Egypt – Protocol to establish the first actuarial life table
Wednesday, 10 31 2018, Category: Insurance and Reinsurance, Country: Egypt
The Chairman of the Financial Regulatory Authority (FRA), Mohamed Omran, signed a cooperation protocol on Tuesday, with the social institution of the African Reinsurance Corporation, (Africa Re). Under this protocol, the social institution of the African Re company will be provided by financial support for establishing Egypt’s first actuarial life table, according to press statement released by the FRA.
Notably, the social institution of African Re company seeks to implement CSR initiatives that serve the insurance industry in African countries.
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.
For his part, Omran, said that since the entry of the insurance industry in the Egyptian society, there were no attempts to create such a table. “The alternative was to rely on choosing the nearest English tables that can keep pace with the Egyptian experience in death and disability rates,” he illustrated.
Omran added that over many years, 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 d