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José Piñera Honored by International Insurance Society with "Founders
Award"
Architect of Chile's privatized pension system "has made a major contribution"
July 19, 1999
José Piñera, co-chairman of the Cato Institute's Project
on Social Security Privatization, has received the insurance industry's top
honor for his work in creating Chile's successful private pension system and
for his efforts in promoting privatization of state-run retirement systems around
the world. The International Insurance Society presented Piñera with its
Founders Award Gold Medal for Excellence on July 12 at its annual meeting in
Berlin, Germany. Ironically, Berlin is the city where German Chancellor Otto
von Bismarck created the world's first state-run, tax-based social security
system in the 19th century.
John P. Meyerholz, president and CEO of the International Insurance
Society, said that the Chilean system created by Piñera "was a pioneering
private system and is now widely studied and copied as a model around the world.
That system has proved successful not only for Chileans but has provided significant
economic benefits to Chile's economy." The Society noted in a statement that
"because it improved the functioning of both the capital and labor markets of
Chile, Social Security privatization has been one of the key reforms that has
pushed the growth rate of that economy upward from a historical three percent
a year to seven percent in the past 12 years. Further, the Chilean savings rate
has increased to 25 percent of GNP since reform was undertaken."
Piñera has served as co-chairman of the Cato Project on
Social Security Privatization since its launch in August, 1995. He was one of
a handful of experts chosen to discuss the issue at a White House conference
on Social Security last December and has spoken on the subject all over the
world. He also serves as president of the International Center for Pension Reform,
based in Santiago, Chile.
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