$300
Pension systems in the Middle East & North Africa (MENA) have almost 100% been modelled and run solely as Pay-As-You-Go (PAYG) Defined Benefit funds for the last 80 years or so.
In the last two decades, pension funds have faced increasing challenges stemming from accelerated demographic changes, geopolitical issues, economic shifts and public crises.
As they stand today, public pension funds in several MENA countries are facing both adequacy and sustainability challenges.
As a result, many governments have initiated reform projects, some by merging existing funds, others by creating new funds, others by changing parameters and benefits of current funds, and very few have actually begun to think outside the box.
The real “to be or not to be” dilemma of pension systems in the region has been their political economy’s will to innovate and diversify pension savings beyond PAYG government pension funds.
What lies ahead amidst these changes? How can we ensure a resilient, prosperous, and sustainable future for retirees in the Arab world?
The Arab Pension & Social Insurance Conference (APSIC) brings together top Arab pension officials, board of directors, executive directors of social insurance administration, pension actuaries, labour and social protection specialists, longevity experts, pension investment directors, pension fund risk managers, IT directors, senior government directors and trade unions to exchange views and best practices on the most topical issues in the pension landscape.
This year’s themes:
COMING SOON
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COMING SOON
Can Public Defined Benefit Pension Systems be Saved through Parametric Reforms?
Can and should governments in the region finance the current deficits in pension funds?
In the face of quantitative easing and increased liabilities, How Should Pension Funds Allocate their Assets?
Considering Funding Challenges and Changing Labour Market, What Does it Take to Re-model Regional Pension Systems to Multi-Pillar Structure?
<ul> <li>Introduction & Significance of OECD Pensions Outlook 2020</li><li>Chapter 1: Retirement savings and old-age pensions in the time of COVID-19</li><li>Chapter 2: A framework for assessing the adequacy of retirement income</li><li>Chapter 3: Increasing the role of retirement savings plans for workers in non-standard forms of work</li><li>Chapter 7: Communicating on retirement savings investment strategies to facilitate comparing options</li></ul>
Landscape of Household Savings: What’s the ideal vehicle? Incumbents vs. Challengers
Considering Funding Challenges and Changing Labour Market, What Does it Take to Re-model Regional Pension Systems to Multi-Pillar Structure?
Economics of Household Savings and their Significance
Building a Savings Economy: Creating products, savings culture
What’s Financial Literacy and how we can build it? Fireside Chat
Welcome, Introduction and keynote speeches.
What do pension demographics and longevity risk in MENA look like over the next five decades?
How do we bring all, or the majority, of the region's population under pension coverage (including informal labor, resident expats)?
Take a Break and start Networking: Meet 1 on 1 with new people through our dynamic chat room.
What lessons has the world learned about family financial resilience and social safety net before and after Covid-19?
Welcome to Day 2 & Introduction
Will the next 50 years generate the same investment returns for pension funds? If not, what's the mitigation?
Take a Break and start Networking: Meet 1 on 1 with new people through our dynamic chat room.
Will Fintech decentralize the regional retirement sector in the coming years by giving citizens personal control over their pension planning?
Thank you messages
<ul><li>Chapter 1: Recent Pension Reforms</li> <li>Chapter 3: Design of Pension Systems</li> <li>Chapter 6: Demographic and Economic Context</li> <li>Chapter 8: Finances of Retirement-Income Systems</li> <li>Chapter 9: Retirement Savings and Public Pension Reserve Funds</ul>
The Role of Financial Literacy in Household Financial Decisions
Have Monetary Easing and Lower Interest Rates Hurt Savers?
The Role of Governments in Protecting Workers from Income Shocks
Digitizing Finance and Financial inclusion
Towards Building a Regional Household Savings Index
How to Build a Successful Investment Portfolio
Wealth transfer: Multi-generational Wealth Planning
Opening Remarks
- Pension Economics & Spending by 2050
Challenges and Reforms for the Delivery of Sustainable Pensions in the Arab World
The Tale of Two Worlds of Pension
Going Beyond Equality to Equity
Impact of COVID-19 on social insurance systems
IT Platforms for Social Insurance & Pension Systems
Managing Private Pension Funds: How Complex Can it be?
