Interview with Mr. Naim Anwar, Managing Director & CEO, Crescent Star Insurance Ltd.
PAGE: Tell me something about yourself, please:
Naim Anwar: My career is a long,varied career. Belonging to a family which has a legacy with my grandfather being a Khan Bahadur and Sheriff of Calcatta (First Citizen of the City) a Consulate General of Turkey for 9 years in Calcatta and my father Shaikh Naseem Anwar being Consulate General of Turkey for 9 years in Dacca, then East Pakistan and Chairman Pakistan Tea Association owing 8 Tea Estates, (15000 Acres of Tea Plantation hiring 8000 people in Chittagong and Sylhet. Losing everything due to the 1971 War, I grew up in crisis after crisis, but Allah was always kind and is still kind. After graduation, I did ACCA (part) from the Association of Certified Accountants, but due to financial constraints did not sit my last 4 papers. Coming back to this beloved country I worked with Adamjee Insurance Ltd, starting as an agent, rising to Executive Director, heading the entire Sales, Operations , Branch Network and Re Insurance. Between Adamjee and the current position of CEO of CRESCENT STAR INSURANCE LTD, I worked as Deputy Managing Director of Picic Insurance Ltd, which has currently become a subsidiary of CSIL. CSIL, being listed in the PSX and 1957 one of the oldest Insurance Companies of Pakistan now is connected with 5 other Listed Companies, where I head as CEO and Chairman of various Boards. The Group includes now Steel Mill, Sugar Mill, Investment Company, 2 Insurance Companies and 2 Power Companies by the grace of GOD.
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?
Naim Anwar: I agree with this but Group Health has historically been a loss making class, however Individual Health should be expanded and can be beneficial. However, Group Health should be made mandatory like in many countries, and a system should be developed so loss ratio can be controlled with better management.
PAGE: The Securities and Exchange Commission of Pakistan has granted a licence to Punjab Life Insurance Company Ltd (PLIC), the establishment of provincial government-owned life insurance company. Would such initiatives increase the insurance penetration in Pakistan?
Naim Anwar: Sindh Insurance Ltd is already owned by the Sindh Government as a General Insurance Company, where as GOP already had State Life Insurance (product of nationalisation), whereas now many General Insurance companies have Life Companies also. The business should be left to the private sector, as business is not the job of the government.
PAGE: How would you comment on pension-related solutions and annuity products?
Naim Anwar: Pensions should be engineered like in the West and Endowment Policies with Mortgage on Home Insurance covered through Endowment should be the biggest product.
PAGE: There are some ambitious plans to bring insurance to millions of small businesses. How could this be done rapidly?
Naim Anwar: Simply by changing the role of the regulator and reducing the overreach of the regulator and through fair competition. A most relevant report was recently issued by Competition Commission of Pakistan which should be given full importance and be followed.