ISLAMABAD – The Pakistan Economy Watch (PEW) has reported that thebenefits of the CPEC projects have started to reap in.

PEW said that CPEC is infusing new life in all the sectors of the insuranceindustry of the country.

This sector should be prepared to face challenges and opportunitiesresulting from one of the biggest developmental projects the world has everseen, it said.

CPEC is to contribute to the unprecedented growth of the insurance industryas it is generating a lot of business activities, said Dr. Murtaza Mughal,President PEW.

The insurance industry needs to invest more in up gradation, human resourcedevelopment, innovation and improved teamwork to properly benefit from thefruits of CPEC, he added.

Dr. Murtaza Mughal said that the insurance sector needs to introduce newproducts and further improve its working to match global standardsotherwise local insurance industry will be ignored by multinationals.

He also stressed the need to create awareness among masses and the businesscommunity regarding the benefits of insurance to strengthen the economy.

He noted that CPEC would write a new chapter in the accounts of history byconnecting different regions of the world while Pakistan enjoys a prominentposition in this unprecedented project.

Benefitting from CPEC not only require competent and hardworking force todischarge responsibilities originating from this miracle but the insurancesector should also brace for the change, he demanded.

The government should also play its role in the promotion of insurance andgeneral business atmosphere which could cater to the need of the countrymenand help compete with the other nations.

In the backdrop of the current situation, the insurance industry hadassumed significant proportions and it must be able to solve the complexmatters which will help its expansion.