The insurance sector driven by the state-owned insurance company, State Life Insurance Corporation concluded a healthy business year, with a handsome claim of over Rs. 100 billion to be paid to the policyholders for 2021, said Shoaib Javed Hussain, Chairman, and CEO of State Life Insurance Corporation said.
Talking to the delegation of Council of Economic and Energy Journalists (CEEJ), he said that premium growth of the insurance policy is back on track after contraction for the period of one year in 2020 due to Covid-19 related lockdowns.
He mentioned that not only has the growth of insurance premium recovered but the state-owned insurance providers also paid claims of Rs. 67 billion to its policyholders.
He was of the view that 2021 was a year of recovery with the premium of life insurance growing by 60 percent whereas the growth in health insurance stood at 100 percent and group insurance at 250 percent.
It is noteworthy to mention here that State Life Insurance Corporation is the only service provider to the federal government’s project of Sehat Sahulat Scheme in which an amount of Rs. 25 billion allocated for KP and Rs. 100 billion for Punjab, AZK, Gilgit-Baltistan.
State Life Insurance Corporation Limited has waived off the penalty of millions of rupees of their beneficiaries or policyholders who failed to pay their premium payment due to the financial crisis, he added.
Source: Pro Pakistani