Election fears boost demand for insurance coverage

Lahore: Fears associated with the parliamentary elections have increased need for risk coverage through insurance, a leading business leader said Friday.

Insurance industry should educate business community to take adequate measures to protect themselves and their business from any potential security and investment danger after the elections, said Mian Shahid, CEO Saudi Pak Insurance Company.

Security issues have brought economy to its knees, businesses have been destroyed and employees displaced because majority of the affected did not have proper insurance cover to compensate them, he said.

Rising political temperatures can result in political violence that can cause interruption in the business operations, he warned.

Mian Shahid said that industry should design appropriate products to cover business community especially the SMEs can be adversely affected in the post-election scenario.

The insurance industry should properly respond to rising demand of cover against risk, clashes, and terror, he said.