Lahore, June 28, 2019 (PPI-OT): Chinese styled reforms in Insurance sector could prove to be a quantum leap in the economic mobility of Pakistan. It was observed by a think tank meeting of Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) held today in chair with Mr. Shah Faisal Afridi, President PCJCCI. The meeting, which was also attended by Mr. Ahmad Hasnain, Senior Vice President and Mr. Salahuddin Hanif, Secretary General of the chamber, proposed to introduce Chinese contemporary ideas in Insurance Sector.
Chamber Chief Mr. Shah Faisal Afridi, while addressing the meeting, informed that according to financial statistics, the phenomenal growth of Pakistani life insurance companies was being maintained at 54% and 71% in terms of net premiums and assets. Pakistan Insurance Industry Contribution to GDP is 0.24% which is abysmally low, he said and observed that Pakistani Insurance Sector had great potential especially in the wake of forthcoming 2nd phase of CPEC labour and projects.
Mr. Ahmed Hasnain, Senior Vice President PCJCCI, stressed on the need of investment in Islamic Insurance. He said, the concept of Islamic Insurance should be flourished to cover up a vast room available in the area of Islamic insurance. There is an urgent need on the part of government and concerned authorities to take effective measures to boost up Islamic Insurance business to cater true needs of people, he asserted.
Mr. Salahuddin Hanif, General Secretary PCJCCI observed that the policy environment for Chinese companies in the insurance business in Pakistan was very conducive, as the government of Pakistan was eager to overcome the inefficiencies and flaws of the sector. He said that by attracting investment of Chinese insurance companies, Pakistan will be able to boost a dependable economic activity in insurance sector. PCJCCI decided to extend the fullest support to the Chinese companies in introducing the Pakistan insurance policies for managing and indemnifying financial risks.
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