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KARACHI : The insurance business has declined by 30 percent in the country due to slowing down of economic activities in the recent global recession. The international re-insurers have cut the rates of commission of local insurance companies, while on the other hand the 5 percent increase in the CED to 10 percent had put an extra burden on the insurance business, M. A. Shahid, CEO of United Insurance said on Wednesday while talking to Business Recorder.
He pointed out that the Pakistan's insurance companies were facing less losses as compared with other insurers in the world due to their strong products and risk management measures. The international insurance companies faced huge losses during the recent global recessions, he added.
He said that Pakistan is one of the potential markets for insurance business and expects a significant growth of this sector in future. However, he emphasised for attractive products which could meet the people's needs. About his company, he said that the United Insurance is the first company in Pakistan that provides crop loan insurance in the country. The company has also launched livestock insurance scheme.
He said that the present government had announced support to the agriculture sector of the country and made crop insurance mandatory. The announcement that government would pay the premium of all small growers having up to 12 acres agriculture land would provide support to small growers, he added. He said that the company was already providing insurance coverage for tractors and other agricultural machinery for over ten years. "We provide insurance cover for almost all sectors", he said.
The principal activity of the company is general insurance business and qualifies as a domestic insurance company under Insurance Ordinance, 2000 and undertakes fire, marine, motor and miscellaneous general insurance. He said that UIC is a service-oriented and customer-friendly company, which believes in professional excellence. He said that consistent growth and excellent performance of the company is a reflection of customers' confidence. "We strive to work in accordance with international standards of excellence", he added.
UIC is among the pioneers in designing and launching branded products. In the series, travel plan for Haj/Umra is the latest addition. UIC has already launched 'Travel Guard', 'Health Guard', 'Farm Guard', etc.
He said that UIC is among the first national companies to launch agi, crop and livestock insurance. "We are the first to come in this hitherto neglected but vital sector of the economy", he said, and added that UIC has made arrangements with Picic Bank, Punjab Provincial Co-operative Bank, Bank Al Falah, Faisal Bank and National Bank for agri, crop and livestock insurance.
Copyright Business Recorder, 2009
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