September 10, 2018 (MLN): Pakistan Economy Watch (PEW), on Sunday 9th September, made quite a splash by stating that CPEC would be an opportunity to revitalize the insurance industry of Pakistan as massive foreign funds under CPEC had started to flow into the economy.
Although insurance of infrastructure projects is not a usual norm in Pakistan, it is hoped that Chinese will insure each and every project during its construction as well as operational phase, further boosting the insurance sector.
The government had recently taken steps to enhance insurance penetration by initiating the National Finance Inclusion Scheme (NFIS) with the stated vision that “individuals and firms can access and use a range of quality payments, savings, credit and insurance services which meet their needs with dignity and fairness.”
President PEW, Dr. Murtaza Mughal stated that in order to benefit properly from CPEC, the insurance industry will have to further invest in up gradation, human resource development, innovation and improved teamwork in their frameworks.
He highlighted on the possibility that insurance industry would have to prepare for major changes as CPEC is likely to contribute to an unprecedented growth of the insurance industry as it generates numerous business activities around the country.
The insurance sector will also need to introduce new products and further improve its working to match global standards. It should also be able to tackle the opportunities and challenges resulting out of the massive China-Pakistan Economic Corridor (CPEC) project, he added.
He further pressed on the need to create awareness among local masses and the business community regarding the benefits of insurance to strengthen the economy.
He also emphasized on government’s role in the promotion of insurance and general business environment, which could cater to the needs of the locals and help compete with the other nations.
In the context of the current situation, the insurance industry had assumed significant proportions and it must be able to solve the complex matters, which will help it grow significantly.
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