Insurance Journal (4th Quarter 2021)

National News
catastrophic healthcare expenditure. This scheme will bring robust improvement in treatment
and access to quality healthcare services to population and will bring about a revolution in the
health sector,” Dr Sultan added.
IAP, CDC sign MoU
Insurance Association of Pakistan (IAP) and Central Depository Company of Pakistan Limited
(CDC) signed a Memorandum of Understanding (MoU) for the digital aggregation of insurance
products through CDC's Emalaak Financials platform, a statement said.
Under the regulatory impetus of Securities and Exchange Commission of Pakistan (SECP), the
agreement aims to provide low-cost and centralised solution to insurance policy holders by
providing comparative cost benefit analysis of different products on a centralised platform.
Sadia Khan, commissioner at SECP, presided the MoU signing ceremony at the CDC House in
Karachi.
“This fintech solution of 'Emlaak Financials' is a landmark initiative of national significance,
aiming to become 'digital financial super market' in Pakistan by leveraging the potential of
technology to increase outreach for various financial products.” CEO at CDC Badiuddin Akber
said.
Addressing the occasion, Sadia Khan said digital transformation is expected to have an impact
throughout the insurance value chain, from underwriting and pricing of products, their
marketing and distribution, through to claims processing and the ongoing customer servicing.
This is expected to lead to a reduction in the protection gap as new market segments are accessed
as well as an increase in the insurance penetration, she added.
NICL underwritten premium up 50pc
National Insurance Company Limited (NICL) reported over Rs15.5 billion premium
underwritten till end of November 2021, grew by around 50 percent from the year 2019, a
statement said.
This is a first that a company has achieved a milestone of crossing Rs15 billion target before
year-end and all-time highest investment profit of approx Rs4.5 billion in the general insurance
industry in 2021.
By year end, NICL sees the additional business reaching close to Rs20 billion. “This is a big
achievement for the current regime as the stigma associated with the company has now been
completely shifted to commendation in 2021 with almost 50% growth (as compared to 2019) in
underwritten premium,” NICL said in a statement.
The company termed it a 'landmark achievement' to be a part of ministry of Commerce's Silk
Route Reconnect Policy and partner with the venture to promote trade of Pakistan with
neighbouring and other far countries. “It is a milestone in making Pakistan a transit and
transshipment hub by trucking.”
Insurance Journal October, November, December 2021
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