Moot discusses impact of insurance on Pakistan’s economy

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LAHORE: Lahore Insurance Institute organized a one-day international conference on “Impact of Insurance on Pakistan’s Economy” at a local hotel in Lahore.

The conference was attended by IAP Chairman and Alafalah Insurance CEO Nasar Samad Qureshi, EFU Senior Deputy Managing Director Qmabar Hamid, IGI Insurance CEO Tahir Masaud, United Insurance CEO Rahad Sadiq, KFW Bank’s Dr Masuma Zaidi, EFU Executive Director Satwat Butt, Unison Australia’s Darren Smith, EFT Capital UK’s Shahid Mahmood and other notable business personalities.

IAP Chairman Nasar Samad Qureshi appreciated the institute for its efforts to increase insurance awareness among the masses. He emphasised that the insurance companies should take full advantage of China-Pakistan Economic Corridor (CPEC) developments and enhance their technical capabilities. He also highlighted the government’s vision for economic development and its resolve to support the insurance sector in particular.

Qureshi suggested that revenues from the federal insurance fee collected on every insurance policy should be spent on the development of the insurance sector.

LII Chairman Muhammad Hisham on the occasion appreciated the government’s initiative of health insurance schemes and also urged the government to involve the private sector in these schemes, enforce third party motor vehicle insurance and allocate resources for human resource development in the insurance sector.

The audience during the conference was informed that the insurance sector in Pakistan generates a premium of over Rs280 billion per annum while over Rs18 billion are deposited as tax to the national exchequer. It also employs over 17,000 people.

The speakers emphasised on the need for enforcement of a third-party motor insurance which is a mandatory requirement as per the motor vehicles act. The initiatives of the World Bank on crop insurance were also discussed during the conference.

The role of information technology was deliberated in detail during the conference and the speakers also talked about the changing landscape of the insurance world and new channels of distribution.