Islam Azzam, Chairperson of the Financial Regulatory Authority, has issued a decision to reconstitute the Egyptian Committee for the Development and Review of Actuarial Life Tables. The move aims to support the insurance sector by improving data analysis and product pricing accuracy.
The committee will be chaired by Reda Abdel Moaty, Senior Adviser to the FRA Chairperson. It includes officials from relevant FRA departments, managing directors of life insurance companies, and actuarial experts from the Egyptian market. A technical secretariat will also be established to provide support.
The committee is tasked with collecting and validating mortality and disability data submitted by insurers since the first edition of the Egyptian actuarial life tables in 2022. It will compare this data with existing assumptions and prepare a study on whether updates are needed.
Azzam stated that the tables have helped insurers price products using local benchmarks instead of relying on English tables. Reconstituting the committee will allow monitoring of current trends in mortality and disability to support more accurate pricing and new product development.