Karachi - Federal Minister for Provincial Coordination Riaz Hussain Pirzada has said that second SAARC Insurance Regulators’ Meet and International Conference would be an important milestone in the history of cooperation among the SAARC nations and will enhance regional integration and alliance.”

While inaugurating the Conference, he lauded the efforts of Securities and Exchange Commission of Pakistan (SECP) in bringing together, the diverse assembly of professionals and practitioners from around the world.

He added that the determination of SECP will reap results in the form of well-developed and conducive insurance sector that will be able to mitigate the risks for the businesses, individuals and to also support the economy of the state in multi-dimensional manner.

Pirzada said, “The importance of sustainable financial sector cannot be overemphasised. It not only serves as effective vehicle for mobilisation of funds which is the life-blood for economy, but also creates employment.

Tahir Mahmood, Chairman SECP, said in his address, “practitioners who used to describe insurance as an ancillary financial service, have now realised that insurance plays a critical role in the smooth functioning of all sectors of the economy.

The availability of insurance enables risk-averse individuals and entrepreneurs to manage risk, and earn higher returns which in turn promotes higher productivity and economic growth.

He stated that the goal of this conference is to support the development of a sound, stable and inclusive financial sector across the region.

The SECP, as the regulator of the insurance sector, has undertaken a number of initiatives in pursuance of its goal to develop a stable and viable insurance sector that can serve as an effective risk transfer facilitator and provides indemnification mechanism for individuals, corporate and the general economy. Some of the initiatives are: Saifuddin Zoomkawala, Chairman of the Committee on Finance and Insurance, SAARC Chamber of Commerce and Industry, said that the safety and happiness of people lies at the heart of the insurance industry. It is essential that the industry progress and professional development that results from this conference is felt by the citizens of the SAARC region. One-fifth of the world’s population that resides in the SAARC region awaits to be touched by the results of this 2-day international conference.

Mr. Muhammad Ali Zeb, Chairman, The Insurance Association of Pakistan (IAP) said that we take this event as an opportunity to announce that Insurance industry under the banner of IAP will be celebrating 2nd Insurance Day on 6th May 2014 and various activities have been planned with the purpose of enhancing insurance awareness among the masses and specially students.

Craig Thorburn Lead Insurance Specialist, World Bank said risk based supervision in insurance should be delegated to the insurance supervisors who can better manage the risks being in touch with ground reality than the managers.