Insurance Journal Performance Awards 2015
A large number of guests gathered on 15th December, 2015 at HOTEL MARRIOTT Karachi, to witness First Ever Award Ceremony in the history of Pakistan Insurance Industry. This event was organized by Insurance Journal.
Mr. Mehboob Ahmed Chief Justice (R) presided over the Award Ceremony. In his address he urged upon the insurance companies to come forward and form togetherness amongst themselves to ensure the benefits of insurance reach the every spectrum of the society. He called upon the industry leaders to focus more on spreading positive message to the masses of insurance benefits thus further improving the image of the industry. He said as Chairman National Insurance Reforms Commission formed by the Government in early nineties he had made some specific and far reaching recommendation in the report submitted to the Government. Though some recommendation were implemented but the rest seemed to have lost in the way.
He appreciated the efforts of the Insurance Journal and suggested to the insurance industry to join hands with the Insurance Journal for the common good and benefits of the industry.
Mr. Mehboob Ahmed made a specific reference to the young Executives and Chief Executives present in the award ceremony gathering and urged them to collectively come forward voluntarily as their contribution to the growth and well being of the insurance industry would ultimately help enhance their professional image and of the industry.
Mr. M.S.I. Ghauri Advisor Chairman SECP represented Mr. M.Zafar-ul-Haq Hijazi Chairman Securities and Exchange Commission of Pakistan said Chairman SECP would have joined this first ever event of its kind and met a galaxy of eminent personalities connected with the insurance sector which is one of the areas of domain of SECP.
He said “Taking benefits of the Presence of a large number of professionals and executives from the Insurance Industry. I would like to share with you some important developments in the insurance sector”.
SECP is a member of the International Core Principles (ICPs) and standards. These ICPs and standards aim at maintaining a fair, safe and stable insurance sector in the member’s jurisdiction for the benefit and protection of the policy holders as well as contributing to the stability of the financial system to be fully complaint a lot has to be done both at the of SECP and the Insurance Industry of Pakistan.
Trade in Services Agreement (TISA) free Trade Agreement (FTA) with People’s Republic of China and a Free Trade Agreement (FTA) with Malaysia with Insurance as one of the segments of financial services are under negotiation. SECP stands fully committed to protect the interest of the Insurance sector of Pakistan.
SECP also signed an MOU with under secretariat of Treasury, Turkey in Sept 2013 and efforts are underway to fully operationalise it for the benefit of the insurance industry.
Australia, Malaysia, Singapore and India have come up with new insurance Law’s keeping in view the changing global scenario in the Insurance Sector signaling revisit of the Pakistan’s Insurance Law also.
Cognizant of its role to ensure a fair, safe and a stable insurance sector for the benefit and protection of policyholders and to contribute to the stability of the financial system, SECP has already issued a number of Rules, Regulations, Guidelines and is presently engaged in taking a number of measures which will not only strengthen its regulatory and supervisory framework but also help in enhancement of business and image of the insurance industry of Pakistan. Some of these include merger of Insurance Rules, 2002 and SEC Insurance Rules, 2002 to avoid confusion, new Code of Corporate Governance, Accounting Regulations for Insurance Companies, MICRO INSURANCE Regulations, enhancement in minimum paid-up capital requirements in a phased manner, establishment of small dispute resolution committees at Karachi, Lahore and Islamabad, issuance of draft SEC reinsurance brokers regulations, 2015, revisiting the Insurance law and switch over to Risk Based Capital (RBC)/ Risk Based Supervision (RBS) and strengthening the supervisory mechanism to take care of the compliance issue.
Government of Pakistan in the Ministry of Finance has also been approached for necessary amendment in the Motor Vehicle Act, 1939 for no fault option and enhancement of Compensation and also in industrial and commercial ordinance, 1968 for Compulsory Group life insurance. This will also go a long way in the enhancement of insurance business.
Mr. Ghauri said SECP had a comprehensive road map for the development of insurance industry of Pakistan. He urged upon IAP to launch an aggressive awareness campaign about insurance on collective basis and gear up research and development facilities to come up with innovative products to enhance insurance business. Protection of the interest of the policy holders Mr. Ghauri said that the prime importance not only for SECP but also for the insurance.
Mr. Saifuddin Zoomkawala Chairman EFU General Insurance Ltd was the keynote speaker.
Declaring “this evening as a whole is a moment of success for the insurance profession” Mr. Saifuddin said he had no doubt that it would lift the entire industry to a higher level of excellence. He said “we are proud that we have an organized community in shape of Pakistan insurance industry which has seen peaks and troughs in the history of Pakistan”.
