The Egypt Financial Regulatory Authority (FRA) chair, Mohamed Farid, delivered the keynote at the 2025 Society of Actuaries (SOA) regional forum in Cairo, held under FRA patronage and in partnership with the Egyptian Insurance Federation. He linked insurance to higher national savings and described digital transformation as central to expanding insurance inclusion, while highlighting the actuarial profession’s role in product pricing, policyholder protection and insurers’ financial stability. Farid also reviewed follow-on executive decisions issued after the Unified Insurance Law No. 155 of 2025 and the regulator’s work to support insurers’ application of International Financial Reporting Standard 17 (IFRS 17). To address a shortage of actuarial specialists, he pointed to cooperation between the Egyptian Insurance Federation and educational institutions that produced a first cohort of 15 graduates from the American University in Cairo’s actuarial science diploma, with 12 completing the first track and three passing the SOA financial mathematics exam in the second track. Registration for the second intake of the diploma has opened during 2025. The two-day forum agenda focused on the evolving role of actuaries amid emerging risks including climate change, cyber risk, global conflicts and economic instability, with SOA and market representatives emphasising further development of actuarial education and professional skills.
Egypt Financial Regulatory Authority 2025-09-28
Egypt Financial Regulatory Authority outlines Unified Insurance Law implementation, IFRS 17 work and actuarial capacity building at SOA regional forum
Egypt Financial Regulatory Authority chair, Mohamed Farid, emphasized insurance's role in boosting national savings and digital transformation for inclusion at the 2025 Society of Actuaries forum. He discussed implementing the Unified Insurance Law No. 155 of 2025 and IFRS 17, highlighting efforts to address the actuarial specialist shortage through education. The forum also focused on actuaries' evolving role in managing emerging risks like climate change and cyber threats.