I congratulate National Insurance Company Limited for the bold and timely initiative of introducing very relevant innovative insurance products of terrorism cover for foreign travellers and industry in Pakistan and insurance products in the social sector intended to provide cover to poor and rural communities in the face of natural calamities.
NICL has come forward in a befitting way to satisfy a pressing need in these sectors. Initiative of NICL to provide a wide terrorism covers to travellers visiting Pakistan and to industry operating in Pakistan on economically viable terms would contribute positively in boosting confidence of the foreign investors in our economy.
Crop insurance and Micro insurance launched by the NICL would place Pakistan in a desired manner on the world map in these fields. The need for insurance protection of poor communities particularly in the agro based rural areas of our country was not being catered extensively. They have been able to come up to offer products in line with international trends of trade and commerce on economically viable terms without looking to the government for subsides.
It is a laudable effort on the part of NICL to introduce Micro insurance products in social sector designed for the poor communities. This is in line with such efforts already in place in the countries of our region mostly through Non Government entities. These products intend to protect gains of economic growth under the poverty alleviation programmes and economic initiatives of small farmers, fishermen and small rural business against unforeseen hazards and natural catastrophes.
The NICL team deserves the highest appreciation for their efforts involving hard work spread over a period of time, which has made it possible for NICL to launch these innovative products.