Awareness session with Rawalpindi Chamber highlights the financial risks of fire incidents and the role of insurance in protecting business assets.
The Securities and Exchange Commission of Pakistan (SECP), in collaboration with the Rawalpindi Chamber of Commerce and Industry (RCCI), organised an awareness session on fire and property insurance on Thursday, highlighting the importance of protecting business assets against fire-related risks and financial losses.
Held at the RCCI premises, the session brought together members of the business community, traders and industrialists to discuss the financial impact of fire incidents and the role of insurance in protecting commercial properties, machinery, equipment and inventory, according to a news release.
Discussions highlighted that fire incidents can cause losses beyond physical property damage, including business interruption, reduced income and disruption of livelihoods. Such incidents can affect daily operations, delay production and create financial difficulties for businesses, particularly small and medium-sized enterprises (SMEs).
Participants were encouraged to adopt effective fire prevention and safety measures and obtain adequate insurance coverage to protect their businesses against unforeseen losses. The session also highlighted the importance of assessing potential risks and ensuring that insurance policies provide sufficient protection for business assets.
Representatives from the insurance industry explained different aspects of fire and property insurance, including policy coverage, key considerations, available protection options and the claims settlement process. They also discussed the importance of understanding policy terms and conditions before purchasing insurance.
The session covered Takaful as a Shariah-compliant alternative to conventional insurance. Participants were briefed on available protection options and how Takaful products can help businesses manage risks while following Islamic financial principles.
Another key topic was business interruption coverage, which can support companies in managing financial losses when insured damage disrupts their operations. Such coverage can help businesses meet certain ongoing expenses and recover financially while restoring damaged facilities or equipment, subject to policy terms.
An interactive question-and-answer session allowed participants to seek clarification on insurance and Takaful products, coverage options and claims-related matters. Industry representatives responded to queries and provided guidance on selecting suitable protection for commercial assets.
The session forms part of SECP’s efforts to promote awareness and increase the uptake of fire and property insurance among businesses, particularly SMEs. The regulator aims to encourage greater financial preparedness, risk management and business continuity by helping companies understand the benefits of insurance protection.