KARACHI, Feb 12 (APP): Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, Wednesday, stressed the need of adopting digital technology and promoting innovation in the insurance sector to cater the needs of the growing population of the country.
He was virtually addressing the InsureImpact Conference Pakistan (ICP) 2025, themed “Journey to an Insured Pakistan – Fostering Collaboration, Engagement & Innovation,” held here to bring together key stakeholders for re-imagining the future of insurance in Pakistan.
The InsureImpact Conference Pakistan 2025 is organized by Securities and Exchange Commission of Pakistan in collaboration with Karandaz, Central Depository Company and Society of Actuaries.
The minister in his address, highlighted the improvements in economic indicators due to multifaceted measures by the government in different sectors and said that the IMF and other international financial institutions are recognizing the progress made by Pakistan towards economic stability.
He said that Prime Minister Shehbaz Sharif had a very constructive and positive meeting with the IMF team led by MD Kristalina Georgieva on the sidelines of the World Governments Summit in Dubai where economic developments and ongoing reforms as well as macro economic stability achieved over the last 12 months came under discussion.
He said the IMF Managing Director lauded the government’s efforts for macroeconomic stability and commended Pakistan’s efforts in effectively implementing the IMF-supported reform based program and leadership role of Prime Minister Shehbaz Sharif in this regard.
He said that the primary role of the government is constituting policy framework and extending maximum facilitation to business and industries and it is not the business of the government to do business as certain works and activities could only be carried out by the private sector.
The finance minister informed that the prime minister and his cabinet has a clear perspective in the regard while the committee on State Owned Enterprises has also submitted its recommendations that were under deliberations.
He said the insurance sector is at a good juncture and the agriculture sector has witnessed technological advancement but we have to sit together and deliberate on the way forward and achieve the objective of Insure Pakistan.
The finance minister stressed that innovation in the health and education sectors is essential and we should take leverage of digital technology to cater the needs of the growing population of Pakistan.
He underscored that instead of fearing Climate Change, we have to look at it from a different angle and work under an effective strategy to deal with it.
Coordinator to PM on Climate Change, Romina Khurshid Alam, in her message, highlighted the climate change induced challenges and stressed on the significance of resilient building approach.
Climate change is a reality that is affecting basic infrastructure and different sectors in Pakistan, she said and added that the government and private sector have to sit together to work for building a resilient Pakistan and minimize the losses inflicted to agriculture, infrastructure and public and private property.
The conference was comprised of four sessions on transforming disaster and agriculture insurance through collaboration, accelerating innovation with the digital shift in motor insurance, positioning insurance as a dual pillar for health protection and social security, and charting the path to an insured Pakistan through digitization by addressing gaps, exploring potential, and developing an ideal infrastructure.
The representatives of SECP, CDC and other institutions as well as private sector insurance companies and other relevant organizations had thought-provoking discussions on actionable insights, and opportunities for collaboration to shape a resilient and inclusive insurance ecosystem.