Libyan Center for Research and Actuarial Studies

About Actuarial Studies:

          Actuarial studies are important science for the study of insurance systems and social insurance. They set well-studied assumptions that vision the future of security systems and continue to distribute the benefits of the insured persons. These studies end with recommendations that correct the alteration to reduce any negative impact that leads to ensuring sustainability to meet future obligations towards the insured and retirees.

The Libyan Center for Research and Actuarial Studies:

In view of the importance of actuarial studies, the Chairman of the Board and the CEO of the Social Security Fund issued Resolution No. (197) for the year 2014 regarding the establishment of the Libyan Center for Actuarial studies and Researches which is the first specialized center in the field of actuarial studies at the level of the Libyan state. It is a research institution that enjoys legal personality and financial independence where the Libyan Social Security Fund Administration supervises its activity.

The center seeks to predict, through actuarial science, the future risks that may be exposed to the Libyan social security system and contribute to the development of future plans that enable the fund to avoid the damages of those risks represented in the inability of the social security system to provide its services in the future. The center also seeks to assist Fund’s decision makers by providing them with all the information, guidance and studies that they may need while making their decisions.

The center works to provide all statistics and periodic reports to the Social Security Fund. The goal of the center is to go beyond the Social Security Fund domain to reach the other state’s institutions as an investment to maximize the Fund’s revenues. In addition, conducting feasibility studies for designing or modifying social security systems and their investments. The center also set surveys to determine general trends towards services provided by various institutions and ways to develop those services and to identify Libyans’ trends on political, social and economic levels.

Our vision:

To build an actuarial system that makes actuarial studies a reliable and basic source for making strategic decisions and emphasizing the research capability to amend all related problems.

Our mission:

To provide distinguished and innovative services in the field of actuarial studies, consultancy and scientific research for the Social Security Fund in response to the urging need for these services among financial institutions and companies in the investment sector.

Our Specialties:

1. Create a large statistical database on the: contributors, retirees and their families, revenues and expenses, the input and output of retirees, the reasons for retirement, the probability of death, disability rates, the rate of return on investment, inflation rates and other requirements of actuarial studies.
2. Implementing actuarial studies and cooperating with qualified institutions and experts in the field of actuarial studies to benefit from their expertise in this field.
3. Implementation of field research to study the social, economic and demographic phenomena affecting the function of the Social Security Fund.
4. Training Libyan cadres specialized in the field of actuarial studies and localizing the actuarial science.
5. Creating investment opportunities for the Libyan Social Security Fund through:

• Implementation of actuarial studies on demand for insurance, financial and investment institutions.
• Conducting evaluative research for departments in Libyan institutions and provide means to develop them.
• Conducting surveys for governmental and non-governmental institutions.

Our activities:

The center established the following studies:

• Evaluation of the institutional performance of the Libyan Social Security Fund.
• The Libyan Social Security Fund: Reality and Challenges.
• The informal economy and its impact on the function of the Social Security Fund.
• Studying the attitude of retirees towards the service provided to them by the Social Security Fund.
• Libyan economic indicators on unemployment, gross domestic product, and security expenses.
• Small and medium enterprises and the reduction of unemployment.
• The data and indicators required for the actuarial study.
• Quality of data, statistical indicators and reporting requirements.
• Readings of the Social Security Fund, Tripoli Branch, 2005-2014.
• The percentage of completion of the national number for the year 2015 and a survey on the possibility of raising the retirement age.
• A workshop namely; the actuarial study of the Social Security Fund between theory and practice.

  Current and future plans:

1. Preparing the database for the actuarial study.
2. Qualification of cadres specialized in the field of actuarial studies.
3. Preparing a pamphlet entitled Libyan Social Security in numbers 2009-2014.
4. Report on the social security activity 2010-2015.
5. Determining the sufficiency level for pensioners in the Social Security Fund.
6. Analyzing the external and internal environment of the Social Security Fund to find out the strengths and weaknesses.
7. Voluntary retirement and its effect on contributions collected.
8. A study entitled Rehabilitation of Contractors for the Execution of Investment and Service Projects for the Social Security Fund.

The center’s participations:

1. The Fifth International Conference of Arab Statisticians, Cairo – Egypt, February 9-10, 2016.
2. Presentation of the summary of the study of evaluating the institutional performance of the Social Security Fund, east of Benghazi branch, March 10, 2016.
3. Actuarial Studies in the Social Security Service, Beirut – Lebanon from 25-27 April 2016.
4. Technical Forum on Reforms of Pension and Illness Insurance Systems in North Africa and Middle East Countries, Hammamet, Tunisia, 12-13 July 2016.
5. Social insurance for workers in the agricultural sector and the informal economy, Beirut – Lebanon from 4-6 October 2016.
6. Fund leadership meeting, Sousse – Libya October 29-30, 2015.
7. Presentation of the institutional performance evaluation study for the Social Security Fund, west of Benghazi branch, October 9, 2016.
8. Forum of the Registration, Inspection and Contributions Department with the corresponding inspection departments in the branches, Sousse – Libya from 3-4 April 2016.
9. Conditions for preparing reports at the Leaders’ Meeting Forum, Benghazi – Libya 24-25 October 2016.