The Art and Science of Actuarial Assumptions
Post-Pandemic Investing: Where Now? War in Europe, Global Trade Issues and Geopolitics
Should Pension Funds Search for Higher Yield?
The Role of Financial Literacy in Households’ Financial Decisions
Have Monetary Easing and Lower Interest Rates Hurt Savers?
The Role of Governments in Protecting Workers from Income Shocks
Digitizing Finance and Financial inclusion
<ul><li>Chapter 1: Policy guidance on developing asset-backed pension arrangements</li> <li>Chapter 2: How best to involve employers in the provision of asset-backed pension arrangements</li> <li>Chapter 5: Policy lessons for the design, introduction and implementation of non-guaranteed lifetime retirement income arrangements</li></ul>
- H.E. Dr. Mohammed Maait, Minister of Finance, Egypt<br> - H.E. Dr. Mohamed Farid Saleh, Chairman, Financial Regulatory Authority, Egypt<br> - H.E. Mr. Gamal Awad, Chairman, National Organisation for Social Insurance<br> - H.E. Mr. Hafedh Al Gharbi, President, General Insurance Organisation, Tunis
This session is about a government culture where actuarial talents/ systems are used to predict/ analyse and model liabilities and revenues in public balance sheets, and dynamically run stress-testing on expenses and revenue streams, so as to inform policy-making and politics. It may contribute great insights on how certain aspects of national economy or financial policies be managed. <br>
Environmental risk, study of weather extremes and international catastrophe pooling, determining the role of anthropogenic climate change on human health outcomes, societal risk management for projected future changes in frequency, severity and variety of weather-related catastrophes and renewable energy are all actuarial topics driven by climate change and the research needed for an actuary to define risk accurately. The actuarial insights on weather study and climate change will be a great contribution to the global SDGs adopted by governments around the world.
A long-standing debate within the insurance regulatory world has been to what extent should regulators be responsible for market development. In light of evolving markets, insurers withdrawing from some coverages and persistent (and in some cases growing) protection gaps, this is receiving new attention. From an actuarial perspective, what changes they’d like to see in the regulatory environment that would make local insurance markets thrive?<br>
Prior to COVID-19, actuarial models were focused on mortality as a key risk in a pandemic event. Given this focus on historical data, many actuarial models have proven to be inappropriate in predicting the consequences of COVID-19. Progress in health technology and practices, as well as political intolerance for deaths in most countries, led to pandemic-related mortality predictions being far too pessimistic.<br>
The future of insurance underwriting looks very different, with digital technology playing a starring role. With customer demands growing, the industry is under tremendous pressure to transform. Customers today expect products, services and experience tailored to them like they have seen elsewhere in life and online. They expect speed and convenience — things the industry hasn’t exactly been known for.
With IFRS 17 live as of January 2023, we hear from a range of panel experts on getting to grips with the new standard. We look at implementation challenges, the reasoning behind policy choices and consider different approaches to the actuarial assumptions that underpin IFRS 17 results.
