KARACHI: Caretaker Sindh Chief Minister former Justice Maqbool Baqar has said that the creation of Sindh Insurance Ltd is a significant milestone and its mission is to provide insurance coverage for provincial government properties, crop insurance, and other relevant areas.
“This initiative is groundbreaking, as it makes Sindh the first province in Pakistan to establish its own insurance company. This development serves as a model for other provinces to follow to improve financial protection and resilience.”
This he said while speaking at the closing ceremony of the International Insure Impact Conference (IIC), organised by SECP here at a local hotel. Chairman SECP, Akif Saeed, Commissioners of SECP, and others were present.
The CM congratulated SECP for organising the highly successful International Insure Impact Conference. “This conference [on insurance] has been truly impressive, uniting experts in the field, insurance industry participants, and international specialists all in one place,” he said and added that the valuable insights and passion shared during this event have the potential to shape the future of the insurance industry in Pakistan.
The insurance serves as a financial cushion in case of unforeseen circumstances and eases concerns about potential risks, enabling people to concentrate on recuperating and reconstructing, the CM said and added that regardless of whether it was for vehicle, residence, well-being, or enterprise, insurance was crucial in guaranteeing that one didn’t have to face unexpected financial hurdles alone.
He said that his government could work more closely with the SECP and the insurance industry to improve the availability of crop and livestock insurance and develop a plan for the introduction of disaster risk insurance in the province.
“It is also important for the government to cooperate with developmental and donor organisations to provide guidance and assistance in creating a climate-resilient environment and devising a disaster risk financing strategy that prioritises insurance as a critical component,” he said and added that a comprehensive study on third-party liability motor insurance was commendable.
Copyright Business Recorder, 2023
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