PMRC hosted a session on August 12, 2020 with participants from major Insurance Companies of Pakistan along with representatives from Banks. The purpose of the meeting was to discuss Mortgage/housing related insurance products that are currently available in the market and products that are internationally available but not offered in Pakistan. Thus the session was aimed at strengthening the mortgage market in Pakistan by offering new insurance product that provide insurance cover in case of temporary loss of income which can be due to partial disability, job loss etc. to the mortgagees specially for the low income segment which is a vulnerable segment to absorb the economic shocks.
Session was chaired by Mr. Mudassir.H.Khan, CEO PMRC and attended by senior management officials of PMRC, Habib Bank Limited, United Bank Limited, National Bank of Pakistan, M/s. EFU Insurance Company, Adamjee Insurance Company, IGI Insurance Company, Jubilee Insurance Company, Atlas Insurance Company, TPL Insurance Company and Unique Insurance Brokers.
Mr. Mudassir said that the product will not only give PMLs the required confidence in the housing sector but will also serve as a medium to safeguard the end consumer from risk of default. Attendees appreciated PMRC’s proposal and said that besides adding a new product to insurance sector, it will play a vital role in development of housing finance market which will facilitate Government’s efforts in fostering the housing sector.
As an outcome, a committee comprising of insurance industry experts and bank officials has now been formulated which will come up with a product to cater the need of the market.
