chairman, Reda Abdel Moaty.
FRA has signed a cooperation protocol with the social institution of the African Reinsurance Corporation, (Africa Re) to provide financial support for establishing Egypt’s first actuarial life table, after which a tender has been announced to choose a consulting company for the project.
Egypt’s first actuarial life table will take with (7 – 12) months to be completed, Abdel Moaty noted.
An actuarial life table
An actuarial life table is a table or spreadsheet that shows the probability of a person, at a certain age, dying before his or her next birthday. These statistics calculate the remaining life expectancy for people at different ages, and the probability of surviving to a given age.
The alternative was to rely on choosing the nearest English tables that can keep pace with the Egyptian experience in death and disability rates
It has been difficult for the insurance’s comptroller to put a fair pricing of life insurance premiums, in line with the society’s experience of death and disability rates, as stipulated in Article 48 repeated no3, of the executive regulations of the Supervision and Control of Insurance Law.