KARACHI, Aug 31: The US-based ACE Insurance Limited ranks as an emerging market joining in league with Russia, Poland, Saudi Arabia and Egypt, the Chief Executive of the Emerging markets of the Company Mr Serge Osouf said at a press conference on Wednesday.

Insurance market in Pakistan is expanding and he said the share of insurance in Pakistan’s economy had grown over to 0.5 per cent.

Mr Serge Ousuf announced the appointment of Ms Zehra Naqvi as the Chief Executive Officer of ACE Pakistan in place of Syed Umar Ali Shah who had now been appointed Chief Executive and Managing director of ACE Arabia Insurance, Saudi Arabia.

Ms Zehra Naqvi, the only lady to head a multinational insurance company in Pakistan, expressed the hope that insurance industry will attract young talent in the due course of time.

Syed Umar Ali Shah said that the total volume of insurance business of his company was about Rs120 million.