Finance Minister Muhammad Aurangzeb has urged Pakistan’s insurance industry to expand and meet the country’s rising financial needs beyond traditional banking. He emphasized the importance of innovation, productivity, and investment in the sector during a meeting with top insurance CEOs. The government aims to create new lending opportunities and strengthen the insurance industry’s role in economic development.
Aurangzeb assured industry leaders that the government is carefully reviewing their proposals, particularly regarding taxation and policy reforms. He highlighted that 90% of the budget consultation process is complete, with expert teams at the FBR evaluating each proposal. These efforts will help implement realistic policies to support insurance growth and broader economic stability.
The finance minister acknowledged the insurance sector’s significant contributions to the economy, including Rs2,900 billion in assets, 20,000 direct and 234,000 indirect jobs, and Rs613 billion in gross written premiums. He also noted its role in healthcare, investment bonds, and capital markets, reinforcing its potential for long-term private-sector investment.
Aurangzeb assured that the government will collaborate with industry stakeholders to ensure the sector’s long-term prosperity. He welcomed the delegation’s insights and stressed the need for strategic reforms to drive growth, innovation, and financial security for Pakistan’s future.