The Punjab government has been working to establishing a state-owned insurance company for the province, drawn to the proposed move by the performance of the insurance sector in the country.
In this connection, a couple of meetings have been held to deliberate forming the proposed Punjab Insurance Company, reported The News International.
Punjab Finance Minister Hashim Jawan Bakht has assigned the task of establishing the insurer to Bank of Punjab president Zafar Masud to provide the required assistance to the provincial government.
The Bank of Punjab hired the professional services firm KPMG Taseer Hadi to conduct a feasibility study into the establishment of the new public-sector insurance company.
KPMG, in briefing officials, said that the areas where private-sector insurance companies are lacking in service delivery, as well as untapped areas, could be covered by the proposed insurer.
Officials in their presentations on the establishment of the insurer have highlighted the advantages of creating an insurance company by the Punjab government. The annual spending on insurance premiums by the Punjab government for insurance coverage of various assets was also highlighted.