ISLAMABAD: The National Assembly’s Standing Committee on Commerce has urged Pakistan National Insurance Company Limited (NICL) and Pakistan Reinsurance Company Limited (PAKRe) to focus on strengthening their role in the private sector and expanding public relief efforts.

A meeting of the committee, chaired by MNA Muhammad Jawed Hanif Khan, on Friday focused on pivotal reforms in NICL and PAKRe to strengthen the private sector’s role and enhance public relief.

The committee reviewed NICL’s strategic plans to amend its legal framework, enabling the corporation to broaden its services and provide greater benefits to the public.

NICL CEO Khalid Hamid provided insights into the company’s solid financial standing, including its retained earnings and the ability to contribute dividends to the government.

In light of this, the committee stressed the importance of NICL’s expansion into the private sector to bring more affordable and accessible insurance products to the general public.

Similarly, PAKRe highlighted its significant progress in underwriting profits and a strong investment portfolio, while also emphasising the need for enhanced private sector participation to foster competition and innovation in the reinsurance industry.

The committee discussed how these reforms could ultimately lead to more efficient services and better coverage for the public, particularly in climate risk and health insurance.

Committee chairman Jawed Hanif advocated for the expansion of public-private partnerships, suggesting that these could be a key to addressing the nation’s growing need for affordable insurance and sustainable relief programmes.

Published in Dawn, November 30th, 2024