Insurance Industry Plays Import Part In Country's Development

Insurance industry plays import part in country's development

RAWALPINDI, (UrduPoint / Pakistan Point News - 19th Jan, 2020 ) :Chairman United International Group Mian Shahid on Sunday said Insurance industry played an import part in country's economy and development.

In a statement issued by Pakistan Credit Rating Agency (PACRA) the Chairman said United Insurance Company (UIC) is one of the leading players in the insurance industry with a balanced portfolio and strong profitability representing all segment of the insurance industry.

He said savings alone are not enough to achieve financial freedom therefore insuring life and assets is equally important.

A general insurance company offers insurance policies to secure health, travel, motor vehicle, home and business which can help policy holder in case of an unexpected incident, he added.

Mian Shahid said insurance works on the principle of transfer of financial risk from the insured to the insurer which results to reduce financial burden on shoulder of a policy holder in case of an unforeseen event, he added.

He said family is the most important asset for anyone therefore it is very important to completely secure family to face any emergency.

He further said none of us could see the future or predetermine the future events and with insurance in place, any financial stress would be taken care of, and the policyholder could focus on other important things like recovery.

Having insurance offers financial security and complete peace of mind which is a priceless thing in these difficult times, he said.