Punjab’s Bold Step Toward Inclusive Insurance
Punjab has taken a pioneering step by establishing its first-ever General Insurance Company (GIC), a reform initiative led by Chief Minister Maryam Nawaz. This move positions Punjab as the leading province in Pakistan’s insurance sector, aiming to provide citizens with accessible and comprehensive coverage.
The newly proposed Punjab General Insurance Company will design a comprehensive health insurance policy, enabling citizens to seek treatment at healthcare facilities of their choice. This marks a significant shift toward empowering individuals with freedom and flexibility in healthcare decisions.
Officials confirmed that the Punjab Life Insurance Company (LIC) will manage key health initiatives, including the Sehat Sahulat Programme. LIC has already achieved the fastest registration in Pakistan’s history with the Securities and Exchange Commission, underscoring the province’s commitment to swift and effective reforms.
The scope of Punjab’s insurance plans goes beyond health. Citizens will benefit from financial protection against natural disasters, pension products, and Shariah-compliant Takaful schemes. Specialized insurance packages are being tailored for women, farmers, students, transgender persons, and overseas Pakistanis, ensuring inclusivity across all segments of society.
To strengthen operations, Punjab has recruited 17 professional experts and secured financial support for the LIC. The CEO of LIC will also serve as the CEO of the new GIC, ensuring streamlined leadership and coordination. A special committee under the Finance Department will oversee non-life insurance matters, while the company’s board will include top provincial officials and the President of the Bank of Punjab.
Maryam Nawaz emphasized that Punjab must keep pace with global advancements in the insurance sector. By integrating the private sector and ensuring infrastructure availability, the province aims to build a robust insurance framework that supports citizens across income groups.
This initiative reflects Punjab’s vision of progressive governance and citizen welfare, setting a precedent for other provinces to follow. With health, pensions, and disaster coverage at its core, the General Insurance Company is poised to transform the way insurance serves the people of Punjab.
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