The chairman of the Insurance Association of Pakistan (IAP), Hassan Ali Abdullah, said on Tuesday the industry has always been willing to assist its clientele. Addressing a news conference on World Insurance Day, he said Insurance Day is observed in Pakistan each year to raise awareness of insurance at national level. By celebrating Insurance Day, he said, the industry aims to spread the message of insurance and especially to address the students thereby, taking the message to grass root level.
This year, Hassan said, IAP is celebrating its fifth "Insurance Day" on April 5. "The Day will commence with the publication of special supplements on insurance in the leading newspapers of the country, followed by various events throughout," he added. He said a number of panel discussions have been planned in educational institutions in Karachi and Lahore. Two cricket teams of the industry will play the Super Final Cricket match at Lahore to mark the Day.
Also planned are an essay competition and an elocution contest to encourage young professionals in the industry. A family carnival is also being. He said the industry has contributed in terms of revenue generation, claim payments to policyholders, deposition of taxes in government exchequer and provision of employment in the last five years.
In addition, he said, the industry has been collecting and depositing a federal insurance fee of 1pc of the premium received on insurance policies which had been levied by the Government of Pakistan in the budget of 1989-90.
"Since then approximately Rs 6.98 billion on account of FIF (federal insurance fee) have been deposited in the government exchequer. The IAP strongly recommends that this amount of FIF be spent for creating awareness and setting up of colleges of insurance in all major cities of Pakistan," he added.