Punjab has taken a major step in the insurance sector, launching what officials describe as an “insurance revolution” with the introduction of a new general insurance company, making it the first province in Pakistan to do so.
The development came during a meeting chaired by Chief Minister Maryam Nawaz Sharif, where detailed briefings were given on the progress of the Punjab Life Insurance Company and the newly proposed Punjab General Insurance Company.
Officials said the Punjab Life Insurance Company has already achieved a milestone by securing one of the fastest registrations in the country’s history from the Securities and Exchange Commission of Pakistan. The company has also completed recruitment of 17 professionals, secured financial backing, and formally commenced operations.
The life insurance company aims to provide inclusive coverage through specialized plans for all segments of society, including women, transgender persons, farmers, students, overseas Pakistanis, and financially vulnerable families. Its offerings will include health insurance, pension products, disaster coverage, and Shariah-compliant takaful services.
Meanwhile, the Punjab General Insurance Company is being established to handle non-life insurance for all government departments under the supervision of the provincial finance department. A summary for its creation has been sent to the provincial cabinet for approval.
Chief Minister Maryam Nawaz Sharif constituted a special committee to oversee the establishment of the general insurance company and directed that a comprehensive health insurance policy be developed. She also emphasized the inclusion of the private sector in the insurance framework.
A governing board for the new company will include the chairman of Planning and Development, the finance secretary, and the president of the Bank of Punjab. The same CEO will lead both the life and general insurance companies.
Praising the swift approvals and business plans, the chief minister said Punjab has always been ahead in reforms and will continue to lead. “We aim to introduce a health insurance policy that allows people to seek treatment wherever they choose,” she said, adding that Pakistan must keep pace with global developments in the insurance sector.
She also directed authorities to ensure the provision of infrastructure and resources to support the successful rollout of both insurance entities.
