Future role of insurance industry in Pakistan

The insurance business in Pakistan and I would prefer to do describe it as a business rather than an industry - is an interesting application of this paradox. Over the years, the fatalism enjoined by Islam has been underwritten by a more pragmatic mechanism, which has offered various degrees of financial protection - on the assumption that whereas it may be advisable to submit unquestionably to the will of God, one should not necessarily be out of pocket as a result.
Fatalism tempered by pragmatism, therefore, can be regarded as recurring attributes of the insurance business in Pakistan, even from the very first green days of our Independence. When Pakistan was established in 1947, there were 78 insurance companies in all. Today there are 52. In 1947, 70 of those78  companies were foreign companies and/or their branches. Today there are 10. The seven local companies have 47 years later become 42, and might have been more had 32 of them not been nationalised on March 18, 1972, when their life insurance business was brought into the public sector, and consolidated under the aegis of the State Life Insurance Corporation of Pakistan.
Today, Pakistan has 58 companies conducting general business. They offer primarily Fire, Marine, Motor and Accident cover. The composition of general insurance business is Understandable, considering the lack of sophistication of our domestic environment. In 1993, Fire (including-Profits) accounted for 32.2 per cent of the Gross Direct Premiums, Motor for 33.1 per cent, Marine (including Hull) Premiums for 23 per cent and Accident (including Engineering) for 11.7 per cent.