Need stressed to tap insurance potential

KARACHI: There is dire need to tap the potential of insurance in Pakistan, said speakers of an international conference on insurance here Monday.

The moot focused on increasing the insurance penetration, capitalizing on prospects, and find sustainable solution to overcome challenges being confronted by the insurance industry.

Chairman, Pakistan Insurance Institute (PPI), Hasanali Abdullah said Pll with an object of educating and knowledge sharing has organized this conference, which is third in the series. He said we are privileged to have foreign participants in Karachi to share their expertise and experiences with our local seasoned insurance executives.

Chief Guest, Commissioner (Insurance) Securities & Exchange Commission of Pakistan, Fida Hussisain Sommo acknowledged the role of Pll and appreciated International Insurance Conference, since Pakistan is an emerging market. SECP as regulator endeavors to provide an environment which is helpful for increasing the insurance penetration and streamlining the insurance regulations and monitor the insurance companies in Pakistan.

Guest of Honor, Chairman Pakistan Business Council, Mohammed Bashir said Pakistan has huge potential for insurance as about 70% of population comprises young individuals. He also added that foreign investment in our country is an evidence of immense potential that Pakistan offers to local as well as foreigners.

More than 400 international and local participants in the conference comprised renowned speakers who

They were from Tameer Bank, Chaucer Syndicate Lloyds of London, Crescent Global, Munich Re, Trust Re, Aon Benfield, Marsh Middle East, AIR Worldwide, Centegy Technologies.

During the sessions of the first day of conference, Andrew Bauckham, PV Underwriter shared dynamics of risk acceptance of Political Violence risks.

Ciara Appleford, PV Practice Team Leader & Director explained the role of brokers, Andrew Rear, CEO, Munich Re elaborated on how Pakistan insurers can take advantage of global innovation by leveraging on Mobile Phone operators.

Kemal Tabaja, COO, Trust Re defined the renewable energy, its sources and global investment. John Thorpe, MD, Aon Benfield highlighted key development in the Asian market, recent market changes and trends.

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