President Alvi Stresses Need for Insurance Products Designed for Natural Calamities

President Dr. Arif Alvi has stressed the need for launching insurance products at the national level and wherever possible by looping in the international insurance system for crop and flood insurance to protect the farmers from crop losses and safeguard the livelihoods and property losses of the victims during man-made or natural calamities.

Addressing a seminar on “the effective role of FIO in the provision of justice” at the Governor House, Peshawar, the president said that increased confidence of the people in the insurance industry and its products will catalyze fast-track development and progress of the country.

The president called upon the government and the private sector to focus on developing insurance products for crop insurance and insurance of calamity-hit persons with a user-friendly interface and to discuss and propagate their importance for their wider dissemination. He further said that Pakistan had suffered greatly due to the negative fallouts of climate change and global warming, despite the fact that Pakistan’s contribution to global carbon emissions was negligible.

Alvi appreciated the government’s efforts in urging the international community to compensate Pakistan for losses sustained due to climate change-induced super floods. He also urged the need for more effective institutional controls and user-friendly laws and regulations to enhance the transparency and effectiveness of the insurance sector.

The president appreciated the fact that FIO was providing relief to aggrieved insurance policyholders by using the instrument of “alternate dispute resolution” (ADR) to settle the dispute out of court through mediation and mutual agreement for a speedier and more cost-effective dispensation of justice as compared to the formal justice process.

President Alvi appreciated that due to the outreach and awareness campaigns launched by FIO, a significant increase in the number of complaints had been witnessed. He stated that complaints could be registered with the FIO using its helpline number, 1082, and its website, in addition to filing them manually or visiting its regional offices.

He said that he had tasked all five federal ombudsmen with highlighting their roles through effective awareness campaigns and publicizing their landmark decisions, which would encourage the affectees to approach federal ombudsmen in case their rights are compromised.

He called upon the general public to approach the Wafaqi Mohtasib, FIO, Banking Mohtasib, Federal Tax Ombudsman (FTO), and Federal Ombudsperson for Protection Against Harassment at Workplace, against the maladministration and highhandedness of any department or entity of the federal government, for the redressal of their complaints within 60 days.