Islamabad: The Standing Committee on Commerce, chaired by Mr. Muhammad Jawed Hanif Khan, convened in Islamabad to discuss key reforms for the National Insurance Company Limited (NICL) and Pakistan Reinsurance Company Limited (PAKRe). The committee emphasized increasing these organizations’ presence in the private sector and enhancing public relief efforts.

According to National Assembly of Pakistan, the meeting at the Parliament House reviewed NICL’s strategic plans to modify its legal framework, aiming to expand services and public benefits. NICL’s CEO outlined the company’s financial capabilities, highlighting retained earnings and potential government dividends. The committee stressed the importance of NICL’s growth in the private sector to offer more affordable insurance options to the public.

PAKRe reported progress in underwriting profits and a robust investment portfolio, while underscoring the need for greater private sector involvement to boost competition and innovation in reinsurance. The committee explored how such reforms could improve public services, especially in climate risk and health insurance coverage.

The chair advocated for expanding public-private partnerships to meet the demand for affordable insurance and sustainable relief programs. Committee members agreed that collaboration between state and private entities is crucial for providing better services and accessible relief during crises.

The committee reaffirmed its commitment to reforms supporting NICL and PAKRe’s growth, aiming to create an inclusive, relief-focused insurance framework for Pakistan’s citizens. The meeting included MNAs such as Mr. Farhan Chishti, Gul Asghar Khan, Ms. Tahira Aurangzeb, and Ms. Kiran Haider in person, with Dr. Mirza Ikhtiar Baig attending virtually, alongside the Minister for Commerce and senior officials from the Ministry of Commerce, NICL, and PAKRe.