President Alvi for creating awareness about possible risks in insurance coverage

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President Dr. Arif Alvi has emphasized upon the expansion of the Insurance sector and the need to create awareness regarding the possible risks in the insurance coverage. The President made these remarks during the visit to the Federal Insurance Ombudsman(FIO) Secretariat in Karachi.The President during his visit appreciated the achievements of FIO in resolving public grievances through amicable settlements of the insurance complaints.

He also appreciated the monetary relief worth Rs. 2 billions provided by the Ombudsman in last 2 years. He also recognised threefold increase in complaint registration.Dr. Alvi further said that there is great need of strengthening the Insurance sector. In this regard, he stressed upon the participants to take steps towards enhancing the contribution of Insurance sector in GDP of the country. He further said  that public sector insurance companies should also be brought under the  purview of Federal Insurance Ombudsman.Speaking on the occasion,  the President advised the Ombudsman to call a convention of the Insurance Companies as it will go a long way in showcasing the benefits of insurance coverage. He further said that Federal Insurance Ombudsman should widely publicize its landmark decisions through efficient media coverage as it will augment peoples confidence in the Insurance sector. Earlier, the President was briefed about the proposed legal amendments regarding the jurisdiction over public sector Insurance companies.

Ombudsman further briefed that the outreach of the Ombudsman was extended after establishment of regional offices at six stations while referring to the Federal Shariat Court’s decision of countrywide adoption of the Takaful Insurance till 2030,  the President stressed that the industry should strive to adopt to the Sharia law compliant mode of insurance within the time frame.

He also urged the participants to expand into the agricultural insurance as well, as it is a huge untapped area that needs to be catered.Meeting was attended by the officers of Federal Insurance Ombudsman and the heads of different insurance companies.

Moreover, A 4 member delegation of the Dawoodi Bohra Community led by Mr. Kumail Yunus called upon the President of the Islamic Republic of Pakistan Dr. Arif Alvi at the Governor House Karachi. The delegation conveyed the message of His Holiness Dr Syedna Mufaddal Saifuddin praying for peace and prosperity in Pakistan and unity between all muslims. The President lauded His Holiness’ tireless efforts visiting countries and meeting with Head of States as an Ambassador of Peace. He further recalled His Holiness’ previous visits to Pakistan and reminisced profound memories of meeting him on different occasions.The community’s current socio economicendeavours such as the construction of a faculty of law at the University of Karachi and establishment of a new cardiac wing at the community’s Saifee  Hospital which is underway were presented. Alvi commended the community’s several endeavours under the guidance of His Holiness especially the initiative of setting up industries in Pakistan in IT and other sectors.

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