LAHORE – Punjab has become the first province in the country to introduce a government-backed general insurance company, marking a significant step in expanding financial protection services.
The newly established Punjab Life Insurance Company has also achieved the fastest registration in Pakistan’s history with the Securities and Exchange Commission of Pakistan (SECP). The company aims to provide inclusive insurance coverage through specialized plans, ensuring protection for people from all social and economic backgrounds across the province.
A high-level meeting chaired by Chief Minister Maryam Nawaz Sharif reviewed the progress of both Punjab Life Insurance Company and the proposed Punjab General Insurance Company, with officials giving a detailed briefing on their structure and operations.
To oversee the initiative, the chief minister has formed a special committee. The Punjab General Insurance Company will operate under the Finance Department and will be responsible for managing all non-life insurance needs of government institutions. Its board will include key officials such as the Chairman of Planning and Development, the Finance Secretary, and the President of Bank of Punjab.
A summary for the establishment of the company has been sent to the provincial cabinet for approval. Maryam Nawaz also directed that the private sector be included in the insurance framework to enhance efficiency and outreach. She appreciated the swift approval process and strong business planning behind both insurance initiatives.
Emphasizing Punjab’s leadership in reforms, the chief minister stated that the province has always remained ahead and will continue to do so. She also highlighted plans to introduce a comprehensive health insurance policy, allowing citizens to access treatment at facilities of their choice, while aligning Pakistan’s insurance sector with global standards.
