LAHORE, Aug 28: The Securities and Exchange Commission of Pakistan has granted registration to Alfalah Insurance Company Limited, having an authorised capital of Rs300 million and paid-up capital of Rs230 million, to start underwriting insurance business in Pakistan.

The company will transact non-life insurance business in Pakistan, and is expected to start its operations shortly, says a news release issued on Monday.

The release said the insurance industry was at a takeoff stage in Pakistan in the backdrop of a vibrant economy. “Awareness of insurance as an important risk management tool was increasing in the country, which would have very positive effect in the years to come,” the release said.