He said insurance industry “has kept pace with the development of the economy”. While applauding the initiative of Insurance Journal for organizing the award ceremony he mentioned the invaluable contributions of Pakistan Insurance Institute and the Insurance Association of Pakistan.
Mr. Saifuddin said Insurance Industry regards the SECP as a partner and both have the same core objectives. He appreciated the role of SECP in the financial services sector that the Economist Intelligence Unit ranked Pakistan at number 5 on its Global Index on National Financial Inclusion. The shared objective of the SECP and the Insurance Industry is to raise Insurance Penetration above 1% to make that matches some other emerging markets.
While highlighting the importance of awards, he said award ceremonies lift morale, evoke enthusiasm, create competition and generate new ideas and products. “I feel sure that our talented younger generation will create new products and services in general, life, motor, health, travel, Takaful and other segments in Pakistan. The market segments of crop and livestock insurance are important for Pakistan’s agricultural economy as well. With the support of international development organizations, and following the growth of micro-finance banks in Pakistan, micro-insurance is also developing”.
He emphasized for a steady growth of economy. He said an efficient and stable financial sector is essential for the steady growth of an economy. Insurance plays a critical role in the smooth functioning of the financial sector. Insurance availability allows entrepreneurs and investors to manage risk and earn higher returns. This generates productivity and economic growth.
Mr. Tahir Ahmed Chairman Insurance Association of Pakistan in his speech highlighted the role of the insurance industry in the economic development of Pakistan. He said IAP always played a major and positive role in helping the Government and Private sector to undertake mega projects. He congratulated the Insurance Journal and assured cooperation of IAP in achieving the common objective of the insurance industry that is best services to the clients, always projecting a positive image of the insurance business and industry.
Earlier in his welcome address Editor & Publisher Insurance Journal Mr. M. Jamaluddin briefly mentioned about 31 years struggle and success of Insurance Journal. He said despite many odds since its inception in 1984 by the Grace of God Insurance Journal managed to remain in regular publication and missed not an issue. The Journal over those years has introduced many young writers.
He asked the Insurance industry to come forward and give its due share to help and develop Insurance Journal as partner of the industry.
Expressing his views about the insurance industry he said no doubt that industry has played its valuable part in the development of the country’s economy but suggested in this fast developing world out of box thinking and solutions are required. He urged the CEO’s and senior executives of the companies to meet informally more often and exchange the Knowledge and share the experience for the development of new products and further improve the image of the industry. He thought opening of Tea Room in premises of IAP will greatly benefit the professionals to meet for a while and discuss matters of common interest. For long term returns adoptions of Schools could be considered by the insurance companies. Regular and permanent committees at the IAP to project and answer questions of the insured and general public be set up. Regular and constant chain of communication be establish between the industry and regulators. Mr. M. Jamaluddin Thank the Award Committee members, the sponsors of the event and the large gathering presence in the award ceremony.
Insurance Journal is in publication since 1984 from Karachi and 2008 from Islamabad
As an initial objective Insurance Journal provided a forum and a platform to insurance writers and professionals and encouraged young executives to read and write about insurance. To further encourage the young, Insurance Journal Introduced in the year 1993 Gold medal for essay writers.
This helped many young writers to develop themselves into writing the articles on different aspects of Insurance.
Against heavy odds the very existence of Insurance Journal for over 30 years shows beyond doubt, the seriousness and commitment of the publisher and all those working for Insurance Journal. In line with the forward looking policy, Insurance Journal has now introduced Insurance Journal performance Awards for the first time ever in the history of Pakistan Insurance Industry. It is hoped these bold steps of Insurance Journal will be supported and appreciated by the insurance industry and all connected directly or indirectly concerned for the development, image and welfare of the insurance industry of Pakistan. Insurance Journal rightly assume insurance industry to join the so far solo efforts of the publisher.
In late 2014 Insurance Journal decided to institute Annual Performance Awards. To start for Non – life Insurance Companies of Pakistan. Life and Takaful companies will be included later on. A committee was formed to organize, set rules, and make criteria and categories. Personalities of the insurance industry were invited to form the committee. Mr Saifuddin Zoomkawala Chairman EFU General Insurance consented to convene the meetings, others member were Mr. Hassan Ali Abdullah, Mr. Moin Fudda, Mr. Akbar Ali Khan, Mr M.A. Lodhi, Chairman IAP (2013-14) Mr Muhammad Ali Zeb, Chairman IAP (2014-15), Mr. Mehmood Lotia later joined the committee. The committee decided to institute six Awards in Three Categories Two in each Category, based on Annual reports of 2014-2013-2012.