KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) and the Federal Insurance Ombudsman (FIO) have agreed to enhance their collaboration to expedite the resolution of insurance-related disputes, improve regulatory coordination, and raise awareness of policyholders' rights. This initiative aims to support the business community in overcoming challenges related to insurance, particularly in the context of trade and reinsurance concerns.

According to Karachi Chamber of Commerce and Industry, the agreement was reached during a meeting held at the KCCI, where Director General of the Federal Insurance Ombudsman, Mobashir Naeem Siddiqui, and other officials engaged in discussions with KCCI representatives. The meeting addressed insurance dispute resolution and the need for improved institutional cooperation.

Mobashir Naeem Siddiqui acknowledged the challenges faced by businesses, especially regarding trade insurance issues exacerbated by regional security conditions. He proposed a consultative session involving KCCI, the Federal Insurance Ombudsman Secretariat, and the Securities and Exchange Commission of Pakistan (SECP) to develop practical solutions. Additionally, a joint committee was suggested to enhance policy and resolve industry-specific challenges.

Mobashir Siddiqui also elaborated on the role of the Federal Insurance Ombudsman as an independent forum providing swift and impartial resolution of insurance disputes. He emphasized that complaints are resolved free of cost, with most cases settled within 60 days through mediation and arbitration, resulting in significant financial relief for policyholders.

The meeting highlighted several reforms undertaken to improve consumer protection, including bilingual insurance policy documents and the inclusion of the Federal Insurance Ombudsman's contact details. The FIO also plans to strengthen engagement with KCCI through regular awareness seminars and technical briefings for its members.

President KCCI Rehan Hanif expressed appreciation for the FIO Secretariat's efforts in protecting policyholders' rights and emphasized the importance of a transparent insurance system for economic growth. He assured full cooperation from KCCI in organizing educational programs and consultative engagements to benefit the business community.

The collaboration between KCCI and FIO is expected to enhance access to justice for policyholders, boost confidence in the insurance industry, and contribute to a more business-friendly environment in Pakistan.