LAHORE: Lahore Insurance Institute organised a one-day international conference on the topic of “Increasing Insurance Penetration in Pakistan” at a local Hotel in Lahore.
Advisor to Chief Minister Rana Muhammad Arshad was the chief guest on the occasion.
The conference was attended by delegates from Australia, UK, and China.
Rana Arshad appreciated the institute on their efforts to increase insurance awareness among masses. He emphasised on insurance companies to take full advantage of CPEC development and enhance their technical capabilities. He emphasised on government’s resolve for economic development and support to insurance sector in particular.
The conference was attended by IAP Chairman executive Committee Rahat Sadiq, Alafalah CEO Insurance Nasar Samad Qureshi , EFU Senior Deputy Managing Director Qambar Hamid , IGI Insurance CEO Tahir Masaud , Punjab Health Management Company CEO Zaheer Malik, EFU Executive Director Satwat Butt EFU, Unison Australia’s Darren Smith, EFT capital UK’s Shahid Mahmood and many other notable business personalities.
Pakistan has one of the lowest insurance penetration in the region, which is less than 1% of the GDP. Speakers emphasised on the need of enforcement of third party motor insurance, which is a mandatory requirement as per motor vehicles act.
LII Chairman Muhammad Hisham appreciated government’s initiative of health insurance schemes; however, he urged the government to involve the private sector in these schemes, enforce motor third party insurance and allocate resources for human resource development in the insurance sector.
Senior insurance veteran Ishaq Khan emphasised that revenues from federal insurance fee collected on every insurance policy should be spent on development of insurance sector.
Role of IT was also discussed in detail in the conference, and speakers discussed changing landscape of insurance world and new channels of distribution.
