Punjab has become the first province in Pakistan to introduce a General Insurance Company aimed at managing non-life insurance matters for government institutions.
According to officials, a summary for the establishment of the Punjab General Insurance Company has been sent to the provincial cabinet for approval.
Punjab Chief Minister Maryam Nawaz directed the company to prepare a comprehensive health insurance policy and instructed authorities to involve the private sector in the insurance framework.
Officials said the Punjab Life Insurance Company will manage key health initiatives, including the Sehat Sahulat Programme, while also introducing insurance products for women, farmers, students, overseas Pakistanis and other segments of society.
Authorities said the Punjab Life Insurance Company achieved the fastest registration in the country’s history through the Securities and Exchange Commission of Pakistan (SECP).
Officials added that the company aims to provide financial protection through health insurance, pension schemes, disaster coverage and Shariah-compliant Takaful products.
According to the provincial government, a special committee will oversee the Punjab General Insurance Company under the supervision of the finance department, while a board comprising senior officials will monitor the initiative.
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