The DIFC Insurance Association launched a project leading to the development of standard mortality tables for the GCC and the MENA region. The DIFC Insurance Association and Milliman actuarial firm (a member in the Association) agreed to collaborate to produce the first ever Middle East Mortality Studies. Many insurance companies in the region have agreed to contribute the data.
The scope of the project includes the following tasks:
1. Collecting data across the GCC and MENA region including educative workshop for key data providers
2. Reviewing the data collected, checking for reasonableness, and working with the contributing companies to ensure accuracy of data
3. Developing industry wide mortality tables for the MENA region
4. Disseminating the findings in a report including launching the standard mortality tables for the Middle East Region
Dr. Bassel Hindawi , Chairman and CEO of the DIFC Insurance Association commented, “we are delighted to collaborate with Milliman, a leading global actuarial firm with vast experience in developing standard actuarial tables globally, and to partner with us in producing this first ever study. Standard Mortality tables for our region is long due and will provide a basis and benchmark that will benefit all the life insurers, reinsurers and newer players in the market. We are excited to be the pioneers in this area and contribute to the industry through this study”
Safder Jaffer, FIA Partner and Managing Director at Milliman LLC commented, “We are delighted to partner with DIFC IA in developing the first ever mortality study for the MENA Region. Life Insurance penetration is growing rapidly and requires solid actuarial input. Using Standard Mortality tables will benefit the markets to better price, reserve and analyse their life portfolios.”
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Established in 2015, the DIFC Insurance Association (DIFC IA) is a non-profit association established to represent the collective interests of Members while acting as a forum for the exchange of views on market issues. The DIFC Insurance Association contributes to positioning the DIFC (re)insurance market as the premier hub in the region and acting as a center of excellence.