Digitalisation is increasing in life and health sectors including wearable and biometric devices, data intelligence on life and health records and the utilisation of genetic data. The customer experience end-to-end from purchasing insurance, premium payments, claims filing and cross-selling, as well as insurance internal activities such as underwriting, claims, billing and processing, are all online. The need for technology (InsureTech) as well as actuaries that can use and understand technology for implementing analytics is vital.<br>
Over the last couple of decades, we have experienced a consistent decrease in interest rates which have even dropped significantly below zero for swap rates. This is a trend not only in Europe, but in many markets globally, and it has been a massive challenge for guaranteed business. To overcome these challenges, innovative solutions are emerging. An example is newcomers building models based on credit underwriting capabilities that allow additional spread to be generated within a risk tolerance technique similar to large insurance risk, even if the spread risk is classified within financial risks. This represents a fantastic opportunity for life actuaries to help adapt the business model of “general business” despite a sustained low interest rate environment.<br>
Since the launch of Bitcoin in 2009, cryptocurrencies have made the headlines with astronomical returns and equally spectacular falls in value. Speculative investors have driven volatility in crypto assets to record levels. Traditional thinking says that such assets should not form part of the portfolios of pension funds, insurance companies and other similar entities. Is it time to challenge that thinking? Does blockchain technology have a part to play in keeping the records of pensions schemes?<br>
In 2008, the failure of few large financial institutions triggered a global recession. The response has been an attempt to increase the resilience of the financial system, such as revised asset allocations, stress testing and enhanced capital requirements. More than a decade later, the COVID-19 pandemic highlighted the role of resilience in other key systems, as transportation, energy, and healthcare were overwhelmed by disruptions to global supply chains.<br>
Increases in longevity have positive and negative effects on many parties, depending on their side of the deals, services and commitments they have entered. Life insurance, pension funds, social and medical care providers on one side, and the general public and pensioners on the other side, etc. What’s the true and full impact as seen by actuaries?
In a defined-benefit pension system that may be generous today with current retirees at the expense of its future sustainability, how is intergenerational equity achieved or governed in an actuarial viewpoint? <br>
What is the minimum foundation necessary to ensure that B.Sc. and M.Sc. actuarial graduates are fit to join at entry or higher levels in professional actuary functions? What are the common core competences expected among actuaries? How much theory vs. practice needs to be embedded in these programs, and how much traditional vs. digital when it comes to coping with increased global digitalisation?<br>
- H.E. Mr. Hassan Abdalla, Governor, Central Bank of Egypt (to be confirmed) <br> - H.E. Dr. Mohamed Ahmed Maait, Minister of Finance, Egypt<br> - H.E. Dr. Nivine El-Kabbag, Minister of Social Solidarity, Egypt <br> - H.E. Dr. Mohamed Farid Saleh, Chairman, Financial Regulatory Authority, Egypt
It’s increasingly proven that financial literacy is critical, yet a missing life skill in our 21st century lives. At the formal level, a socio-economic policy framework is needed to enhance financial literacy and society’s financial resilience. At the individual level, we need to help people build their future and be money smart, especially through times of hardship. We need to “reframe” life success through financial literacy.
What should be the proper role of law among other factors involved in promoting consumers financial knowledge? Are people protected by regulatory measures, or by economic education and information. Another issue that merits discussion is whether to provide ex ante or ex post protection. Information obligations exist before, during and after concluding a financial contract. If a big part of people’s financial decisions and protection comes from financial education, how should we further develop financial education in our schools and beyond? <br> <br> Individuals with a good basic knowledge of finance can make informed decisions as they engage in deals with financial institutions. Such knowledge also includes how to access regulators’ protection when needed.
What does the framework for financial consumer protection in regional markets look like? How robust has it been? How is the shift towards greater consumer protection impacting financial firms in practice? How are firms fulfilling their protection duties and ensuring that customers are equipped to make informed choices? What is the role of the financial regulator (ombudsman) in protecting consumers, and what mechanisms are in place for that? How are consumers protected from emerging technologies such as Buy-Now Pay-Later, crypto currencies, digital banking, etc.?
Consumer’s trust in banks is an important dimension of his financial capability. The social responsibility of banks has been expressed in the concept of responsible lending and borrowing. Unethical lending takes place where the consumer does not have the capacity to repay without substantial hardship, or the creditor imposes excessive and unacceptably high costs or unfair contract terms. Consumer credit includes all activities that bring people into debt through commercial offers, irrespective of whether this is done in the form of loans, deferred payments, leasing, rent or any other legal form, and irrespective of whether payments are called interest or fees. <br> <br>How are vulnerable borrowers protected from potentially abusive lenders. This session is also about managing one’s loans and debts.
Financial literacy may be defined as the ability to make informed judgments and to take effective decisions regarding the use and management of money. It is a multi-dimensional concept, which requires both breadth and depth of knowledge. It’s about the individual’s financial knowledge and understanding, his financial skills and competence, and his financial responsibility. How complex can this be, and how behavioural economics play out in this context of personal and household finance?
