LAHORE: Insurance industry veteran, Muhammad Ishaque Khan, has urged the government, insurance companies and educational institutions to teach insurance management education to the youth to create better employment opportunities for thousands of students. Muhammad Ishaque Khan, who is serving the insurance industry of the country since 1951, has been part of the leading insurance companies. He had been manager for East and West Pakistan at New Jubilee, Muslim Insurance administrator (now Atlas Insurance), Pakistan Insurance Corporation director, Credit and Commerce Saudi Arabia chief executive, International Risk Management Services director, Gulf Cooperation Insurance Saudi Arabia managing director. Besides, he was also member Board of Studies (Commerce, Banking and Finance) at the University of the Punjab. While talking to Daily Times exclusively on Monday, Ishaque Khan said that the major reason behind the pathetic condition of the insurance industry was the lack of educated manpower. “On the other hand, the insurance industry for one reason or the other lacked proper guidance and could not, therefore, gave the desired importance to quality manpower,” he said, adding: “Some individual companies did try to upgrade their manpower intake but as an industry it could not evolve a sound national policy.” And the government, he said, also chose to remain a mere spectator of this sad scenario. He said that the government should set up a separate authority for the sector, as the Security and Exchange Commission of Pakistan, which is mainly responsible for governing the insurance sector in the country, had multiple other important tasks to do. “Moreover, the SECP had assigned only one commissioner for the sector which was not enough.” He said that the government, insurance companies and workers’ unions should play their role in spreading awareness about insurance across the country. “This will provide relief to citizens and help insurance companies and the government earn more revenue.” Citing the example of neighbouring country India, he said India’s had done commendable changes in the insurance sector. They have started teaching charted insurance at educational institutes. “Our total premium volume for 2015 was $ 2,182 million when compared to India’s $71,776 million,” he said. “We are providing insurance services to a very small number of people. We need to make long term and short term plans for rapid business growth, mass awareness campaign and hiring of high calibre manpower.” He concluded by saying that the educated youth had enough potential to prop up the dwindling insurance sector of the country.