The government of Punjab has been working to set up a provincial insurance company, following the successful success of the country’s insurance sector.
A few meetings have been held for deliberations in this regard. The role was assigned to Bank of Punjab (BoP) President, Zafar Masud by Punjab Finance Minister, Hashim Jawan Bakht to provide the Punjab Government with the necessary assistance.
According to official documents, on the orders of the Minister, the President of BoP hired the advisory services of a well-known chartered accountant company. The document stated: “The Bank of Punjab hired M/s KPMG Taseer Hadi’s consultancy services to conduct a feasibility study to establish an insurance company.”
The document claimed that the consultants are now in a position to give the Punjab government a productive briefing after reviewing the performance of the insurance sector in Pakistan and evaluating the feasibility of creating a new public sector insurance company.