To what extent do individuals and families understand risks around their daily lives? If risk understanding and risk management are part of financial literacy and financial success, what are the basic concepts and minimum measures a household should take when it comes to insurance? How can risk management enhance households’ financial security?
Fintech apps, whether for budgeting, payment, banking, investing or tracking daily spending, are starting to change people’s attitude towards managing their money. Clients are appreciating being able to keep tabs on their money in real time to initiate and complete transactions that would otherwise have involved a lot of hassle in the traditional face-to-face way. <br> <br> They can send and receive money, transfer money between accounts and to other people, set savings goals, check how they are spending, and monitor their spending styles. The landscape will further diversify as new propositions become increasingly popular with customers demanding digital-first solutions. Digital challengers have been steadily taking customers away from incumbent institutions for a few years. <br> <br> These digital tools offer a fresh approach to managing money. The question is how can we make a paradigm shift in accelerating the adoption of these tools across the Arab countries, especial among the informal sectors? What collaborations are required to accelerate that?
The importance of financial education in the workplace continues to grow as policy makers and stakeholders step up their attempts to increase the efficiency and effectiveness of their financial education and financial inclusion initiatives. Moreover, in the current context, working adults are constantly confronted with issues affecting their immediate and long-term financial resilience and well-being. <br> <br> What opportunities does workplace offer for financial education? How should workplace financial education be designed? The session will cover understanding the audience, identifying appropriate delivery mechanisms, creating or finding appropriate content, incentivising participation, evaluating outcomes and learning from the experiences of other existing schemes. Panellists will also discuss their experiences and provide practical advice on what policy makers, HR leaders and financial education providers could do to improve the financial literacy of employees.
What’re the local and global economies looking like today? How do individuals currently choose between stocks, bank deposits, retail bonds, REITs, life policies, mutual funds, ETFs and money market instruments? What are the characteristics of the ideal vehicles for household savings and investments? And how should those vehicles perform in terms of growth, safety and adequacy to their life journey?
How households can drive their finances and leverage a growth mindset to build their future success. What are the key principles of portfolio construction and management, including asset allocation, portfolio risk levels and governance, and how combining with factors you can control, such as reducing management costs, builds a more robust long-term financial plan?
Gender equality is a smart economy that contributes to reducing poverty and enhancing family’s financial flexibility of the fam. However, women in the Arab region as a whole contribute only 19% of the GDP, compared to a global average of 37%. The empowerment of women has an intrinsic value in itself, and effective development outcomes. Our countries have made great progress for women in education, health and jobs, but there are still challenges related to economic opportunities and women's financial and economic empowerment. <br> <br> What are the main challenges to women’s economic empowerment, and what are the best practices and pioneering initiatives regionally and globally to incentivize women’s active participation in the national economy? <br><br> Similarly, how are young entrepreneurs in the region financially empowered to establish and support successful projects? How can they access finance and new markets? Are there enough financial institutions and funds to lend to young people so that they can start businesses? How are these loan products designed and marketed, how easy/difficult is access to financing, and what are the most successful experiences in this domain?
Over the last two decades or so, there have been a few social banks and microfinance institutions in most Arab countries, e.g., (Al Khair Bank and Hope Fund in Bahrain), (Nasser Social Bank in Egypt), (Khalifa Fund and Rashid Fund in UAE), (social loans provided by Iraq’s Social Affairs Ministry), (Reyada Fund in Oman), (subsidies for youths’ startups in Morocco). These have been created to economically empower lower-income families and informal sector individuals to start or accelerate their small businesses. How well have these institutions and funds performed against their mandates, what success stories have emerged, and what more could they do? More importantly, how much households and the informal sectors understand about their workings and benefits?
