Showing posts with label
claims paid by Pakistani insurance companies.
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Showing posts with label
claims paid by Pakistani insurance companies.
Show all posts
The incumbent government in Pakistan wishes to put the
economy on track as well as accelerate pace of productive activities, construct
mega size infrastructure projects and improve the quality of life of people,
insurance companies will have to shoulder greater responsibilities. They have
to come up with new products to cater to emerging needs. Over the last two
decades new threats have emerged and hedging the risk has become the collective
responsibility of all the stakeholders. The government being the largest stakeholder
is responsible for paying compensation to the victims of various types of
eventualities, i.e. act of terrorism, political violence and natural
calamities. Three deluges, carnage and destruction on the eve of assignation of
Benazir Bhutto and 2005 earthquake have shown that while economic losses ran
into billions of rupees insurance claims were minuscule, simply because
immovable and movable properties, government assets and even the lives of
people were not adequately insured. In the prevailing scenario insurance will
have to come up with new products to cater to emerging needs. This also offers
opportunities to the global insurers to form joint ventures with Pakistani insurance
companies to exploit a market that still suffers from very low insurance
penetration. To read the details visit shkazmipk.com
