FRA reconstitutes actuarial life tables committee to strengthen insurance sector

Islam Azzam, Chairperson of the Financial Regulatory Authority (FRA), has issued a decision to reconstitute the Egyptian Committee for the Development and Review of Actuarial Life Tables as part of the Authority’s ongoing efforts to develop the insurance sector, enhance its efficiency in responding to evolving market conditions, and strengthen insurers’ ability to price insurance products more accurately. Under the decision, the committee will be chaired by Reda Abdel Moaty, Senior Adviser to the Chairperson of the FRA, and will comprise officials from the Authority’s relevant departments, managing directors of life insurance companies, and experienced actuarial experts from the Egyptian market. A technical secretariat, consisting of specialists in actuarial expertise and technical support for insurance companies, will also be established. The committee has been tasked with collecting, reviewing, and validating actual experience data on mortality and disability cases submitted by insurance companies from the release of the first edition of the Egyptian actuarial life tables in 2022 through to the latest reporting year. The data will be compared with the assumptions and rates contained in the first edition of the tables. Based on its findings, the committee will prepare a technical study to determine whether the first edition of the Egyptian actuarial life tables requires a comprehensive or partial update, while also assessing the expected impact of any revisions on insurance product pricing. The decision also requires the committee to develop a proposal for the future review cycle of the Egyptian actuarial life tables, taking into account trends identified through the analysis of actual experience data and ensuring alignment with international actuarial best practices. Azzam said that since the release of the first edition four years ago, the Egyptian actuarial life tables have played a vital role in supporting life insurance companies in pricing their products using clear and equitable benchmarks. They have also enabled insurers to introduce new products offering broader protection for policyholders, ending decades of reliance on English actuarial life tables. He added that reconstituting the committee aims to monitor the latest mortality and disability indicators, as well as their distribution across gender and age groups, enhancing the sector’s ability to respond to evolving health and social trends. This, he said, will facilitate more accurate pricing, support the launch of new insurance products, and improve the calculation of future technical provisions. Azzam stressed that the FRA remains committed to increasing insurance penetration in Egypt and expanding insurance coverage through continued cooperation with the Insurance Federation of Egypt and companies operating across the sector. He added that the Authority is encouraging insurers to accelerate the development of innovative insurance products that respond to changing customer needs by diversifying product offerings and expanding coverage to a broader range of customer segments.  The post FRA reconstitutes actuarial life tables committee to strengthen insurance sector first appeared on Dailynewsegypt.