As a result of its prudent economic policies, Pakistan today, by the grace of Allah Almighty, is on the track of prosperity and development. It has been our endeavour to provide a conducive environment to our business, agricultural community and foreign investors in order to make them partners in Pakistan's economic development.
Our financial and structural reforms have enhanced the role of agriculture and private sector entrepreneurship and restored the confidence of both domestic and international investors to take advantage of the opportunities being offered. One of such steps was to take stock and review the insurance sector so as to enhance and improve its risk taking and sharing environment in export related activities.
This was done by adopting development measures in the field of insurance, realising that general insurance can contribute significantly to the growth and promotion of trade by taking the risk out of business, be it unsecured credit, political risk factor or any other risk associated with manufacturing for exports, logistics of cargo, etc.
This required on the one hand improvement in the Insurance Ordinance 2000 and on the other introduction and development of new schemes in the present economic and political scenario.
I appreciate that NICL have taken the lead and come forward in a befitting way to satisfy a pressing need by introducing terrorism cover for foreign travellers and industry in Pakistan, national scheme for crop insurance and micro insurance products in social sector designed for the poor communities.
The insurance industry had been reluctant to provide cover for terrorism in Pakistan for the last many years as well as crop insurance. Today, the top priority for our farmers is the national scheme for Agriculture Crop Insurance. This comes at an opportune time. These efforts are likely to contribute to improving the insurance climate in the country.
I strongly back the professional outlook the of Chairman and Chief Executive of NICL and his team handling this important issue in a sound, systematic and viable manner and sincerely hope for success of their efforts towards protecting sustained growth and development of our economy.
Comments
Comments are closed.