Federal Insurance Ombudsman M. Raeesuddin Paracha has said that insurance penetration in Pakistan is lowest in the region that requires us to create awareness among masses about this important sector. He said this while speaking at award ceremony organized by Insurance Journal held at local hotel here on Tuesday.
He said that the purpose of award nomination is in fact an encouraging move to recognize and appreciate the working and good performance of the insurance companies in the field of good corporate governance and discharging their duties for corporate social responsibility as highest donor and the underwriting profit award.
He suggested that apart from current award list, there should be an award for 'Best Business Performance1' to a company which has promptly settled the claims in highest numbers. One more award should also be dedicated to a company for abiding the rules and regulations under corporate governance as a 'Corporate Governance Award', he added.
Chairman Insurance Association Pakistan Hasan Ali Abdullah, in his speech suggested that all vehicles in the country should be insured. I case of any incident the government pay huge amount to the affected people. If vehicles are insured the burden will shift to the private sector, he added. Saifuddin Zoomakawala, M. Jamaluddin and Moin Fuda also spoke on the occasion and expressed their views about the insurance sector.