Minister for commerce appreciates NICL performance

KARACHI, May 07 (DNA): Federal Minister for Commerce and Investment
Naveed Qamar on Saturday visited National Insurance Company Limited to
review its operational and financial matters

The Minister was briefed by NICL Chief Executive Officer Khalid Hameed
on the company’s operations, initiatives on its policy, restructuring
and revenue generation sides besides various projects in pipeline.

He said NICL was engaged in two categories of insurance—-direct
insurance and re-insure. In addition to long list of insurance classes,
the company was working on proving medical insurance cover.

He informed that the company had Rs 52 billion investment portfolios,
however the company would have to operate within its limited capacity.
The company was prepared to enter partnership with private sector in
certain areas of insurance. “We have adopted all safe means to protect
our investments made in different modes,” he added.

Khalid Hameed, who took over as CEO in May last year, informed that NICL
had witnessed significant growth in its revenue and profits which would
further increase in the coming days. Many new projects, also under PSDPs
and CPEC, were coming to his company for insurance.

He mention that it was mandatory for Chinese Companies to re-insure
their CPEC projects locally. The Minister directed NICL’s CEO to appoint
Ad hoc Auditors at least till the constitution of the Board of Directors
was done.

Federal Commerce Secretary Sualeh Ahmed Farooqi advised the NICL
management to look at public sector projects to assess what business
could the company get from.

“You should also work on Gwadar Port and its affiliated projects,” he
emphasized. NICL’s CEO presented comparison of his organisation with
other insurance companies operating in the country.

Federal Minister for Commerce and Investment Syed Naveed Qamar
appreciated the management’s efforts and commitment bringing very
encouraging results, and offered all possible support on behalf of his
ministry.