Life insurance companies around the world and here in the MENA region have been providing pension savings within life insurance policies touting them as a lifetime income solution.<br><br> Where life insurance policies are mainly about protection, annuities are also offered by insurance companies as a guaranteed income in retirement, especially as people get closer to retirement when they need income to replace your paychecks. .<br><br> Although individual needs are different, people who buy annuities use them to cover fixed costs such as utilities, mortgage or rent, and other recurring obligations, and supplement other predictable sources of income like Social Security or pensions. .<br> <br> The session will discuss whether a life insurance policy or an annuity can be adequate as a stand-alone lifetime pension income, or these will often be limited to a supplementary purpose? .<br> How vital are they to retirement security? And how should they be considered in national/ household pension arrangements? .<br>
In a globally changing socio-economic environment, who is really responsible for the retirement security of the individual? The individual himself, his employer, or the state?
The term ‘public-private-partnership (PPP) describes synergistic interaction between the state and financial market. Instead of competing in the pension space, the public and private sectors collaborate, sharing responsibility and competence. <br><br> In a few parts of the world, state’s provision of social services such as healthcare, education and housing is seeing a socio-economic transition, with the state’s role gradually becoming one of a ‘regulator’ rather than a direct provider/ administrator. <br><br> In the pension space, this was reflected in the decreasing participation of the state’s operation in the statutory pension system, while simultaneously legislating for the development of private-sector run pension schemes to fill in the gap. <br><br> Through these partnerships, the public sector actually assigns parts of the mandatory pension arrangements to the private sector, making it a key partner in a wider national pension framework. <br><br> What could be the advantages and disadvantages of such a strategy, and how ready is the MENA region to make a real start in this direction to build a thriving pension industry?
Public pension funds have historically been suffering from chronic funding deficits, that was recently exacerbated by the Pandemic. And right now, they are facing the effects of inflation, which often means a double whammy of decreasing investment returns and increasing pension payouts. <br><br> After a prolonged era of cheap money and double-digit returns, the sharp spike in inflation to its 40-year high recently was a game changer. <br><br> For pension plans, with their long planning horizons and multi-decade liabilities, there are too many open-ended and unknowable risks. The immediate one is whether central banks are actually able to arrest the current inflationary spiral and ensure that inflation expectations remain anchored to their policy targets. <br><br> Furthermore, global macro and geopolitics are reshaping global economies and how we should monitor and manage risks. <br><br> How are pension asset allocators faring at such market environment while also managing liquidity? What dynamic risk-taking (beyond classical Asset Liability Management techniques) they may adopt to optimize the asset allocation for various asset classes? <br><br> How do they find opportunities and identify new asset classes and new asset allocation tools to inflation-proof their portfolios? <br><br> How do they manage funding in an era of higher and more volatile interest rates? <br><br> Furthermore, how should pension funds look at investing in China, private markets and most recently cash?
Technology is transforming our financial lives, with pensions no exception. What are the big trends on the horizon, and how can pension savers, pension organisations and providers prepare for the future? <br><br> With state pensions facing sustainability challenges, more people are educating themselves about their pension options considering their personal circumstances. <br> <br> As people live longer and as healthcare costs rise, many people's pension plans will fall short of providing them with a comfortable retirement. <br> <br> Challenges at the macro level are fed by issues at the micro level: People are ignoring their retirement and are putting off planning for it. <br><br> What opportunities could arise from these risks and challenges? How could pension organisations evolve from a ‘transaction’ role to an ‘engagement’ role with their members and beneficiaries? <br> <br> How can private pension providers address this market potential? What applications, technologies and user experiences do they need in place?
This panel will analyse regulatory challenges related to the implementation of Solvency-II in North Africa, with a focus on the impact on activities of insurance industry players and best practices for complying with regulatory requirements.
Traditionally, actuaries worked in life insurance, general insurance, pensions, investments, and employee benefits. Recently, banking seems like an ideal industry for actuaries to be able to help. Earlier banks used IAS 39 as an accounting standard for recognising and measuring financial instruments. It was replaced by IFRS 9, hence banks have shifted from the incurred loss model to the expected loss model. Actuaries are qualified to help with quantitative analysis of risk including building models, setting assumptions and then monitoring and updating them. Today, the banking sector in the region has a big gap in actuarial skills, whereas thousands of actuarial personnel are working Europe’s banking sector, for instance. Actuaries are financial engineers who are able to measure the impairment of financial assets, fair value, amortized cost, effective interest method, validation of risk management, advisory on investments, forex, commodities, capital planning and cost optimization. Apart from this, they also look at macroeconomic risks like interest rate, liquidity and ways of mitigating such risks. Additionally, they may boost banking product development by looking at and modelling risks differently in such a way to enhance business opportunities and customer offerings.
