Punjab breaks new ground with first-ever General Insurance Company

• CM Maryam orders comprehensive health insurance plan for citizens from Health to pensions and disaster cover

• Punjab LIC to oversee Sehat Sahulat and CM health initiatives, becoming first province to move on launching a GIC

• Specialised insurance schemes planned for women, farmers, students and overseas Pakistanis as 17 experts recruited

LAHORE: Under the leadership of Punjab Chief Minister Maryam Nawaz, Punjab has become the first province in the country to move toward establishing a General Insurance Company (GIC), marking another key reform initiative by the provincial government.

The chief minister has directed the proposed Punjab General Insurance Company to prepare a comprehensive health insurance policy plan, while a summary for its establishment has been forwarded to the provincial cabinet for approval.

She also directed authorities to include the private sector in the insurance framework and ensure the provision of necessary infrastructure and resources, while appreciating the business plan and swift approval process of the initiative.

Chairing a meeting on the Punjab GIC, Maryam Nawaz said Punjab has always remained at the forefront of reforms and would continue to lead from the front.

She announced that a health insurance policy would be introduced to enable citizens to seek treatment at healthcare facilities of their choice.

During the briefing, officials informed the meeting that the Punjab Life Insurance Company (LIC) was advancing to manage the chief minister’s health initiatives and the Sehat Sahulat Programme.

Punjab has also achieved the distinction of securing the fastest registration in the country’s history for the Punjab Life Insurance Company with the Securities and Exchange Commission of Pakistan.

The meeting was told that the Punjab Life Insurance Company would provide financial protection to citizens across all income groups through specialised insurance products, including coverage for natural disasters, pension products, health insurance for underprivileged segments, and Shariah-compliant Takaful schemes.

Special insurance plans would also be introduced for family breadwinners, women, transgender persons, farmers, students, and overseas Pakistanis.

Officials further informed that the recruitment of 17 professional experts for the Punjab Life Insurance Company had been completed and the company had commenced operations after securing financial support.

The CEO of the Punjab Life Insurance Company will also serve as the CEO of the Punjab General Insurance Company.

A special committee has been constituted for the Punjab General Insurance Company, which will oversee all non-life insurance matters of government institutions under the supervision of the Finance Department.

It was decided that the company’s board would comprise the Chairman Planning and Development, Secretary Finance, and President of the Bank of Punjab.

The meeting was also informed that the Punjab Life Insurance Company was collaborating with various institutions to devise schemes for government employees’ welfare fund, pension fund coverage for retirees, and other public welfare programmes.

Maryam Nawaz stressed the need to ensure infrastructure and resource availability, saying Punjab must keep pace with global advancements as the insurance sector continues to evolve worldwide.