Egyptian Minister of Finance Mohamed Maeet asserted the importance of benefiting from the experience of actuarial experts in developing mechanisms for confronting challenges and global crises which have had their negative repercussions on the global economy.
Actuaries can analyse economic risks associated with global crises and devise a strategy to avoid potential threats in the future, the minister said on Tuesday at the Arab Actuarial Conference 2023, which Egypt is hosting for the first time under the slogan ‘The World Through an Actuarial Eye.
Major actuarial firms, investors and governments from all parts of the Arab region were represented at the conference.
“We are keen to apply the actuarial sciences in the management of financial risks related to national projects and government initiatives scientifically to guarantee the best use of the state’s resources, attain national development goals and improve public services,” Maeet said.
“We have applied actuarial science to the universal health insurance system to guarantee its financial sustainability and flexibility in changing circumstances,” Maeet added.
“The outcome is that this system can be expanded nationwide within 10 years to provide health cover for all,” he said.
Actuaries have made a significant contribution social insurance and pension reforms, he said.
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