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Insurance should be made mandatory in Pakistan

Insurance should be made mandatory in Pakistan

Insurance day beemakarInsurance Association of Pakistan Chairman Tahir Ahmed, demanded that Insurance should be made mandatory in Pakistan as it could reduce future risks and improve the standard of living.

Tahir Ahmed suggested that like the Middle East countries, insurance should be made mandatory in Pakistan in all organization with at least 10 employees work. Chairman Karachi Insurance Institute Ayaz Hussain said the pay safety act should be amended. He said the compensation rate for mishaps is very low in Pakistan. Speaking on the occasion, Usmani called for the promotion of insurance to improve the people’s standard of living He said that IAP have 38 members, while in public sector NICL, PRCL and State Life have been working. Hassan Ali Abdullah said during last five years Rs 846 billion premium and Rs.319 billion claim had been paid and Rs53.53 tax contribution were recorded, while the number of employees of insurance companies is 9900.  Muhammad Rashid said that the ratio of insurance in the country was very poor, therefore, there was a dire need to raise awareness about the importance of insurance. Hassan Hairjee said the number of Takaful companies operating in the country was seven, which was a good omen. The Insurance Association of Pakistan also organised an event to observe World Insurance Day, which was attended by a large number of youth.IAP General Secretary NA Usmani, Ayaz Hussain M Gad, Hassan Ali Abdullah, Muhammad Rashid, Hussain Pirjee, Imran Mughal and Muneerul Haq were also present. Ahmed suggested that like the Middle East countries, insurance should be made mandatory in Pakistan in all the organisations having at least 10 employees. Karachi Insurance Institute Chairman Ayaz Hussain said the Pay Safety Act should be amended, as the compensation rate for accidents was very low in Pakistan.