Punjab has become the first province in Pakistan to establish a general insurance company, marking a historic shift in public sector financial services across the country.
The Punjab General Insurance Company will handle all non-life insurance for government institutions, operating under the direct supervision of the provincial Finance Department.
A special committee has been formed to oversee the new establishment of the company, following a formal meeting chaired by Chief Minister Maryam Nawaz Sharif in Lahore.
A summary for the formal approval of Punjab General Insurance Company has already been forwarded to the provincial cabinet for its review and final authorisation.
The board of the company will include the Chairman of the Planning and Development Department, the Secretary of Finance, and the President of Punjab Bank.
Punjab Life Insurance Company
Punjab Life Insurance Company has also achieved the fastest registration in the history of Pakistan, receiving its licence from the Securities and Exchange Commission of Pakistan.
The company will offer specialised insurance plans designed to cover citizens across all economic levels and social groups throughout the province of Punjab.
Chief Minister Maryam Nawaz directed officials to include the private sector in the insurance plans, ensuring broader participation and wider coverage for residents.
The chief minister praised both companies for their swift approval processes, describing the speed of implementation as a positive sign of administrative efficiency in Punjab.
Maryam Nawaz said Punjab had always led Pakistan in reforms and would continue to do so, reaffirming the provincial government’s commitment to innovative public policy.
She announced plans to introduce a comprehensive health insurance policy allowing citizens to seek medical treatment at any facility of their personal choice.
The Chief Minister stated that the global insurance sector is growing rapidly and that Punjab must align its policies with international standards and modern practices.
