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KARACHI, Feb 12 (APP):Federal Insurance Ombudsman Murtaza Ali Shah has emphasized the growing importance of the insurance industry in an increasingly digital economy.
Speaking at the Insure Impact Conference 2025, organized by the Securities and Exchange Commission of Pakistan (SECP) in Karachi, he urged insurance companies to not only raise awareness about insurance in Pakistan but also introduce simplified and consumer-friendly insurance packages in line with modern requirements.
The conference was also addressed by SECP Chairman Akif Saeed,Chief Guest and Federal Finance Minister Muhammad Aurangzeb, and Sindh’s Provincial Minister for Agriculture Sardar Muhammad Bux Khan Mahar.
According to press release, Murtaza Ali Shah reiterated that his institution is committed to safeguarding policyholders’ rights and ensuring that insurance companies fulfill their obligations by processing legitimate claims efficiently.
He noted that while the State Life Insurance Corporation remains outside the jurisdiction of the Federal Insurance Ombudsman, private insurance companies and policyholders benefit from the ombudsman’s role as a mediator, enhancing the industry’s efficiency and profitability.
He stressed that greater transparency in the sector would help restore public confidence. Addressing representatives of various insurance companies present at the conference, he highlighted the need to focus on agricultural insurance alongside life and general insurance.
Given the challenges posed by climate change, he emphasized the importance of providing coverage to farmers and the livestock sector to mitigate losses caused by natural disasters.