Commerce Minister Praises NICL’s Efforts to Provide Financial Security to Citizens

Federal Minister for Commerce Syed Naveed Qamar Thursday praised National Insurance Company’s (NICL) efforts to provide financial security to the citizens through its products and services The minister made these remarks while addressing the National Insurance Company (NICL) performance ceremony. He said that NICL pulled through trying times and became one of the top-performing entities of the government and lauded its commitment to promoting economic growth and empowerment of the country’s insurance sector. He noted that the NICL agricultural policy provides farmers with comprehensive coverage against losses due to floods, drought, hailstorms, and other natural disasters. He said that such policies would not only provide coverage to farmers against losses due to natural calamities but also help them to manage their finances more effectively. He said that the government is committed to creating an enabling environment for the insurance business in the country and supporting the sector to grow. He urged the concerned sectors to facilitate such organizations instead of creating hurdles and said that the government will continue to work closely with NICL in order to promote the growth of this sector. He said that the success of NICL is an inspiration for other insurance companies to strive for excellence in their respective businesses. NICL reported a record Gross Unwritten Premium (GWP) of Rs. 25.65 Billion for the end of FY2022, demonstrating a growth of 30 percent from 2021 and an impressive 77.3 percent increase when compared to FY2020. This strong performance was driven by profitable business growth and solid investment performance. NICL’s investment profit for FY2022 was around Rs. 5.5 Billion, representing an increase of 28 percent from 2021.