PCJCCI think tank meeting held

LAHORE: Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) has decided to extend support to the Chinese companies in introducing the Pakistan insurance policies for managing and indemnifying financial risks, a statement said on Friday.

The decision was taken at a think tank meeting of PCJCCI with its President Shah Faisal Afridi in the chair. The meeting proposed that Chinese-styled reforms in the insurance sector could prove to be a quantum leap in the economic mobility of Pakistan.

The meeting also proposed to introduce contemporary ideas of China in the insurance sector, it said. Afridi said that according to financial statistics, the phenomenal growth of Pakistani life insurance companies was being maintained at 54 percent and 71 percent in terms of net premiums and assets.

Pakistan insurance industry’s contribution to GDP is 0.24 percent, which is abysmally low, he said, adding that the insurance sector has great potential, especially in the wake of forthcoming second phase of CPEC-related projects.