The Government of Punjab has announced the launch of a general insurance company – Punjab Life Insurance Company – becoming the first province in Pakistan to introduce a state-run entity of its kind aimed at expanding financial protection for citizens across all income levels.
The move is part of a broader plan to strengthen social protection through insurance coverage. Alongside this, the Punjab Life Insurance Company has completed its registration with the Securities and Exchange Commission of Pakistan in record time.
The company has also finalised the recruitment of 17 professional experts and has begun operations after securing financial support.
Authorities stated that the life insurance company will offer specialised plans to a wide range of groups, including breadwinners, women, transgender persons, farmers, students and overseas Pakistanis.
The schemes will also cover natural disasters, pension products and health insurance for vulnerable groups, along with Sharia-compliant takaful options.
According to officials, the chief executive officer of the Punjab Life Insurance Company will also serve as the head of the proposed Punjab General Insurance Company.
The development was reviewed in a meeting chaired by Maryam Nawaz, where detailed briefings were given on the operations and future plans of both insurance entities.
The chief minister constituted a special committee to oversee the establishment of the general insurance company.
Under the plan, the new company will operate under the provincial finance department and will handle non-life insurance needs of all government institutions.
A board comprising the chairman of the Planning and Development department, the finance secretary and the president of the Bank of Punjab will supervise its affairs.
A summary for the establishment of the company has been sent to the provincial cabinet for approval, while the chief minister has also directed that the private sector be included in the insurance framework.
Officials further said that the Punjab Life Insurance Company is expected to support the government’s health initiatives and public welfare programmes, including schemes for workers and pensioners.
Speaking at the meeting, Maryam Nawaz said Punjab had always led reforms and would continue to do so. She emphasised the need to introduce a comprehensive health insurance policy that would allow citizens to access treatment at facilities of their choice. She also stressed aligning the province’s insurance sector with global developments.
The chief minister directed authorities to ensure the provision of infrastructure and resources for the successful implementation of the initiative.
