Economic woes: ‘Recession to persist for next two years’

SECP executive director-insurance, Nasreen Rashid, says economic recession will continue.

KARACHI: Economic recession prevailing in the country will prevail for the next two years, according to Securities and Exchange Commission of Pakistan (SECP) executive director-insurance Nasreen Rashid.

“Political uncertainty is also expected to persist in upcoming months,” added the SECP official, while addressing participants at a brainstorming session here on Thursday.

She urged companies, particularly those belonging to the insurance sector to realign their businesses to cater to the general public. “General insurance has shown sluggish growth over the past two years, while premiums have registered negative growth.”

“At the same time, significant growth of about 20 per cent has been witnessed in life insurance,” she added. Nasreen urged insurance companies to formulate plans to cater to changing demands of the general public.

Published in The Express Tribune, January 14^th, 2011.