Insurance progress in the offing.

Byline: KHALIL AHMED

Interview with Mr Naim Anwar - Chairman, Pakistan Insurance Institute

PAGE: Tell me something about yourself, please:

Naim Anwar: I did my graduation from Karachi and then followed ACCA as a background. After working nearly ten years in London in textiles and leather sectors, came back to Pakistan in 1992 and since 1993 entered insurance industry by joining Adamjee Insurance Limited, where I parted as Executive Director and joined PICIC Insurance Limited as Deputy Managing Director. With the change of management at Crescent Star Insurance Limited, one of the oldest insurance firm in Pakistan, I got associated as Managing Director and CEO in 2013 till now. I have been member of various committees at Insurance Association of Pakistan and have been Vice Chairman of IAP. Currently I am Chairman of Pakistan Insurance Institute.

PAGE: How would you comment on risk management in the form of insurance contracts?

Naim Anwar: Risk as the word defines is everywhere all over the life and trade. Financial risks are not only covered by banks but insurance is also a financial risk that provides the cover to all sectors of society and industry/trade. Insurance is never for profit, but restores the insured to the position the insured was in before the loss.

PAGE: Insurance is regarded as a slow-growing, safe sector for investors. What is your perspective about it?

Naim Anwar: Insurance penetration in Pakistan has always been a concern and is one of the lowest in the world at 0.80%. Slowly things are improving and there is a vast scope of improvement in the sector.

PAGE: Not all insurance...