Lahore: China-Pakistan Economic Corridor (CPEC) provides huge opportunities to the Pakistani insurance industry to grow, a top Pakistan-China trade body said.
In a virtual meeting of Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI)’s Executive Committee, PCJCCI President Wang Zihai emphasized that Pakistan’s Insurance Industry has great potential in the wake of forthcoming CPEC labor projects. “The Chinese companies are interested to invest in this sector too,” he added.
Wang Zihai observed that Chinese investment in Pakistan’s insurance industry would bring China styled reforms in the sector, which would prove to be a vigorous tool in the economic mobility of Pakistan.
He indicated that there was a great potential available in Pakistan in the insurance sector, which had magnified further in the scenario of CPEC and can be a new sector of collaboration between China and Pakistan.
Sharing his views, PCJCCI Senior Vice President Ehsan Choudhry Ehsan Choudhry noted that according to financial statistics, the phenomenal growth of Pakistani life insurance companies had been maintained at 55 percent and 70 percent in terms of net premium and assets.
He agreed that there was ample growth of development in life insurance business provided it meets true needs of the people and offers them protection from economic downturns.
He assured of the fullest support to the Chinese companies in introducing the Pakistan insurance policies for managing and indemnifying financial risks.
PCJCCI Vice President Sarfraz Butt said that Chinese companies would find the policy environment for insurance business in Pakistan very conducive. Due to the investment of Chinese insurance companies, Pakistan will get a dependable source in insurance sector.
PCJCCI Secretary General Salahuddin Hanif also highlighted that Pakistan had great potential in this sector as it had been showing good growth trend during last few years.
He claimed that the biggest challenge to be faced by the private insurance companies was always to develop a trained field force that can reach people and make them understand the importance of savings and investment through insurance.