People's trust in insurance industry to catalyse uplift: President Alvi.

PESHAWAR -- President Dr Arif Alvi has said that increased confidence of people in insurance industry and its products will catalyse fast track development and progress of the country.

He stressed the need for launching insurance products at national level and wherever possible by looping in international insurance system for crop insurance and flood insurance to protect the farmers from losses and safeguard their livelihood and property during manmade or natural calamities.

A statement issued here said that he was addressing a seminar on 'effective role of federal insurance ombudsperson (FIO) in the provision of justice' at Governor's House here on Thursday.

President Arif Alvi said that the increased confidence of people in insurance industry and its products will catalyse fast track development and progress of the country.

Seminar highlights role of federal insurance ombudsperson in provision of justice

The acting governor of Khyber Pakhtunkhwa, Mushtaq Ahmed Ghani, FIO Dr Mohammad Khawar Jameel, senior officials of FIO, the representatives of insurance companies and people from different walks of life attended the seminar.

President Alvi called upon the government and the private sector to focus on developing insurance products for crop insurance and insurance of calamity-hit persons with user-friendly interface and discuss and propagate its importance for its wider dissemination.

He said that Pakistan suffered greatly due to the negative fallouts of climate change and global warming despite the fact that its contribution to global carbon emissions was negligible.

He appreciated the government's efforts to urge the international community to compensate Pakistan for losses sustained by it due to climate change-induced super floods.

He also stressed the need for effective institutional controls and user-friendly laws and regulations to enhance transparency and effectiveness of the insurance sector.

He said that FIO was providing relief to aggrieved insurance policyholders through Alternative Dispute Resolution (ADR) system to settle the...