Daily Times

Federal Minister for Commerce and Investment Syed Naveed Qamar on Saturday visited National Insurance Company Limited to review its operational and financial matters

NICL Chief Executive Officer Khalid Hameed briefed the Minister on the company’s operations, initiatives on its policy, and restructuring and revenue generation sides besides various projects in pipeline.

He said NICL was engaged in two categories of insurance—-direct insurance and re-insure.

In addition to long list of insurance classes, the company was working on proving medical insurance cover. He informed that the company had Rs52b investment portfolios; however, the company would have to operate within its limited capacity.

The company was prepared to enter partnership with private sector in certain areas of insurance. “We have adopted all safe means to protect our investments made in different modes,” he added.

Khalid Hameed, who took over as CEO in May last year, informed that NICL had witnessed significant growth in its revenue and profits which would further increase in the coming days. Many new projects, also under PSDPs and CPEC, were coming to his company for insurance.

He mention that it was mandatory for Chinese Companies to re-insure their CPEC projects locally. The Minister directed NICL’s CEO to appoint Ad hoc Auditors at least till the constitution of the Board of Directors was done.

Federal Commerce Secretary Sualeh Ahmed Farooqi advised the NICL management to look at public sector projects to assess what business could the company get from. “You should also work on Gwadar Port and its affiliated projects,” he emphasized. NICL’s CEO presented comparison of his organisation with other insurance companies operating in the country.

Federal Minister for Commerce and Investment Syed Naveed Qamar appreciated the management’s efforts and commitment bringing very encouraging results, and offered all possible support on behalf of his ministry.