World Insurance Day: Concept of insurance getting popularity amongst masses

Karachi: The concept of insurance is getting popularity amongst Pakistani masses which is a good omen, said Chairman Insurance Association of Pakistan Mehmood Lotia, on the occasion of World Insurance Day here Wednesday.

He said the concept of insurance of very popular in West, where every sector is being insured to save people from losses. He said there is a dire need to raise awareness about insurance amongst the general public, especially in far-flung areas.

He said the day of May 6 is observed world over as the Insurance Day. He said that to raise awareness amongst masses the Insurance Association of Pakistan has arranged a cricket match competition and lectures at university level. He said there are many benefits of insurance. He said after registration of a lot of new vehicles in our country we are also working on laws regarding vehicle insurance.

Secretary General N A Usmani said that their object is to raise awareness about the benefits of insurance so that common man could be benefited from them. He said we have achieved a lot of success in this regard.

Senior Vice Chairman Captain Azhar said insurance is a fiend at the time of need, He said in the case of loss in trade the insurance can help to meet the loss. He said for insurance of Rs100 claim of Rs70 is paid.

JB Boda of Singapore director Ayaz Hussain Gad said awareness is being raised at grassroots level amongst masses. He said during the earthquake all claims of the losses were fully paid.

CEC member Naeem Anwar said in the country millions of insurance policies are signed and the insurance agencies are paying all claims timely and resolving all complaints of the consumers swiftly.

Joint senior vice president branch manager Askari General Insurance S M Haneef said when awareness about insurance would be raised in the country the insurance coverage in the country would be made at par with the developed nations.

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