Punjab launches first provincial general insurance company

Punjab has become the first province in Pakistan to launch a general insurance company, with a summary for its establishment sent to the provincial cabinet for approval.

As per media reports, chairing a meeting on the Punjab General Insurance Company, Chief Minister Maryam Nawaz Sharif directed officials to prepare a comprehensive health insurance policy plan aimed at allowing citizens to seek treatment at healthcare facilities of their choice.

According to an official statement, the chief minister also instructed authorities to include the private sector in the insurance framework and ensure the provision of required infrastructure and resources.

Officials briefed the meeting that the Punjab Life Insurance Company was moving ahead to manage the chief minister’s health initiatives and the Sehat Sahulat Programme.

Participants were informed that the Punjab Life Insurance Company had secured registration with the Securities and Exchange Commission of Pakistan in what was described as the fastest registration process in the country’s history.

The meeting was told that the company would introduce specialised insurance plans for family breadwinners, women, transgender persons, farmers, students and overseas Pakistanis.

Officials said the company would provide financial protection to citizens across different income groups through products including health coverage for underprivileged communities, pension products, natural disaster coverage and Shariah-compliant Takaful services.

A committee was also formed under the supervision of the finance department to oversee insurance-related matters of government institutions, excluding life insurance.

During the briefing, officials presented the company’s business plan and discussed the approval process for the initiative.