This panel will focus on the impact of digitalization on insurance operations and explore new opportunities for players. It will cover the collection and analysis of big data for the insurance sector and address issues related to the protection of personal data and confidentiality in this new context. The session will also cover data-driven operational risk management.
This panel will discuss the impact of IFRS 17 on the risk management and solvency of insurance companies in Arab markets. It will explore the financial implications of IFRS 17 and adaptations needed to ensure effective risk management. The panel will also discuss the specific challenges that Arab companies face when implementing IFRS 17, as well as best practices for complying with it. It will also highlight emerging opportunities for actuaries in this context.
With changing consumer habits, new insurance pricing methods are needed. This panel will discuss current pricing challenges, including the impact of new models of mobility, collaborative consumption and data sharing.
This panel will discuss the prospects and future trends of the actuary profession in Arab markets, taking into account recent developments such as the implementation of the ‘IFRS 17. It will discuss key skills for Arab actuaries to stay relevant and seize growing opportunities. These topics will allow Arab actuaries to discuss in depth the ramifications of IFRS 17 as well as the work opportunities available to them in the ever-changing Arab market.
This panel will discuss the possibilities offered by AI in the field of risk modeling and forecasting, as well as the new skills necessary for players in the sector to adapt to this technological development. The session will cover new technologies (such as AI and Chat GPT) that might impact the future of insurance industry.
What are the prevailing funding models for national healthcare systems in the region, and how’s this landscape shaping up? What are the challenges as well as the opportunities in this sector? What are the key parameters in cost modelling, and what success stories do we have around in the region or around the world?
With climate change posing new challenges in weather-related loss forecasting, this panel will explore the actuary's role in identifying and climate risk assessment, as well as the resulting innovative insurance solutions.
Pension, social insurance, and social security funds managed by government agencies across MENA region and around the world are plagued with chronic actuarial deficits for several years, if not decades. From an actuarial perspective, what is the extent of risks that might await such funds if the situation continues? Are there plausible and workable solutions? What ideas do actuaries offer to governments in this regard? Can the insurance/reinsurance industry be part of the solution?
Robin Pamentall
Age, as a rating factor for insurance products, is slowly losing its undisputed place as a leading rating factor. Some researchers view it as a disease with cause and effect; a treatable and reversable disease. If they are right, a correct measure of your biological age can be a better predictor of your health and might even replace chronological age completely.
As the frequency and severity of cyber events increases, 1he cyber insurance world is undergoing profound changes. Cybersecurity professionals must know what security changes are being required by cyber insurance companies, and why those changes require early communication and notification throughout their entire organization.
Speakers from: Central Bank of Tunisia, Banking & Financial Council Tunisia, Financial Integration Centre Tunisia, Tunisian Federation for Insurance Companies
How do we start rolling out financial literacy programs at a country level? What is the right and effective framework, and who are the main stakeholders for financial literacy in any country according to successful experiences in pioneering countries? What available help, if any, can countries get? How do local financial institutions play their role in Financial Literacy and Inclusion?
The digital financial landscape is constantly evolving and expanding with several types of financial apps and fintech services launched every month. What are the implications of these digital services for the financial literacy of consumers as well as for financial education policies and content. How developments in digital finance, including open finance, Robo Advisors, crypto-assets and Central Bank Digital Currencies (CBDCs), are influencing financial literacy policy and the needs for digital financial literacy in the population, including among young people and adults. What are the most important aspects affecting financial consumers, and how do we enhance their protection in this era of nearly 100% digital financial services?
