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Sep 2019

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Pakistan: Insurers seek business-enabling rules

Source: Asia Insurance Review | May 2019

The insurance sector expects the government to provide a business enabling environment, according to Askari General Insurance CEO Abdul Waheed, who is a trained chartered accountant. 
 
“It is only when everybody is mandated to buy insurance for different uses, that the insurance industry will grow and contribute to the government exchequer,” he said.
 
In an interview with the news website Global Village Space, he said, “In countries like the US or UK, no businessman or professional can get a licence to run a business without a proper insurance policy which protects the businessman and the state from losses.”
 
He pointed out that in Pakistan, businessmen are not required to buy insurance policies, such as professional indemnity, public liability and commercial liability, and employee or workmen compensation insurance. This means that they only buy such cover if they want to or if they have taken loans from banks which impose insurance requirements on the mortgaged property. 
 
Asked which insurance segments are growing, Mr Waheed said, “In my opinion, which my colleagues might not agree with, our industry is growing via bank loans and bank finances. When banks start financing vehicles, we start growing in vehicle insurance. When banks start financing industry, we start increasing our fire insurance and industrial insurance.” A 
 
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