LAHORE, Oct 07 (APP):Pakistan’s Insurance Industry has great potential in the wake of forthcoming CPEC (China-Pakistan Economic Corridor) labor projects and Chinese companies are interested to invest in this sector too.

Pak-China Joint Chamber of Commerce and Industry (PCJCCI) President Mr. Wang Zihai expressed these views while addressing a meeting of the Executive Committee on Zoom from China on Thursday. The meeting was also addressed by PCJCCI Senior Vice President Ehsan Choudhry, Vice President Sarfraz Butt and Secretary General Salahuddin Hanif.

Mr. Wang observed that Chinese investment in Pakistan’ insurance industry would bring China styled reforms in the sector, which would prove to be a vigorous tool in the economic mobility of Pakistan. He said there is a great potential available in Pakistan in the insurance sector, which has magnified further in the scenario of CPEC and can be a new sector of collaboration between China and Pakistan.

Sharing his views, Ehsan Choudhry said that according to financial statistics, the phenomenal growth of Pakistani life insurance companies has been maintained at 55 percent and 70 percent in terms of net premium and assets. Pakistan insurance industry contribution to GDP is 0.25 percent.

He agreed that there was ample growth of development in life insurance business provided it meets true needs of the people and offers them protection from economic downturns.

He assured of the fullest support to the Chinese companies in introducing the Pakistan insurance policies for managing and indemnifying financial risks.

Vice President Sarfraz Butt said that Chinese companies would find the policy environment for insurance business in Pakistan very conducive. Due to the investment of Chinese insurance companies, Pakistan will get a dependable source in insurance sector.

While, Salahuddin Hanif said that Pakistan had great potential in this sector as the sector had been showing good growth trend during last few years.

He said that the biggest challenge to be faced by the private insurance companies is always to develop a trained field force that can reach people and make them understand the importance of savings and investment through insurance.