The Securities and Exchange Commission of Pakistan (SECP) issued a license to the Sahara Insurance Company Limited (SICL), a wholly-owned subsidiary of the Employees Old-age Benefits Institution (EOBI), to transact non-life insurance business in Pakistan.
A statement on Wednesday said with continuing emphasis on social insurance, the EOBI decided to incorporate the SICL with the primary objective of providing health insurance coverage to EOBI pensioners, aged between 60 and 70.
In addition, accidental death and disability coverage will be provided to expatriate Pakistanis working abroad.
In case of health insurance, the premium will be funded by the
Workers Welfare Fund while premiums for accidental death and disability insurance will be paid directly by the expatriate Pakistani labour force to Sahara Insurance Company Limited (SICL).
Following the registration of the SICL, the total number of active non-life insurers has reached 40, while the total number of active insurance companies (life and non-life), including Pakistan Reinsurance Company Limited, now stands at 50.
The last time a license was issued by the SECP to an insurance company was in 2009, and that was to a life insurer.
With this move, it is anticipated that the health insurance sector in Pakistan will witness visible growth while holistically improving insurance penetration and density figures that have remained one of the lowest in the region, it was further stated.
