First micro insurance agency established in Pakistan

Mar 2008
Karachi, Pakistan, March, 20 2008 - First Micro insurance Agency (FMIA) was inaugurated as Pakistan’s first dedicated micro-insurance agency.

According to a press release on Wednesday, chief executive officer of FMIA, Kleem Abbas said, “Micro insurance is a relatively new phenomenon, but is attracting increasing interest worldwide by commercial insurance companies”.

He said the Aga Khan Agency for Micro finance (AKAM) provided an investment of Rs 30 million as start up capital to FMIA. It is AKAM’s second affiliate institution in Pakistan, following on the highly successful First Micro Finance Bank Ltd. AKAM currently has micro finance institutions in 13 countries throughout Asia and Africa. FMIA is also the first insurance agency in Pakistan to be established as a company rather than as an individual enterprise.

This investment in FMIA, its first in the insurance sector, demonstrates AKAM’s determination to build on its outreach to poor families by including them in the formal economy and providing them with a range of financial services to enhance their quality of life and improve their economic security. The provision of low cost insurance to millions of Pakistan’s poor families constitutes a vast market potential. Micro credit is a rapidly expanding business in Pakistan and by offering insurance we are expanding the range of financial services available to families which previously had been excluded.”

Chief executive officer of New Jubilee Life, Javed Ahmed, welcomed new partner in developing this important activity. He said New Jubilee Life currently insures more that 800,000 lives in the micro-insurance sector with the expertise and assistance of FMIA, and was looking forward to significantly expanding the market further.

Source : Daily Times

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