ISLAMABAD, Aug 23: Prime Minister Shaukat Aziz has said that there is tremendous potential for the insurance industry to grow in Pakistan as the insurance coverage is significantly below the international levels.

He stated this while reviewing the performance of State Life Insurance Company (SLIC) and the overall insurance sector at a meeting here on Wednesday. Commerce Minister Humayun Akhtar Khan was also present on the occasion.

According to official announcement the prime minister said that the SLIC must induct professional management, expand its products and offer broader insurance coverage to the people by focusing on rural areas and overseas Pakistanis.

Mr Aziz said Takaful insurance should be introduced in line with the Shariah.

He also discussed the regulatory function with reference to the insurance industry with the SECP including ways to strengthen it even further.

Chairman SLIC made a detailed presentation on the working of the corporation, new initiatives undertaken by the management and its future plans.

The meeting also discussed various ways to restructure and improve the policymaking and regulatory framework of the insurance sector.