Pakistanis Developing Interest in Availing Insurance Facility
The insurance specialists said as the industry have invested in digitalization, the number of insurers has been increasing significantly
According to the latest reports, the current rate of insurance coverage in the country is less than 0.03%, which is very low compared to other countries in the region and several Pakistanis remain deprived of from getting benefits of General Insurance.
However, the records show that the trend of availing insurance in Pakistan is improving due to proper communication by concerned bodies.
Some experts report that the rate of insurers in Sri Lanka is 0.66 %, 0.6 % in India while Vietnam has witnessed an increase in the rate up to 0.8 %.
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The specialists believe the benefits provided by the industry were meager but ever since they have invested in digitalization, the number of insurers is increasing significantly and more Pakistanis are inclining towards insurance.
Moreover, fire insurance is the hottest and trendiest among the lot as it has reached up to 39%.
Apart from fire insurance, people opt for health or life insurance whose rate is 11% and motor insurance rate whose rate is 20%.
Further, the Security Exchange Commission of Pakistan (SECP) has initiated several new reforms to strengthen the sector and promote it across the country.
One of the biggest challenges that the industry faces is that the insurance agents aren’t fully aware of how to market their product.
Pakistan’s leading life insurance company EFU Life Insurance Limited has been awarded the Best Performance Award this year fourth time.
The award was received by General Manager Technology Ashfaq Ahmed and Senior Manager Technology Ahmar Hassan.
