Insurance sector: ‘Reforms should be based on Chinese model’
PHOTO: AFP
Chinese-style reforms in the insurance sector could prove to be a vigorous tool in economic mobility of Pakistan, said Pak-China Joint Chamber of Commerce and Industry President Shah Faisal Afridi in a meeting with a Chinese delegation.
“Pakistan’s insurance sector has great potential in the wake of forthcoming CPEC projects, provided it meets true needs of the people and offers them protection from economic downturns,” said Afridi. He hoped Chinese companies would find the insurance business in Pakistan very conducive, as the government was eager to overcome the inefficiencies and flaws in the sector.
Head of the delegation Fan Chan Cheng said the biggest challenge faced by private insurance companies was always related to developing a trained field force that could reach people and make them understand the importance of savings and investments through insurance. “Selling life insurance policies is a face-to-face activity it requires trained workers,” he added.
Published in The Express Tribune, December 22nd, 2015.