Interview with Mr. Kaukab Iqbal, Chairman, Consumers Association of Pakistan (CAP)
PAGE: Tell me something about yourself, please:
Kaukab Iqbal: I am the Chairman of the Consumers Association of Pakistan (CAP). For many years, I have been actively working for consumer rights, fair business practices, public awareness, and policy advocacy in Pakistan. My mission has always been to protect consumers from exploitation, promote transparency, and encourage responsible corporate behaviour. Through CAP, we continue to engage with regulators, businesses, and government institutions to improve services and ensure consumer welfare.
PAGE: It is widely believed that providing group health insurance in Pakistan is no longer just a corporate perk; rather it is a necessity for every business. What is your perspective on this regard?
Kaukab Iqbal: I fully agree with this view. In today’s economic environment, group health insurance is no longer a luxury—it is a necessity. Rising healthcare costs have made medical treatment difficult for many families. Employers who provide health insurance create a safer and more productive workforce. It reduces financial stress on employees, improves morale, and increases loyalty. For small and medium businesses as well, affordable group insurance packages should be encouraged.
PAGE: The Securities and Exchange Commission of Pakistan has granted a licence to Punjab Life Insurance Company Ltd (PLIC) for the establishment of a provincial government-owned life insurance company. Would such initiatives increase the insurance penetration in Pakistan?
Kaukab Iqbal: Yes, such initiatives can play a positive role in increasing insurance penetration in Pakistan. Public trust is one of the biggest challenges in the insurance sector. A provincial government-backed life insurance company may help build confidence among citizens, particularly in underserved areas. If managed professionally, transparently, and competitively, it can expand awareness, improve outreach, and encourage more people to consider life and savings protection products.
PAGE: How would you comment on pension-related solutions and annuity products?
Kaukab Iqbal: Pakistan urgently needs stronger pension-related solutions and long-term retirement planning products. With inflation and increasing life expectancy, many citizens face uncertainty after retirement. Annuity products can provide regular income and financial security in old age. These products should be made simple, affordable, and understandable for the middle class, private sector employees, and self-employed individuals. Public awareness campaigns are also essential, so people begin retirement planning early.
PAGE: There are some ambitious plans to bring insurance to millions of small businesses. How could this be done rapidly?
Kaukab Iqbal: This can be achieved rapidly through digital innovation, partnerships, and simplified products. Insurance companies should work with banks, telecom companies, chambers of commerce, retailers, and e-commerce platforms to reach small businesses. Low-cost microinsurance products, easy mobile enrollment, instant claim processing, and awareness campaigns in local languages can significantly improve adoption. The key is to make insurance affordable, accessible, and trustworthy.