Karachi: FPCCI Standing Committee on Insurance and Lahore Insurance Institute (LII) jointly organized an international online seminar titled, “Impact of COVID 19 on Insurance Sector – Opportunities and Challenges”?
The webinar was attended by over 100 participants from the insurance sector and the business community of the country. Dr Murtaza Mughal, Convener FPCCI Central Standing Committee on Insurance inaugurated the seminar and welcomed the participants and appreciated the initiative of LII in organizing the event.
Speaking at the occasion, Chief Guest Mr John Thorpe, Senior Vice President, Guy Carpenter Insurance Brokers explained the impact of the pandemic on insurance sector, global reinsurance markets and insurance products like travel, health and business continuity insurance.
Mian Zahid Hussain, Guest of Honour and former provincial minister in his address stressed upon close coordination among business community. He expressed dissatisfaction over low insurance penetration in the country and assured of full support in this regard.
Muhammad Hisham, Chairman Lahore Insurance Institute briefed the participants about business interruption insurance and its importance in catastrophic events like recent rains in Karachi.
He called upon UNDP to include Pakistan in the list of counties for the proposed Pandemic Insurance Pool for SMEs of 13 developing countries in which Pakistan has not yet been included. He also stressed upon the government to create unemployment insurance pool as prevalent in the developing world.
Mr Assad ur Rehman, CEO, Unique Insurance Brokers stressed on the need to develop innovative insurance products and embracing technology. He also requested FPCCI to play its role along with IAP in reducing heavy taxes on the struggling insurance sector.
Dr Murtaza Mughal said that the extraordinary times have opened up unique opportunities and underscored the need for risk cover at all levels of society. Nowadays, the most common emotion being faced by each one of us is fear making us anxious and panicky.
Presently there is no cure for COVID-19 hence it is natural to feel anxious, he said, adding that health issues go hand in hand with financial issues, therefore, it is important to focus on financial immunity for turbulent times. Health insurance is critical to ensure financial immunity to avoid disruptions in the life and finances of a person.