NA Body Focuses On Major Reforms In NICL, PAKRe

Pakistan's National Insurance Company Limited (NICL) and Pakistan Reinsurance Company Limited (PAKRe) on Friday set for major reforms as Commerce Committee pushed for stronger role of private sector and enhanced public relief

ISLAMABAD, (UrduPoint / Pakistan Point News - 29th Nov, 2024) Pakistan's National Insurance Company Limited (NICL) and Pakistan Reinsurance Company Limited (PAKRe) on Friday set for major reforms as Commerce Committee pushed for stronger role of private sector and enhanced public relief.

The meeting of the National Assembly Standing Committee on Commerce, held the Parliament House here Friday, under the Chairmanship of Muhammad Jawed Hanif Khan, MNA, focused on pivotal reforms within Pakistan's National Insurance Company Limited (NICL) and Pakistan Reinsurance Company Limited (PAKRe), with an emphasis on strengthening their role in the private sector and expanding public relief efforts.

The Committee reviewed NICL's strategic plans to amend its legal framework, enabling the corporation to broaden its services and provide greater benefits to the public.

The CEO of NICL provided insights into the Company's solid financial standing, including its retained earnings and the ability to contribute dividends to the government. In light of this, the Committee stressed the importance of NICL's expansion into the private sector to bring more affordable and accessible insurance products to the general public.

Similarly, the PAKRe highlighted its significant progress in underwriting profits and a strong investment portfolio, while also emphasizing the need for enhanced private sector participation to foster competition and innovation in the reinsurance industry.

The Committee discussed how these reforms could ultimately lead to more efficient services and better coverage for the public, particularly in climate risk and health insurance.

The Chair also advocated for the expansion of public-private partnerships (PPPs), suggesting that these partnerships could be key to addressing the nation’s growing need for affordable insurance and sustainable relief programs. The Committee members agreed that collaboration between the state and private companies will ensure better services and more accessible relief for the general public, especially in times of crisis.

The Committee expressed commitment to pursuing reforms that not only support NICL and PAKRe's growth but also contribute to a more inclusive and relief-oriented insurance framework for Pakistan’s citizens.

The meeting was attended by MNAs, Farhan Chishti, Gul Asghar Khan, Ms. Tahira Aurangzeb and Ms. Kiran Haider in person whereas, Dr. Mirza Ikhtiar Baig, MNA attended the meeting virtually. The Minister for Commerce and other senior officers from the Ministry of Commerce, NICL and PakRe were also present in the meeting.