Sta­bil­ity un­reach­able with­out eco­nomic, so­cial se­cu­rity: Min­is­ter

Kuwait Times - - Local -

KUWAIT: A so­ci­ety’s se­cu­rity could not be achieved with­out hav­ing ef­fec­tive eco­nomic and so­cial se­cu­rity poli­cies that meet peo­ple needs and pre­serve their rights, Rep­re­sen­ta­tive of His High­ness the Amir Sheikh Sabah Al-Ah­mad Al-Jaber Al-Sabah, Min­is­ter of Fi­nance Dr Nayef AlHa­jraf has stated. He made his re­marks at the in­au­gu­ra­tion of the 19th con­fer­ence of the In­ter­na­tional Con­fer­ence of So­cial Se­cu­rity Ac­tu­ar­ies, Statis­ti­cians and In­vest­ment Spe­cial­ists which kicked off in Kuwait Tues­day un­der aegis of His High­ness the Amir.

Ha­jraf added that the con­fer­ence would serve as a plat­form for ad­dress­ing many chal­lenges. He pointed out that the In­ter­na­tional So­cial Se­cu­rity As­so­ci­a­tion (ISSA)’s choice of Kuwait to host this con­fer­ence is a proof of the global and re­gional sta­tus en­joyed by Kuwait. He high­lighted the piv­otal role played by the Kuwait Pub­lic In­sti­tu­tion for So­cial Se­cu­rity (PIFSS), the con­fer­ence or­ga­nizer, in for­mu­lat­ing the ISSA’s strate­gies and vi­sions for the fu­ture of the so­cial se­cu­rity in­dus­try around the world and de­vis­ing so­lu­tions to meet the chal­lenges. He pointed out that PIFSS has started an am­bi­tious pro­gram in col­lab­o­ra­tion with the Min­istry of Higher Ed­u­ca­tion for grad­u­at­ing Kuwaiti ac­tu­ar­ies.

Mean­while, PIFSS Direc­tor-Gen­eral Hamad AlHu­maidhi said in a sim­i­lar speech that the in­sti­tu­tion’s goal of ex­pand­ing so­cial se­cu­rity and nar­row­ing the gap in in­sur­ance cov­er­age was based on the avail­able global es­ti­mates that only 20 per­cent of the world pop­u­la­tion re­ceives ap­pro­pri­ate so­cial se­cu­rity cov­er­age. Hu­maidhi cited what he called the fourth in­dus­trial revo­lu­tion and the tran­si­tion to the dig­i­tal econ­omy as the main chal­lenges fac­ing economies and in­sur­ance in­dus­try world­wide. The grow­ing num­ber of dig­i­tal plat­forms and rapid au­toma­tion of ser­vices would greatly im­pact the tra­di­tional pat­terns of em­ploy­ment as the new tech­nol­ogy would re­place many jobs, he said, stress­ing the im­por­tance of work­ing out new vi­sions and strate­gic mech­a­nisms for this trans­for­ma­tion. He thanked His High­ness the Amir for his pa­tron­age of this con­fer­ence, which hosts about 300 in­vest­ment, ac­tu­ar­ies and sta­tis­ti­cal ex­perts.

In the mean­time, Sec­re­tary-Gen­eral of the In­ter­na­tional So­cial Se­cu­rity As­so­ci­a­tion (ISSA) Hans-Horst Konkolewsky em­pha­sized the im­por­tance of ac­tu­ary work in achiev­ing sus­tain­abil­ity in var­i­ous do­mains. The is­sue of sus­tain­abil­ity is now more im­por­tant and com­plex than in the past, he ar­gued. He noted that there was an in­creas­ing fo­cus on as­sess­ing so­cial se­cu­rity pro­grams. The three-day con­fer­ence brings to­gether more than 250 del­e­ga­tions from 90 or­ga­ni­za­tions and 57 coun­tries, as well as a num­ber of in­ter­na­tion­ally renowned ac­tu­ar­ies, economists and statis­ti­cians. The event pro­vides an un­ri­valled plat­form to dis­cuss and de­bate the key is­sues fac­ing so­cial se­cu­rity and the role of ac­tu­ar­ies and in­vest­ment ex­perts in ad­dress­ing them. The con­fer­ence fea­tures con­tri­bu­tions from all world re­gions, and will an­a­lyze ex­am­ples of re­cent ac­tu­ar­ial work ad­dress­ing the chal­lenges fac­ing so­cial se­cu­rity, as well as high­light­ing the role of in­sti­tu­tions in un­der­tak­ing and man­ag­ing this work sup­ported by the ISSA-ILO Guide­lines on Ac­tu­ar­ial Work for So­cial Se­cu­rity. — KUNA

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