Insurance necessary tool to achieve financial freedom: Mian Shahid

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Staff Reporter

Karachi

The Pakistan Credit Rating Agency (PACRA) has maintained the IFS rating of the United Insurance Company (UIC) as AA with stable outlook. A statement issued by PACRA said that UIC is one of the leading players in the insurance industry with a balanced portfolio and strong profitability representing all segment of the insurance industry.
It has good capability to absorb risks while to company continue to strive for higher standards in various facets including efficiency and transparency and governance standards, PACRA said.
Speaking on the development, Chairman of the United International Group Mian Shahid said that insurance industry plays an import part in national development. He said that savings alone are not enough to achieve financial freedom therefore insuring life and assets is equally important.
A general insurance company offers insurance policies to secure health, travel, motor vehicle, home and business which can help the policyholder in case of an unexpected event, he added.
Mian Shahid said that insurance works on the principle of transfer of financial risk from the insured to the insurer which results in reduced financial burden on shoulder of a policyholder in case of an unforeseen event, he added.
He said that family is the most important asset for anyone therefore it is very important to completely secure family to face any emergency.
He further said that none of us can see the future or predetermine the future events and with insurance in place, any financial stress will be taken care of, and the policyholder can focus on other important things like recovery.
Having insurance offers financial security and complete peace of mind which is a priceless thing in these difficult times, he said.