Islamabad : FPCCI’s National Business Group (NBG) has appointed Dr Murtaza Mughal as Convener of Central Standing Committee on Insurance for the year 2021.

NBG’s Chairman Mian Zahid Hussian has issued a notification to the effect and asked the Convener to nominate experienced professionals as members of the Committee to play their role in the development of the said sector.

It may be mentioned that Dr Murtaza Mughal has also served as Convener of FPCCI’s Central Standing Committee on Insurance for the year 2020.

Commenting on the development Dr Mughal said that he is thankful for the confidence reposed in his person and he will try his best to promote economic activities through strengthening insurance sector.

The insurance sector has come to light amid pandemic, lockdowns, and supply chain disruptions which have inflicted heavy losses on individuals and businesses, he added.

The pandemic has not only resulted in losses but also exposed protection gap resulting in enhanced litigations across the world, he said.

Dr Mughal who is also Senior Executive Director of United Insurance Company noted that the closure of manufacturing plants, service industry, hotels, restaurants, wholesale and retail businesses etc. has resulted in significant business losses while these losses are likely to be absorbed by the affected businesses.

Businesses across many sectors of the economy has faced a significant decline in revenue as a result of government directives to close their businesses or curtail their activities in order to slow the spread of the virus among employees and customers.

In response to the crisis resulting from third and deadly wave of coronavirus, policymakers should support  businesses including small and medium-sized enterprises which were not properly insured and they should examine long-term solutions to address the gap in financial protection, he demanded.