Originally published on GroundReport.com, the citizen journalism platform that covers world news from the ground.
ISLAMABAD-- Escalating terrorist activity in Pakistan is destabilizing society and posing a risk to people's safety -- and prompting Pakistanis to take out insurance policies that protect their families financially in the event of disaster.
Fear and terror are compelling people to buy life insurance policies. As a result, sales for Pakistan's state insurance company have increased by 34.42% in one year.
After the September 11th attacks in the US, NATO forces launched ground attacks in Afghanistan, which neighbors Pakistan. The war has led to unrest in Pakistan because the nations share Islamic ties, and cultural unity. The war has also brought millions of immigrants from Afghanistan into Pakistan.
Many Afghan immigrants were illiterate and unemployed, and some allegedly became mercenaries for foreign spy agencies like India RAW and, allegedly, the American CIA.
According to some reports, Pakistan has the lowest level of human life safety in the world; in 2008 it saw 61 suicide attacks, causing 889 causalities and 2,072 injuries, including the deadly "Marriot Blast". During this period, Pakistanis felt at risk while even moving around their own neighborhoods.
The State Life Insurance Corporation (SLIC) of Pakistan saw revenues of Rs 5.0 billion last year, as the company provided insurance to four million new policy holders and their families in 2008.
SLIC Chairman, Shahid Aziz, congratulated the company's marketing force and employees of State Life on securing what he termed 'historic' new business. He highlighted that State Life's new business strategy has paid rich dividends by securing a renewal premium of Rs 12.65 billion in 2008, an increase of 25%.
Second and Third Year Persistency stood at 84.39% and 94.09% respectively, far above the international standard. He also stated that State Life has paid Rs 6.16 billion on claims in 2008,of which Rs 1.15 billion went to 'death claims' and Rs 5.01 billion went to 'maturity claims'.
On the Group Life side, State Life has successfully secured Rs 3.51 billion as premium income by marketing to 189 new groups in Q4 2008.
State Life's Central Region topped the list geographically at Rs 1.74 billion followed by North Region with Rs 1.18 billion, Multan Region with Rs 1.10 billion and South Region with Rs 0.93 billion, showing increases of 39.45%, 24.66%, 46.90% and 25.78%respectively in 2008.
State Life showed a healthy corporate portfolio performance in 2008 and its life fund stood at Rs 174 billion, which resulted in the yearly allocation of bonuses towards the policies of millions of policy holders. Investment income stood at Rs 18.61 billion in 2008.
Waseem Akhtar, 36, a policy holder, told this correspondent that he has three children and a wife, and as his job requires him to work long hours in a busy local market, he decided to to take the policy for the financial security of his family. Many recent Pakistan terrorist bombings have taken place in markets.
Another policy holder, a school teacher named Nosheen, said she got the policy because her neighbor died in a blast and his family is suffering in financial crisis. Nosheen said she decided not to leave her kids "with this misery".
In 2009 SLIC said they aim to provide a better savings and financial protection by marketing various life insurance plans and policies to families throughout country.
But experts say the company's business will depend-- inversely-- on the ability of government and security agencies to uphold the law and order conditions in the country.
Go to GroundReport.com for more coverage from Pakistan. GroundReport is a citizen journalism platform that allows anyone to publish global news and earn money.
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
Contribute as little as $2 to keep our journalism free and accessible to all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.