Cairo – Mubasher: The Financial Regulatory Authority (FRA) is set to develop the first actuarial life table in Egypt after signing an agreement with one of the largest actuarial consulting firms at the end of June, the chairman of FRA, Mohamed Omran, said.

This move is part of a plan to develop non-banking financial markets between 2018 and 2022, Omran noted in a statement on Sunday.

Creating the first local actuarial life table will support life insurance companies which are currently relying on English tables that date back to the mid-1900s in pricing their products, he added.

The current tables don’t fully comply with the standards of the local life insurance market, he pointed out.

By the end of June 2019, insurance premiums registered EGP 35.2 billion, up by 19.3% from 2018, including EGP 15.4 billion worth of life insurance premiums, Omran revealed, citing initial indicators.

The number of insurance companies in Egypt reached 39, including 15 life insurance firms.