The government of Punjab has launched a first-ever General Insurance Company (GIC).
The Chief Minister (CM) of Punjab, Maryam Nawaz Sharif, approved the proposal of the GIC and marked another key reform in the province.
Punjab has become the first province within Pakistan to establish the GIC.
While chairing a meeting of the Punjab GIC on May 6, the Punjab CM instructed the authorities to comprehensively prepare a health insurance policy plan.
The summary for its approval has been forwarded to the provincial cabinet.
Maryam Nawaz appreciated the business plan designed for the company and also the faster approval of the major initiative.
She instructed the specific authorities to include the private sector in the insurance framework.
Maryam Nawaz said, “Punjab has always remained at the forefront of reforms and would continue to lead from the front.”
She stated, “A health insurance policy would be introduced to enable citizens to seek treatment at healthcare facilities of their choice.”
The Punjab Life Insurance Company will be responsible for managing key health and welfare programmes in Punjab, officials said during a high-level briefing.
The meeting was informed that the newly established company will support the provincial government’s health initiatives, including the Sehat Sahulat Programme, as part of efforts to expand social protection.
Officials said the company has already secured registration with the Securities and Exchange Commission of Pakistan, describing it as one of the fastest such registrations in the country.
According to the briefing, the company aims to offer financial protection to people across different income groups.
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Proposed plans include health insurance for low-income households, pension-related plans, and coverage for natural disasters.
Plans are also being developed for specific groups, including women, farmers, students, transgender persons, and overseas Pakistanis.
Shariah-compliant takaful options are expected to be part of the offerings.
Officials said 17 professionals have been recruited to run the company, which has now begun operations after securing initial financial backing.
The chief executive of the life insurance company will also lead the Punjab General Insurance Company, which will handle non-life insurance matters for government institutions.
A dedicated committee has been formed to oversee its operations under the provincial finance department.
It was decided that the board will include senior officials such as the chairman of the planning and development department, the finance secretary, and the president of the Bank of Punjab.
The meeting also discussed collaboration with other institutions to develop welfare schemes for government employees, including pension fund coverage and support programmes.
Maryam Nawaz emphasised the need to strengthen infrastructure and resources, saying the province must keep pace with global developments in the insurance sector.
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