State-run insurance firms expand rapidly: Gohar

Pakistan’s public sector insurance companies have not only expanded their market share but also pioneered the development of innovative products to cater to the needs of low-income individuals and micro-entrepreneurs. A high-level meeting was convened on Thursday to evaluate the performance of public sector insurance companies — State Life Insurance Company (SLIC), National Insurance Company (NIC) and Pakistan Reinsurance Company (PRC). The meeting, chaired by Caretaker Finance Minister Shamshad Akhtar, was attended by Caretaker Commerce Minister Gohar Ejaz along with relevant federal secretaries among others. At the outset, Mr Ejaz said that public sector insurance companies have been an engine of growth for the performance of the industry. Over the years, they have consistently demonstrated their ability to navigate economic cycles, maintain financial stability, and adapt to evolving market conditions, he added.