Awareness about risk mitigation through insurance urged

KARACHI: There is dire need to create awareness among the masses about risk mitigation through insurance, said Ayaz Hussain M. Gad, Chairman Karachi Insurance Institute and Executive Director Pakistan Reinsurance Company Limited (PRCL) on Wednesday evening.

Speaking at press briefing held on the eve of Insurance Day, he said that insurance industry was looking for more dynamic people, who are capable to deliver extraordinarily with creative and out of box solutions and ideas in the emerging and financially strong sector. The insurance sector has come out of life to non-life and expanded its influence and proximity to crops, assets and business, Gad said.

He was of the view that insurance industry was beaming to attract young professionals in competitive market, who could adopt it as a career. The insurance sector is likely to flourish with tremendous pace in the foreseeable future to explore untapped markets, he added.

Hasanali Abdullah, Chairman EFU, on the occasion congratulated the Insurance Association of Pakistan to designate April 18 as Insurance Day. He said that insurance has two types, life and non-life. The origin of insurance business in Pakistan goes back to the time of independence in 1947. Insurance is important for trade and commerce and it is rather considered as a back-bone for trade and commerce of any country. The non-life insurance conventionally comprises of four classes and are called as Fire (now called Property), Marine (cargo, hull and aviation), Motor and Miscellaneous, he informed.
He said that insurance industry is one of the important sectors directly providing 17 percent of its gross revenue to the government exchequer. He said insurance was also instrumental in collecting millions by way of withholding taxes from various payment and policy stamps.

Tahir Ahmed, Chairman Insurance Association of Pakistan (IAP) also spoke.

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