President Dr. Arif Alvi has stressed the need for launching insurance products at the national level and wherever possible by looping in an international insurance system for crop and property insurance to safeguard the livelihood and property losses of the victims of manmade or natural calamities.
According to him, increased confidence of the people in the insurance industry will catalyze fast-track development and progress of the country. The President called upon the government and the private sector to focus on developing insurance products for life, business, property, and crop insurance with user-friendly interfaces and propagate its importance for wider dissemination.
Presently, the insurance services and mutual funds industry do not have much share in the national economy because of a lack of knowledge, poverty as well as an absence of government backing to this important sector of overall national life. The idea of life insurance is less popular in the conservative segment of society.
In fact, insurance companies create a risk-sharing mechanism, which provides them a poll of mutual funds to provide relief to their customers in case of accidents, sudden death, fatal disease, health coverage, or support in case of damage or destruction of insured property, vehicles, or other assets. The insurance and mutual funds industry plays an important role in the economies across the world, while Pakistan needs to expand this important sector through public awareness campaigns, legal facilitation, and provision of necessary infrastructure so the public and businesses can flourish through this unique risk-sharing recipe.
