Karachi, The Caretaker Chief Minister of Sindh, Justice (retd) Maqbool Baqar, emphasized the importance of insurance as a financial safety net and a means to address potential risks, at the closing ceremony of the International Insure Impact Conference (IIC) organized by the Securities and Exchange Commission of Pakistan (SECP).
According to Chief Minister Sindh, Justice Baqar lauded the creation of Sindh Insurance Ltd, marking it as a significant milestone for the province. He noted that Sindh is the first province in Pakistan to establish its own insurance company, with the aim to provide coverage for provincial government properties, crop insurance, and other relevant areas. This initiative serves as a model for other provinces, enhancing financial protection and resilience.
The Chief Minister congratulated SECP for organizing the International Insure Impact Conference, which brought together experts, industry participants, and international specialists. He highlighted the conference’s role in shaping the future of the insurance industry in Pakistan, providing a platform for valuable insights and discussions.
Justice Baqar stressed that insurance is crucial in mitigating the impact of unforeseen circumstances, such as natural disasters, which Pakistan frequently experiences. He specifically pointed out that Sindh often faces hardships like loss of homes, livelihoods, and crops, underlining the necessity of discussions on disaster risk management and insurance.
Other critical areas discussed included the elevation of the takaful sector, the importance of collaboration and technology in enhancing insurance penetration, and the cultural and religious perceptions of insurance in Pakistani society.
The Chief Minister also acknowledged SECP’s five-year strategic plan for the insurance industry in Pakistan, aiming to make the country more insured. He remarked that the theme ‘Journey to an Insured Pakistan’ is a vital pursuit for the sector.
Regarding the Sindh government’s role, Justice Baqar noted its recognition of insurance’s significance in risk mitigation and asset protection. He mentioned the Sindh government’s collaboration with SECP and the insurance industry to improve crop and livestock insurance availability and develop disaster risk insurance plans. He also mentioned the importance of working with developmental and donor organizations to create a climate-resilient environment and strategize on disaster risk financing with insurance as a key component.
Addressing the challenge of high provincial sales tax on insurance products, which renders them unaffordable for many, the Chief Minister expressed his government’s support in finding a solution to this issue.