Insurance companies asked forestall threats to masses, economy

Election jitters escalates need for risk mitigation: Mian Shahid

Insurance companies asked forestall threats to masses, economy

Lahore: May 09

Repeated terror incidents and other fears associated with the Parliamentary elections have not only increased awareness but also furthered need for risk mitigation through insurance, a businessman said Thursday.

Insurance industry is in need of dynamic people with high integrity level capable of delivering with out of box solutions, said Mian Shahid, CEO Saudi Pak Insurance Company.

Speaking to insurance stakeholders, he said that insurance sector will flourish if it explores untapped markets and serve masses, trade and commerce in the best possible way.

He said that we should educate business community to take adequate measures to protect themselves and their business from any potential security and investment danger.

Security issues have brought economy to its knees, businesses have been destroyed, and employees displaced because majority of those affected did not have proper insurance to compensate them, said Mian Shahid.

Rising political temperatures can result in political violence while most insurance companies are not properly prepared to cope with the situation, he said, adding that interruption in business operations has become a routine which must be covered.

Some insurance companies are lenient enough to reward some of their good customers after the suffer losses which is casting a negative shadow on whole industry, he said.

Shahid said that industry should design appropriate products to cover business community especially the SMEs can be adversely affected in post-election scenario.

The insurance industry should properly respond to rising demand of cover against risk, clashed, and terror. Insurance industry survives on pooling risk with a probability that it may or may not happen, he explained.