Insurance is a risk transfer mechanism. It’s a method of shifting the responsibility for losses to specialists (insurance companies) who handle the risk by spreading it over a large number of people or firms.

A system of protection against loss in which a number of individuals agree to pay certain sums of money, called premiums, to create a pool of money which will use the contribution of these individual to pay the losses of the few caused by events such as fire, accident, illness, or death.

FAKHIR A. RAHMAN(Chairman of The Insurance Association of Pakistan)

Mr. Fakhir Rahman is a Chartered Accountant (England & Wales; Canada; Pakistan) and is presently the Chief Executive Officer of Premier Insurance Limited. Prior to this he has held various senior management positions in public accounting, industry, fund management, investment and commercial banking in the UK, Middle East, Canada and Pakistan.

He was previously elected to the IAP Central Committee twice, and has regularly served on its various sub-committees. He has also been member of the Executive Committee, Vice Chairman and Chairman of the Modaraba Association of Pakistan and has represented a variety of industry interests on different platforms on legislation, taxation and governance matters.