Financial education and behavioural biases play an important role in shaping the way we make financial decisions. Developments in the financial sector, including the growing spread of digital financial service and the increasing use of digital tools to support financial decision-making, provide new opportunities for addressing behavioural biases but may also exacerbate some of them. How much does our knowledge of behavioural economics help us make better informed decisions in our personal finance space? What should we know in this domain, and how we can enhance public awareness on behaviourial finance?
The working world has changed. A university education used to guarantee a long‐term job in a large company. Not anymore. Today, large companies are disappearing. Employment opportunities are short‐term. Most people in tomorrow’s working world will find employment filling niche gaps, providing goods and services. People who are unprepared for that reality will be unable to provide for themselves. They will need to think like entrepreneurs. What financial literacy elements and skills are needed to infuse and inspire entrepreneurship in today’s generation, especially the youths segment, and how entrepreneurship can be integrated as a core part of financial literacy?
Building an investment portfolio is an advanced and significant part of a successful personal finance. Building a portfolio is sort of like building a house. You want a design that you will be happy with and that meets your family’s needs. You’ll need to use a wide variety of materials. And what counts isn’t just the quality of those materials but also how they work together. Personal finance is personal and must be taught with the lived experience in the forefront. When individuals are able to identify areas within their own life goals and interests, then they have a much greater buy-in to the learning process. How simple or complex is it to create an investment portfolio and build a robust personal finance?
To what extent have Arab's financial inclusion efforts been inclusive and value adding to local communities so far? Are there any evaluation and monitoring mechanisms? How can financial inclusion endeavors and programs become more socially and economically meaningful in coming years?
Enhancing financial inclusion through policies, regulations and national strategy Questioning effective policies, regulatory framework and national strategy Bridging the regulatory gap for sustainable inclusion.
To what extent are decision-makers at the high levels in Arab countries are putting people’s financial resilience at the top of their agenda. Is financial resilience a matter of national urgency for policy-makers (such as the ministers of finance and ministers of social affairs) in the Arab world and how committed are they? Join the discussion to hear what the household financial safety net of the future needs to look like in in Arab communities that are facing an increasingly unpredictable set of challenges.
How are the concenred government ministries and financial empowerment agencies in the Arab world fundamentally reshaping how benefits are delivered to local people to build financial resilience. What are the policies, programs and existing partnerships that are supporting households’ financial resilience and its governance. Arab officials will be invited to share their plans on how they are modernising public benefits delivery, and highlight new opportunities for partnership between government agencies to improve financial resilience, and set forth a vision for how public benefits are delivered in the coming years.
Profound impacts of climate change on poverty, malnutrition and other health issues, gender inequalities, and forced migration are acknowledged globally. With a focus extending beyond green initiatives, this session aims to explore holistic banking strategies that integrate environmental, social, and corporate governance (ESG); shedding light on how financial institutions can drive decarbonization efforts and foster resilient, sustainable futures.
Gender equality is a smart economy that contributes to reducing poverty and enhancing family's financial flexibility of the fam. However, women in the Arab region as a whole contribute only 19% of the GDP, compared to a global average of 37%. The empowerment of women has an intrinsic value in itself, and effective development outcomes. Our countries have made great progress for women in education, health and jobs, but there are still challenges related to economic opportunities and women's financial and economic empowerment. What are the main challenges to women's economic empowerment, and what are the best practices and pioneering initiatives regionally and globally to incentivize women's active participation in the national economy? Similarly, how are young entrepreneurs in the region financially empowered to establish and support successful projects? How can they access finance and new markets' Are there enough financial institutions and funds to lend to young people so that they can start businesses? How are these loan products designed and marketed, how easy/difficult is access to financing, and what are the most successful experiences in this domain?
The health protection gap refers to the financial burden faced by households, including uninsured healthcare costs and avoidance of costly medical treatments. The gap is expected to worsen with the trend of increasing longevity and ageing populations. Based on PwC’s Insurance 2025 and Beyond, the global protection gap is estimated to widen to US$1.86tn by 2025. What are the Risks and Opportunities triggering reforms in national healthcare systems? What are the expected Outcomes? What have been the implications for the insurance industry?
