Karachi—Insurance should be made mandatory in Pakistan, demanded Insurance Association of Pakistan Chairman Tahir Ahmed, addressing a press briefing here on Monday in connection with the fourth Insurance day. Fourth Insurance Day was observed under the Insurance Association of Pakistan and a large number of youths and student took part in different competitions under it, including cricket match, family carnival and special insurance supplement. The press briefing was also held under the Insurance Association of Pakistan and Karachi Insurance Institute that was attended by the chairman Tahir Ahmed, General Secretary N A Usmani, Ayaz Hussain M Gad, Hassan Ali Abdullah, Muhammad Rashid, Hussain Pirjee, Imran Mughal and Muneerul Haq.
Tahir Ahmed suggested that like the Middle East countries, insurance should be made mandatory in Pakistan in all organization with at least 10 employees work. Chairman Karachi Insurance Institute Ayaz Hussain said the pay safety act should be amended. He said the compensation rate for mishaps is very low in Pakistan. NA Usmani said that the standard of living could be increased by promoting insurance.
He said we have 38 members, while in public sector NICL, PRCL and State Life have been working. Hassan Ali Abdullah said during last five years Rs 846 billion premium veteran, Rs319billion claim paid and Rs53.53 tax contribution were recorded, while the number of employees of insurance companies is 9900.