The Financial Regulatory Authority (FRA) plans to establish the first Egyptian life schedule instead of relying on old English life tables currently used in the insurance market, which do not reflect the characteristics and composition of Egyptian society.
Creation of the life tables is part of the FRA's strategy for the insurance sector for the 2018-2022 period, reports Al Mal News.
Dr Mohamed Omran, FRA Chairman, stressed that local life tables are important in order to arrive at fair pricing of the risk of death. The local tables will expand the range of life insurance policies for more categories of society as well as help insurers create new products suitable for the development of life behaviour of the Egyptian society. Long-term health care documents, pension payment documents, disease payment documents and other new documents that will increase the availability and availability of insurance products in the near term.
He also explained that the Authority is working on activating and developing the rules of governance and good management in the insurance market and activating the systems of internal control and auditing, as well as emphasising the need to disclose the results of the activities of companies and the issuance of activity evaluation reports in their timing.