Commerce Minister credits key insurance companies for Pakistan's sector growth

January 26, 2024 (MLN): Insurance companies, namely, State Life Insurance Company, National Insurance Company, and Pakistan Reinsurance Company have been an engine of growth for the performance of the insurance industry in Pakistan, the minister for commerce, Dr. Gohar Ejaz stated during a meeting chaired by the Finance Minister.

According to a press release, the meeting was also attended by the Minister for IT & Telecom, Deputy Chairman planning commission and Secretary SIFC, Secretary Commerce, Chairman FBR, Special Secretary Commerce, Chairman SECP, Chief Executive Officers of the three public sector companies.

Dr. Ejaz informed the meeting that Pakistan's public-sector insurance companies, namely, State Life Insurance Company, National Insurance Company and Pakistan Reinsurance Company, have been an engine of growth for the performance of insurance industry in Pakistan.

The Minister informed the meeting that these companies manage around Rs2 trillion of funds and have established themselves as pillars of financial stability and innovation.

“These are the best of the State-owned enterprises in Pakistan. Over the years, they have consistently demonstrated their ability to navigate economic cycles, maintain financial stability, and adapt to evolving market conditions.” said Dr. Ejaz while talking with the media.

He said that these companies have been at the forefront of expanding insurance coverage to underserved segments of the population, particularly in rural areas.

He further said that public sector insurance companies have played a pivotal role in supporting Pakistan's economic growth by providing risk mitigation solutions to businesses and infrastructure projects.

“These companies have outperformed their counterparts in the private sector and their performance is a benchmark for others.” said the Minister.

He stressed that as Pakistan's economy continues to grow and the insurance sector expands, public sector insurance companies are poised to play an even more significant role in shaping the future of financial protection and driving sustainable economic growth.

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