LAHORE: Punjab has become the first province in Pakistan to introduce a general insurance company, marking a significant step towards expanding financial protection and institutional reforms in the province.
Chairing a meeting on the establishment of the Punjab General Insurance Company, Chief Minister Maryam Nawaz Sharif was briefed in detail on the progress of both the Punjab General Insurance Company and the Punjab Life Insurance Company.
Officials informed the meeting that the Punjab Life Insurance Company had secured registration from the Securities and Exchange Commission of Pakistan in record time, the fastest in the country’s history. The company aims to provide specialised insurance plans catering to citizens across all socio-economic segments of Punjab.
The chief minister constituted a special committee to oversee the formation of the Punjab General Insurance Company. The proposed entity will operate under the supervision of the provincial Finance Department and will be responsible for managing all non-life insurance matters of government institutions.
A governing board for the company will include the Chairman of Planning and Development, the Finance Secretary, and the President of the Bank of Punjab.
A summary for the establishment of the company has been forwarded to the provincial cabinet for approval. Maryam Nawaz also directed that the private sector be included in the insurance framework to enhance efficiency and outreach.
She appreciated the swift approval process and business planning for both insurance entities, calling it a reflection of Punjab’s reform-oriented governance.
“Punjab has always been ahead in reforms, remains ahead today, and will continue to lead in the future,” she said. She further announced plans to introduce a comprehensive health insurance policy that would allow citizens to seek medical treatment at facilities of their choice.
Highlighting global trends, the chief minister noted that the insurance sector is expanding worldwide and emphasised the need for Pakistan to align with international standards.
