Pakistan Insurance Institute (PII) has initiated a project to translate basic insurance books into Urdu so as to help increase penetration rate of Insurance in the country. The insurance penetration rate has remained at 0.9 per cent in the last couple of years owing to lack of awareness among people as well as due to low literacy rate.
Translation of basic insurance books into Urdu has been necessitated as 70 per cent population of Pakistan which lived rural areas did not understand languages other than Urdu or regional language. As insurance premium is measured as part of Gross Domestic Product and, as such, the lowest composition in the region is of insurance sector, only up to 0.3 per cent, which is greater than Bangladesh, but very low as compared to India, Korea and China.
According to the sources, PII has begun the process of translating basic insurance guideline books and course for agents in Urdu. Initially, PII would launch around 1,000 books in the next week as a pilot project. After the success of this test, PII would continue publishing the books in bulk. These books would provide knowledge about different types of insurance, method to calculate premium, terms and conditions of policies etc.
Currently, around six to six life-insurance players are in the market and more than 25 non-life insurance companies are operating in market. Moreover, Pakistan is an underinsurance country lacking insurance institute, sources said, adding that local insurance specific-institutes are required to provide expertise and give insurance education to people working in various department of insurance companies such a sales force, underwriters and trainers. The insurance professionals hoped that the government would translate Urdu guideline insurance books in regional languages.
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