Actuarial Life Tables
I am pleased to present you with the first edition of the
inaugural Egyptian actuarial life tables. This initiative aims to support the
Authority’s ongoing efforts to build and solidify a robust insurance sector
that aligns with global insurance markets and contributes to achieving the
Egyptian economy’s sustainable development goals.
These endeavors reflect the continuous focus of the
Financial Regulatory Authority on enhancing the insurance sector and improving
the quality of its operations, which are fundamental to the Authority’s
strategic plan. This plan includes expanding insurance coverage to target more
significant segments of society to address emerging risks, ensuring a decent
and stable life safeguarded from financial risks, and advancing the insurance
sector through improved data quality, fair pricing, efficient reserves
estimation, adequate financial solvency for companies, and promoting the
actuarial profession in terms of both competency and workforce size.
This project represents a key step toward developing the
Egyptian life insurance market and enhancing its efficiency. Currently, life
insurance companies in Egypt rely on British actuarial tables to price their
products, which do not accurately reflect the Egyptian life insurance market.
Therefore, it was essential to initiate the development of the first Egyptian
life tables to reflect the actual experience of clients in Egyptian life
insurance companies. These tables serve as a superior tool for pricing company
products fairly and reasonably, enabling the creation of new products that
cater to various societal segments. Additionally, they provide a foundation for
future updates to these tables based on companies’ actual experiences,
leveraging larger datasets and addressing the challenges identified in the
current study regarding the quality of data maintained by companies.
Finally, I extend my gratitude to everyone who participated
in this strategic project and contributed to its success.