20000118

Shaukat urges

insurance cos

to expand their

capital base

RECORDER REPORT

KARACHI: Finance Minister Shaukat Aziz has urged the insurance sector to expand its capital base to increase net retention of the industry, keeping the interest of policy holders in view.

The minister expressed this view during a meeting with a delegation of Insurance Association of Pakistan.

The delegation was assured by the minister of the immediate solution to their problems and all the government possible assistance.

"The minister was also very receptive to the association's demand for withdrawing 20 percent compulsory concession to the Pakistan Insurance Corporation," an official statement said.

The Insurance Association of Pakistan has also submitted a memorandum, highlighting the insurance problems.