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Monday, 27 July 2020

Market regulator looks to provide “life table” for Egyptian insurance companies to better price domestic plans

Market regulator looks to provide “life table” for Egyptian insurance companies to better price domestic plans: The Financial Regulatory Authority (FRA) has tapped UK-based consultancy and actuarial services firm Barnett-Waddingham to develop actuarial life tables based on Egyptian data for local insurance players, according to Hapi Journal.

What exactly is a life table? Life tables (also known as mortality tables or actuarial tables) are based on statistics to calculate the probable life expectancy for people at different ages and the probability of them making it to their next birthday. The tables “assist insurance companies by showing event probabilities, such as death, sickness, and disability,” which helps insurance companies to better price their products and account for probable future life events to insure.

The FRA plans to regularly update these life tables every 3-5 years, FRA boss Mohamed Omran said. Egyptian companies currently rely on British life tables that are based on data from the 1950s, according to the newspaper, so this will be the first life table used in Egypt that is based on Egyptian data.

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