Insurance industry plays import part in country's development.

RAWALPINDI -- Chairman United International Group Mian Shahid on Sunday said Insurance industry played an import part in country's economy and development.

In a statement issued by Pakistan Credit Rating Agency (PACRA) the Chairman said United Insurance Company (UIC) is one of the leading players in the insurance industry with a balanced portfolio and strong profitability representing all segment of the insurance industry.

He said savings alone are not enough to achieve financial freedom therefore insuring life and assets is equally important.

A general insurance company offers insurance policies to secure health, travel, motor vehicle, home and business which can help policy holder in case of an unexpected incident, he added.

Mian Shahid said insurance works on the principle of transfer of financial risk from the insured to the insurer which results to reduce financial...