Economic Development Foremost Agenda Of Present Govt: Advisor

Special Advisor to Chief Minister, Rana Muhammad Arshad has said that economic development is the foremost agenda of present government

LAHORE, (UrduPoint / Pakistan Point News - 13th Dec, 2017 ) :Special Advisor to Chief Minister, Rana Muhammad Arshad has said that economic development is the foremost agenda of present government. He stated this while addressing the International Insurance Conference, here on Wednesday.

Chairman LII Muhammad Hashim, CEO United Insurance/Chairman IAP Muhammad Rahat Sadiq, CEO Alfalah Insurance Nasar-us-Samad Qureshi, CEO Punjab Health Initiative Management Company Zaheer Abbas Malik, Head of Commercial Adamjee Insurance Ahmad Shoaib, Past Chairman LII highlighted the importance of increasing insurance penetration in Pakistan's Insurance sector.

Rana Muhammad Arshad said, "Economy is growing at pace of around 5.5% per annum and I congratulate Chairman Muhammad Hisham and Council of Lahore Institute on successful organization of International Insurance Conference today on a very important topic of Increasing Insurance penetration in Pakistan." He said, "Pakistan's economy is growing at pace of around 5.5% per annum.

CPEC has opened new avenues of opportunity for our country and the region." He urged insurance sector to grab this great opportunity and enhance their technical capability to insure huge risks.

Development of Gwadar port and international airport as part of CPEC will also greatly help insurance companies in increasing their premiums, he added. He said that insurance is one of the pillars of modern economic world development, adding that on one hand life insurance encourages savings and protection against unforeseen events while on other hand general insurance gives protection against unforeseen eventualities and calamities.

He said that Punjab government has started various initiatives to help insurance industry grow. "We have formed a health care company which will manage health insurance for the most poor segment of our society," he said and added this program will support already initiated Prime Minister Health Insurance Program and will help increase insurance awareness and insurance penetration in the country.

Rana Muhammad Arshad said that Punjab government has increased workmen compensation insurance from Rs 200,000 to Rs 400,000. This has helped vulnerable labourers families in event of accidental death or injuries.

He said that Punjab government has initiated various projects like Safe City Authority and Dolphin police force which will help in reducing street crimes and terrorism incidence across all districts of Punjab.

Rescue 1122 coverage has been increased even beyond all 36 districts of Punjab and this has helped in saving many precious lives, he said and added this will eventually help insurance companies in reducing their claims.

He said, "Bank of Punjab in past decade has issued loans worth billions in CM cab schemes and green tractor schemes. All the assets of these schemes were insured by private insurers and has helped companies grow their insurance premiums.

Third party road act insurance enforcement will be an important step in increasing insurance penetration in Pakistan." He said the Punjab government has started dealership registration system through PITB and is in serious discussion with all stakeholders in implementation of Thrid Party Motor Insurance.

"We fully support Insurance industry in this important area and assure that government will take all necessary measures for this enforcement very soon. I assure insurance industry that Punjab government will work closely with insurance sector in development of Human Resource for insurance sector as well as helping in increasing insurance penetration in the province," he added.