Published July 16, 2026 Updated about 3 hours ago By Recorder Report KARACHI: Karachi Chamber of Commerce & Industry (KCCI) and the Federal Insurance Ombudsman (FIO) have agreed to strengthen institutional collaboration to facilitate the business community through faster resolution of insurance-related disputes, enhanced regulatory coordination and greater awareness of policyholders’ rights. The understanding was reached during a meeting at the KCCI, where Director General, Federal Insurance Ombudsman (FIO), Mobashir Naeem Siddiqui, accompanied by Advisor FIO, Fazal Abrejo, held detailed discussions with President KCCI Rehan Hanif, Senior Vice President Muhammad Raza, Vice President Muhammad Arif Lakhani, Chairman of KCCI’s Banking & Insurance Subcommittee Asim Aejaz, and members of the KCCI Executive Committee on issues concerning insurance dispute resolution, regulatory facilitation and enhanced institutional cooperation. Addressing the meeting, Director General FIO Mobashir Naeem Siddiqui acknowledged the insurance-related concerns raised by the business community, particularly regarding trade insurance and reinsurance challenges arising from prevailing regional security conditions. He observed that reinsurance costs often increase significantly during periods of geopolitical instability, adversely affecting insurance premiums and coverage for businesses engaged in international trade. However, he expressed optimism that the situation would normalise as regional conditions improve. To address these concerns, he proposed holding a dedicated consultative session involving KCCI, the Federal Insurance Ombudsman Secretariat and the Securities and Exchange Commission of Pakistan (SECP) to examine the issues in detail and develop practical solutions. He further suggested constituting a joint committee comprising representatives of KCCI, SECP and the FIO Secretariat to facilitate policy improvements and resolve industry-specific challenges on a priority basis. Explaining the role of the Federal Insurance Ombudsman, Mobashir Siddiqui said the institution serves as an independent Alternate Dispute Resolution (ADR) forum established under the Insurance Ordinance,…