ISLAMABAD: The National Assembly’s Standing Committee on Commerce has urged state-owned insurance companies to implement enhanced reforms to expand their coverage to underserved areas.

The committee meeting was chaired by MNA Jawed Hanif Khan at the Parliament House, and the agenda focused on assessing the performance and operational scope of insurance companies operating under the Ministry of Commerce.

The meeting aimed to review the contributions of these entities towards national welfare, explore potential improvements and assess their alignment with social welfare objectives.

The representative of State Life Insurance Corp­oration (SLIC), a key public sector insurance provider, presented a detailed overview of its current operations, financial health and growth plans.

SLIC highlighted that it remained profitable, with assets under management exceeding Rs2 trillion, and a remarkable profit distribution structure that directs 97.5pc of gains back to policyholders.

The committee members acknowledged SLIC’s financial contributions to the government but stressed the importance of expanding its offerings, particularly in crop and livestock insurance — a pressing need for rural populations.

Published in Dawn, November 14th, 2024