Collective efforts were required to increase quantum of insurance in the country for larger benefit of people: President Alvi

LAHORE, Dec 16 (SABAH): President Dr. Arif Alvi has said that insurance is highly important for welfare of the community and humanity.

President Dr. Arif Alvi said this while addressing a seminar on ‘Role of Insurance Ombudsman to Strengthen Business Sector’, held at Governor’s House, on Saturday. He said that collective efforts were required to increase quantum of insurance in the country for larger benefit of people. He said that steps had been taken to formalise insurance for compassion of humans. Insurance was important in different ways but people did not trust the product, he said and added that there was need to bridge the trust gap. Basic concept behind insurance was community consciousness, he said and added that old age insurance was a state encouraged phenomenon.

President Dr. Arif Alvi said, “Employees Old Age Benefits Institution is a social insurance institute while Benazir Income Support Programme is also a financial support scheme.” He said that it was basic function of the government to provide level playing field to all segments of society for better development. The president said that Scandinavian countries get high taxes and give more benefits, adding that if any country follow prejudices, this was not good at all. He said, “Elite exploitation and capitalism culture actually create unevenness in society.” He said that world’s few rich people hold almost 50 per cent wealth of the world.

President Dr. Arif Alvi said our beloved Holy Prophet Hazrat Muhammad (Peace Be Upon Him) taught us about the essence behind charity and he added that alms-giving was all about compassion towards humanity. He said that Islamic laws were community related, adding that Islamic society was all about living in a society where love and care of each other could be practiaed. He said that he used to think that wherever there was a democracy there would be compassion towards humanity, but situation in Gaza was totally opposite. He said the world should consider brown and black people equally. The president said that economic deprivations actually make generations lethargic. Dr Arif Alvi said that it was vital to inform people about Insurance Ombudsman that it was one stop shop for solution to their problems. He further said that he was also listening to appeals himself so that backlog could be cleared. Hazrat Umar (RA) taught us that decision of cases of people coming from far-flung areas should be done swiftly, relevant authority should contest case of the poor and uneducated people, decision should be revisited if any wrong was done, and the decisions should be implemented immediately, Arif Alvi said and added that all these guidelines needed to be implemented for provision of justice. Insurance was contributing 0.85 per cent to the country’s GDP, while this percentage was higher in other countries, he added. He said that decisions made by the Insurance Ombudsman should be highlighted to create awareness among people.

Federation of Pakistan Chambers of Commerce Vice President Riffat Malik, Federal Insurance Ombudsman Dr Muhammad Khawar Jameel also spoke.