Caretaker Sindh Chief Minister Justice (retd) Maqbool Baqar has said that the creation of Sindh Insurance Ltd is a significant milestone and its mission is to provide insurance coverage for provincial government properties, crop insurance, and other relevant areas. “This initiative is groundbreaking, as it makes Sindh the first province in Pakistan to establish its own insurance company. This development serves as a model for other provinces to follow to improve financial protection and resilience.” This he said while speaking at the closing ceremony of the International Insure Impact Conference (IIC), organised by SECP here at a local hotel. Chairman SECP, Mr. Akif Saeed, Commissioners of SECP, and others were present on the occasion.
The CM congratulated SECP for organizing the highly successful International Insure Impact Conference. “This conference [on insurance] has been truly impressive, uniting experts in the field, insurance industry participants, and international specialists all in one place,” he said and added that the valuable insights and passion shared during this event have the potential to shape the future of the insurance industry in Pakistan.
The insurance serves as a financial cushion in case of unforeseen circumstances and eases concerns about potential risks, enabling people to concentrate on recuperating and reconstructing, the CM said and added that regardless of whether it was for vehicle, residence, well-being, or enterprise, insurance was crucial in guaranteeing that one didn’t have to face unexpected financial hurdles alone.
The CM said that Pakistan’s exposure to natural disasters such as heavy rain, floods, droughts, and landslides was frequent, making insurance increasingly important.
He added that Sindh was particularly affected, with the population facing hardships such as losses of homes, livelihoods, and crops – their sole source of income, consequently, discussions on disaster risk management, insurance pools, crop insurance, and compulsory insurance were not only beneficial but essential for improving insurance.
