LAHORE: Pakistan's insurance industry has great potential in the wake of forthcoming CPEC labour projects and Chinese companies are interested to invest in this sector too.

It was disclosed by Wang Zihai, President Pak-China Joint Chamber of Commerce and Industry (PCJCCI) while addressing a meeting of the Executive Committee recently held on Zoom from China. The meeting was also addressed by Ehsan Choudhry, Senior Vice President, Sarfraz Butt, Vice President and Salahuddin Hanif, Secretary General PCJCCI.

Wang observed that Chinese investment in Pakistan' insurance industry would bring China styled reforms in the Sector, which would prove to be a vigorous tool in the economic mobility of Pakistan. He said there is a great potential available in Pakistan in the Insurance Sector, which has magnified further in the scenario of CPEC and can be a new sector of collaboration between China and Pakistan.

Ehsan Choudhry, Senior Vice President, expressing his views on the subject, said that according to financial statistics the phenomenal growth of Pakistani life insurance companies has been maintained at 55% and 70% in terms of net premiums and assets. Pakistan insurance industry contribution to GDP is 0.25%. He agreed that there was ample growth of development in life insurance business provided it meets true needs of the people and offers them protection from economic downturns. He assured of the fullest support to the Chinese companies in introducing the Pakistan insurance policies for managing and indemnifying financial risks.

Sarfraz Butt, Vice President PCJCCI shared his views by saying that, Chinese companies would find the policy environment for insurance business in Pakistan very conducive. Due to the investment of Chinese insurance companies, Pakistan will get a dependable source in insurance sector.

Copyright Business Recorder, 2021