ISLAMABAD: Pakistan Businessmen and Intellectuals Forum (PBIF) President Zahid Hussain has said that insurance sector is all set to grow as the economy is picking up. Insurance companies should prepare to handle the opportunities and challenges arising out of game-changing project of China-Pakistan Economic Corridor (CPEC), he added. Hussain said that insurance business has a promising future as massive foreign funds under CPEC have started to flow.
Insurance penetration is around 0.2 percent of total population and the size of the insurance industry is below one percent of the GDP because only rich and middle-class is targeted while the micro-insurance sector is conveniently ignored, he added. The government should establish a separate regulator for the micro-insurance sector and provide incentives to the private sector so that it can step in the segment as the poor that cannot afford proper insurance policies can be covered against risks.
