The story of Pakistan Insurance industry is the story of constant toil and effort, of ups and downs and that of a struggle for survival in the face of cut throat competition, financial and legal constraints widespread and multifarious unethical practices and the government's discriminatory policies.
It goes to the credit of private sector insurers to have braved the storm so courageously and emerged victorious to bring insurance industry as a cognisable economic force.
M.A Chishti is a career insurance executive who had been associated with insurance, since the inception of Pakistan. He has written what he saw, what he felt and what he experienced. Being an insider he writes with an air of authority and complete knowledge and comprehension of the subject.
The volume under review is a collection of various papers, articles and reports written over a period of some two decades put together under eight general parts, namely,
1. Insurance Law / Regulations,
2. Motor Insurance,
3. Insurance and Taxation,
4. Insurance and Islam,
5. Interviews with Various Publications,
6. Pakistan Insurance Review,
7. Reports Published in Best's Review of A.M. Best Co. of U.S.A, and
8. Miscellaneous topics. The scope of the book has thus come out to be quite large. Almost all the national issues relevant to insurance have been made a subject of discussion providing food for thought and suggesting a definite course of action to be followed.
Besides, Chishti has also attempted to write on non-insurance subjects such as Shipping Industry and Interest - free banking under the last chapter in a very convincing and able manner, which shows his firm command on economic issues.
Other chapters present the true picture of insurance as the author felt and perceived it practiced. He has been didactic on one hand and innovative on the other. The element of insurance inferred out of Islam or Shariah has been very commendable.
The Pakistan Insurance Review is a brief history of Pakistan Insurance Industry. Here is a chronological record, of the development of insurance industry in Pakistan. Many other issues as they emerged have been discussed here.
This book is Chishti's fourth book and "he is a singular person in our Industry who has taken time and effort to publish books on Insurance;" and as Mr. Saifuddin Zoomka Wala, Chief Executive of EFU General Insurance Company has said in this book's introduction: "Mr. Chishti is the only insurance professional, who has been doing a yoeman's service to the insurance industry by contributing regularly articles on burning issues affecting the interest of insurance profession."
On the whole the book is an invaluable contribution to insurance industry, a handy guide to professionals and a book of reference to researchers and scholars.
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