It has been a source of great satisfaction and privilege for me to participate in launching of innovative insurance products developed by National Insurance Company Limited.
I believe the management of NICL has gone through a rigorous exercise in the last many months conducting a thorough research on technical issues involved before offering these innovative insurance products. The offer is designed on a commercially viable basis, without involvement of any government subsidy.
These products are intended to provide insurance protection in the most needed areas. On the one hand the NICL is to provide cover against all risks to business travellers coming to Pakistan and to large industry operating in Pakistan. The main purpose of this cover is to enhance the confidence level of foreign investors participating in much desired activities of commerce and industry in this land. On the other hand the NICL is to provide insurance covers to a section of society comprising of the least privileged communities in the rural areas of our country.
The present government has from time to time introduced a range of incentives to enable farmers to boost production and increase output besides introducing a number of poverty alleviation programmes. The fruits of growth and development are to be protected by insurance cover against risks of uncertain hazardous events and probable devastation through natural calamities. Such uncertainties pose huge risks and serve as a major disincentive against venturing into new endeavours by the rural communities.
Insurance industry was expected to recognise the need and come forward voluntarily to provide service in this social sector on commercially viable terms. The Crop insurance and Micro Insurance products now offered by NICL can be expected to satisfy the need reasonably by providing cover against risks of disruption to economic activity for an affordable premium.
I congratulate the Chairman of NICL and his professional team for leading the way in this endeavour of huge public interest with a systematic approach. A mammoth effort on their part deserves a sincere admiration.
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