ISLAMABAD: Pakistan Minister for Commerce, Industry, Investment, and Interior Dr. Gohar Ejaz on Thursday participated in a meeting chaired by the finance minister to discuss insurance industry reforms in Pakistan.
The session included the Minister for IT & Telecom, Deputy Chairman Planning Commission, Secretary SIFC, Secretary Commerce, Chairman FBR, Special Secretary Commerce, Chairman SECP, and CEOs of the three public-sector insurance companies.
During the meeting, the Commerce Minister Dr. Ejaz highlighted the substantial contribution of Pakistan’s public-sector insurance entities, namely State Life Insurance Company, National Insurance Company, and Pakistan Reinsurance Company, as vital drivers of growth in the national insurance sector. He said that managing approximately Rs. 2 trillion in funds, these companies have established themselves as pillars of financial stability and innovation.
Addressing the media, the Minister emphasized the outstanding performance of these state-owned enterprises, navigating economic cycles, maintaining financial stability, and adapting to changing market conditions over the years. He lauded their role in extending insurance coverage to underserved segments, particularly in rural areas, and supporting economic growth by providing risk mitigation solutions to businesses and infrastructure projects.
Dr. Ejaz said that the public sector insurance companies have surpassed their private sector counterparts, serving as benchmarks for performance. He stressed that as Pakistan’s economy continues to expand and the insurance sector grows, these entities are well-positioned to play a more significant role in shaping the future of financial protection and fostering sustainable economic growth.