The main goals of health-care systems are to improve the health of the population they serve, respond to people’s legitimate expectations, and offer fair financing. Enjoying the highest attainable standard of health is one of the key universal human rights, and the sustainable development goals focus on ensuring health for all.
In the last 100 years or so, citizens in almost all Arab countries benefited from complete health services free of charge. However, in recent years, most of these countries have begun to establish new frameworks for providing and operating their national health sector. Fundamentally, the new arrangements included the shift to new financing models.
The current problems and actuarial forecasts of pressures and costs on public healthcare systems have resulted in establishing mandatory and voluntary healthcare insurance funds and the implementation of the Universal Health Insurance (UHI) in some Arab countries. How are these new schemes rolled out locally and how’s take-up doing? What considerations go in their pricing methodologies? How is the local insurance industry reacting to the increased privatisation of health services? On the other hand, how the implementation of new public insurance scheme will change the performance of morbidity, longevity, the quality of medical services provided by country’s healthcare system.
Health insurance is among the fastest growing industries globally, and the COVID-19 pandemic further accelerated its growth in the past three years. The pandemic has also driven health awareness among consumers and accelerated digital adoption and the evolution of healthcare ecosystems, allowing insurers to reinvent their business models to adapt to the rapidly evolving industry.
Jessica Mosher
The rising demand for health insurance can be attributed to the efforts of the new-age insurers to expand insurance accessibility, enhancing simplicity and transparency. This has led to the adoption of disruptive technologies to stay ahead of the competition, from underwriting to risk analysis, digitalisation has taken over many insurance processes.
Health insurance is a highly regulated business both by insurance and, somehow, health services regulators. Both have their strong regulatory agendas, and both as well as the industry agree that the growing protection gap in health provisions is a concern. Insurers and governments are under pressure to absorb increasing healthcare expenditures.
Demographic changes, in particular increasing life expectancy combined with a declining birth rate, which affect a large number of countries, are among the most important drivers in the health sector’s rising costs. This is even more evident in the field of long-term care and ageing-related diseases. This session will specifically address the size of financial costs and proportional capacity consumed by healthcare for the elderly within national health systems, and how health insurance systems are adapting and coping with these insurance risks.
The world is seeing new models for digital distribution of health insurance in a post-pandemic world. Insurers are increasingly looking at partnerships as a solution to integrate their services into ecosystems and improve customer experience. They are looking to have interventions with customers long before a claim is made, and offering services that integrate into a customer’s lifestyle.
What are the likely risks health insurers could face in their business operations? How do health insurers assess risk, and how is technology changing that? What are they doing about protecting customer data privacy, data management, cyber-security, and governance?
This session will focus on how Data, AI, machine learning and medical wearables are reshaping healthcare management, operations and user experience. Underwriting is significantly revolutionised by AI, analytics, and where dynamic pricing is enabled by automation.
Simply put, health literacy is about how we receive, interpret and act on health information. It’s a life skill, if you like. And because we all need to live a healthy life for us and our loved ones, that life skill is so essential.
Health claims contain a wealth of information that can be turned into valuable insights for insurers. The potential of analytics in this domain goes beyond claims management, helping the industry reduce fraud and make healthcare payments more transparent.
Obesity is one of most significant and fastest growing risks facing entities providing health insurance. Globally, obesity has tripled in just the last 45 years and consistently ranks as one of the top risks of mortality and morbidity. It has also emerged as one of the leading risk factors for severe cases of COVID-19. While the sharply increasing rate of obesity first occurred in wealthier nations, it has now become a global pandemic as public health strategies and other efforts to reverse this trend have largely been ineffective.
The COVID-19 pandemic has brought new challenges for the entire health sector worldwide. Health insurance companies did not have any cover expenses relative to pandemic diseases. They used protective clauses since the risk was too complex as well as high. The pandemic forced some insurers to study future coverages for that hand of risks to estimate the associated costs of medical treatments for future pandemics, using the last COVID outbreak as a good example.
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