Affordable, modern insurance solutions key to an 'Insured Pakistan': FinMin

February 12, 2025 (MLN): Affordable and efficient insurance solutions are essential for building an "insured Pakistan," as the country requires modern approaches to life, health, and general insurance.

This was stated by Finance Minister Muhammad Aurangzeb while virtually addressing the “InsureImpact” conference organized by the Securities and Exchange Commission of Pakistan (SECP) in Karachi.

The government has no role in business, emphasizing that its responsibility is solely to provide a clear policy framework and ensure policy continuity, he added.

"Climate change discussions at this conference are a great step forward because they play a crucial role in shaping the insurance sector," he noted.

He also suggested privatizing public-sector insurance firms that continue to operate at a loss, according to the press release issued today.

"If state-owned insurance companies are in deficit, they should be handed over to the private sector," Aurangzeb stated.

The minister reiterated that the government’s role is to provide policy frameworks and facilitate businesses rather than engage in trade itself.

"Our focus is to create a conducive environment for the private sector to thrive," he added.

He said the government has also engaged with the business community to seek recommendations for the next year's fiscal budget.

The finance minister said the country has achieved macroeconomic stability over the last year.

He mentioned that Pakistan has received positive feedback from the IMF regarding its macroeconomic performance.

He said that during a meeting with the Prime Minister, the Managing Director of the IMF also praised Pakistan's reform-based program.

Emphasizing innovation in the insurance sector, the finance minister said insurance entities in the private sector will also be privatized.

He said a recommendation to this effect has been ratified by the federal cabinet.

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