LAHORE: The government of Punjab, Pakistan has launched a state-backed general insurance initiative, becoming the first provincial administration in the country to establish its own insurance company aimed at expanding financial protection across all segments of society.
The new entity named Punjab Life Insurance Company has been created to broaden access to insurance services for citizens, including low-income groups. Officials say the move is part of a wider strategy to strengthen social safety nets through formal financial coverage.
The company has already been registered with the Securities and Exchange Commission of Pakistan in a notably short time frame. It has also recruited 17 professionals and begun preliminary operations after receiving initial financial backing.
Under the proposed structure, the company will function under the provincial finance department and will manage non-life insurance requirements for government institutions. Its oversight will be provided by a board that includes senior officials such as the planning and development chairman, the finance secretary, and the president of the Bank of Punjab.
A formal proposal for cabinet approval has been submitted, while authorities have also been instructed to incorporate private-sector participation into the insurance framework.
Officials said the initiative is expected to complement public welfare programs, including healthcare support for workers, pensioners, and vulnerable communities.
Speaking at a review meeting, Chief Minister Maryam Nawaz said the province has consistently led administrative reforms and intends to continue modernizing public services. She stressed the need for a comprehensive health insurance system that would allow citizens greater choice in medical treatment facilities and called for aligning Punjab’s insurance sector with international standards.
She also directed relevant departments to ensure the necessary infrastructure and resources are in place for the effective rollout of the initiative.
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