FRA launches Egyptian actuarial tables for insurance sector advancement

CAIRO - 16 October 2023: After years of reliance on English actuarial tables dating as far back as 1967, the Egyptian Financial Regulatory Authority (FRA) has developed and unveiled the first-ever Egyptian actuarial tables in a significant move to strengthen the country's insurance industry. The new tables, which are now mandatory for all life and capital formation insurance companies in Egypt, signify a monumental leap in the nation's insurance sector. Previously outdated and non-reflective of current realities, the old English tables have been replaced by actuarial tables established in Egypt. In developing the tables, the FRA used comprehensive historical data and statistics from Egyptian life insurance companies. Dr. Mohamed Farid, the Chairman of the Egyptian Financial Regulatory Authority, highlighted that the tables would enable insurance companies to efficiently price their products based on relevant data and statistics. Moreover, Dr. Farid assured that these tables would foster growth in Egypt's insurance market. Additionally, the insurance companies are required to prepare indicative pricing studies for their different products annually, which further denotes the importance of these new tables. The advent of the new Egyptian tables follows the FRA's relentless strive to elevate the efficiency and competitiveness of Egypt's insurance market. Dr. Farid expressed gratitude to all parties whose combined efforts resulted in the development of these tables.