Islamabad, Dr. Gohar Ejaz, Pakistan’s Minister for Commerce, Industry, Investment, and Interior, highlighted the significant role of public sector insurance companies in the country’s economic growth during a recent meeting chaired by the Finance Minister. The discussion centered on reforms in Pakistan’s insurance industry.
According to Press Information Department, the meeting included key figures such as the Minister for IT and Telecom, Deputy Chairman of the Planning Commission, Secretary SIFC, Secretary Commerce, Chairman FBR, Special Secretary Commerce, Chairman SECP, and CEOs of three major public sector companies. Dr. Ejaz emphasized that State Life Insurance Company, National Insurance Company, and Pakistan Reinsurance Company have been pivotal in driving the performance of Pakistan’s insurance industry.
Dr. Ejaz informed the meeting that these companies manage approximately Rs. 2 trillion of funds and have established themselves as foundations of financial stability and innovation. These are the best of the State-owned enterprises in Pakistan. Over the years, they have consistently demonstrated their ability to navigate economic cycles, maintain financial stability, and adapt to evolving market conditions, Dr. Ejaz stated during a press interaction.
The Minister noted that these public sector insurance companies have been instrumental in expanding insurance coverage to underrepresented segments, especially in rural areas. They have also played a critical role in supporting Pakistan’s economic growth by offering risk mitigation solutions to businesses and infrastructure projects.
These companies have outperformed their counterparts in the private sector and their performance is a benchmark for others, the Minister declared. He concluded by stating that as Pakistan’s economy continues to grow and the insurance sector expands, these public sector companies are expected to play an increasingly significant role in shaping the future of financial protection and driving sustainable economic growth in the country.