PAKISTANI INSURERS HAVE LIQUIDITY TO SETTLE CLAIMS, INSURERS SAY

The Pakistan insurance industry has the liquidity to pay all of the claims arising from the unrest that followed the December 27 assassination of leading politician Benazir Bhutto, the industry has assured the chairman of the Securities & Exchange Commission of Pakistan (SECP). The Exchange’s chairman Razi-ur-Rehman Khan had called the meeting, which was led by the chairman of the Insurance Association of Pakistan (IAP) to assess the impact of the assassination. In a press release the SECP stated that it had been assured by industry representatives that the sector was fully capable of meeting all claims and that these claims would be paid promptly. The industry is to submit a detailed analysis of the claims submitted to date for further assessment, with figures being updated on a weekly basis. The industry representatives also informed the SECP that reinsurance arrangements had been reviewed and were seen to be satisfactory.