Insurance Journal (1st Quarter 2022)

Guest Contribution
Riaz Hussain Khan Jadoon
Member Chartered Institute of Loss
Adjusters (UK),
Qayyum Pervez Malik
LLMIT (Lloyds & London Market),
Authorized Insurance Surveying Surveyor & Officer Loss (The Adjuster SECP), /
MBA Claims (UK), M.Com Investigator (Insurance)
Qayyum Executive Pervez Director Malik - Pakistan & Co. Inspection (Pvt) Ltd
Company Pvt. Ltd.
For most of human history, most
people across the world have lived in
small communities. Over the past few
centuries and particularly in recent
decades, this has shifted dramatically.
There has been a mass migration of
populations from rural to urban areas.
Urban shares are projected to increase
in the coming decades across all
countries although at varied rates.
In line with the global historical trend,
people residing in the sub-continent
have also preferred to live in the joint
family system having big houses in
rural or semi-urban settings. More
recently though people have started
living in individual or separate
houses. The shift to City life is being
done for many reasons across broad
areas of development suggesting that,
on average, living standards are
higher in urban populations than in
rural. Some other reasons also
include:
Ÿ Access to electricity is higher in
urban areas than in rural areas;
Ÿ Access to improved sanitation is
higher in urban areas;
Ÿ Access to improved drinking
water is higher in urban areas;
Ÿ Access to clean fuels for cooking
and heating is higher in urban areas;
Changing Trends
Access to Housing
through Banks
The trend of having individual
lifestyles coupled with infrastructure
development taking place in City
areas in the last decades or so has
given rise to the phenomena of Urban
life culture and, thus, an opportunity
for housing or estate developers to tap
this market. There is a housing
backlog of 4.3 million units and the
country needs addition of 300,000
housing units per year. However, the
housing shortfall is increasing by
270,000 every year owing to less
housing production which is driving
the prices up even in the most
demanding economic conditions of
these times. Visiting a real estate
agent in Karachi, Lahore, Islamabad,
Peshawar or any other city would
make you believe that an average man
can never save enough to buy a plot.
Owning a built-up house even in a
dream is a luxury that an average man
or women can't afford.
Insurance Journal January, February, March 2022
08
Find us at: www.insurancejournal.com.pk — www.facebook.com/insurancejournalpakistan