President Dr. Arif Alvi has emphasized upon the expansion of the insurance sector and the need to create awareness regarding the possible risks in the insurance coverage.
Addressing a ceremony at the Federal Insurance Ombudsman Secretariat in Karachi on Saturday, the President appreciated the achievements of FIO in resolving public grievances through amicable settlements of the insurance complaints.
He also commended the monetary relief worth two billions rupees provided by the ombudsman in last 2 years.
He further said that public sector insurance companies should also be brought under the purview of Federal Insurance Ombudsman.
Referring to Federal Shariat Court’s decision of countrywide adoption of the Takaful Insurance till 2030, he stressed that the industry should strive to adopt the Sharia law compliant mode of insurance within the time frame.