KARACHI: Mian Rizwan Majeed, Divisional Head of Marketing at State Life Insurance Company, said that Pakistan’s insurance sector has a bright future and is poised for significant growth. He was addressing the Karachi Editors Club’s “Meet the Editors” program on Saturday attended by KEC President Mubasher Mir, Secretary General Manzar Naqvi, senior KEC member Azeem Qureashi, senior journalists and other media professionals.
During the session he highlighted that State Life’s business has grown from Rs.12 billion in 2022 to Rs.30 billion in four years under its new business strategy. He said that State Life is a profitable public-sector organization contributing substantial revenue to the national exchequer each year. The company also generates employment opportunities with a marketing force of 150,000 people, 1,360 area managers, 250 sector heads, 37 zones and 7 regions across Pakistan.
He informed the audience that the company’s revenues are invested in real estate, with over 17 company-owned buildings in Karachi and more than 70 buildings across the country. He noted that insurance awareness remains low in Pakistan due to everyday social and financial challenges, whereas in developed countries insurance is an integral part of life. The company aims at changing this trend through widespread awareness initiatives, he added.
Mian Rizwan emphasized that insurance is essential for all segments of society and that small savings can enable even low-income families to secure long-term financial stability and protection.
President of Karachi Editors Club Mubasher Mir appreciated the contributions of State Life Insurance Company and stressed the need for closer collaboration between the insurance sector and the media. He noted that the sector must grow further to provide protection to citizens in times of crisis.
Secretary General of Karachi Editors Club Manzar Naqvi highlighted the urgent need to introduce and promote affordable term insurance policies specifically designed for low-income families. He pointed out that investment-linked insurance products are not affordable for most people, which is one of the key reasons why life insurance coverage in Pakistan is only around three percent. He called for prioritizing term ‘insurance’ to offer financial security at a lower cost.
Senior member of Karachi Editors Club Azeem Qureashi observed that State Life has been a pioneer in creating insurance awareness in Pakistan and that the company’s success directly benefits the economy.
The session concluded with a commitment by State Life Insurance Company and the Karachi Editors Club to explore new avenues of collaboration aimed at enhancing public awareness of the importance of insurance and the promotion of term insurance to reach underserved communities.
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