The Securities and Exchange Commission of Pakistan (SECP) is actively working to stimulate growth in the country’s insurance industry through strategic initiatives and global collaborations.
InsureImpact Conference Pakistan 2025:
On February 12, 2025, the SECP hosted the InsureImpact Conference in Karachi, themed “Journey to an Insured Pakistan – Fostering Collaboration, Engagement & Innovation.” The event brought together federal and provincial ministers, senior government officials, policymakers, and experts from the financial and insurance sectors. Key discussions focused on enhancing the insurance ecosystem, promoting digitalization, and addressing challenges in disaster and agricultural insurance. citeturn0search0
International InsureImpact Conference 2023:
Previously, in December 2023, the SECP organized the International InsureImpact Conference in Karachi, attracting global experts to discuss strategies for increasing insurance penetration and introducing innovative products like crop and disaster insurance. The conference underscored the vast untapped potential within Pakistan’s insurance market. citeturn0search4
Five-Year Strategic Plan:
Aligned with these conferences, the SECP unveiled a five-year strategic plan aiming to boost insurance penetration from the current 0.87% to 1.5% by 2028. The plan includes targets such as increasing the number of insured individuals to over 15 million, expanding motor third-party liability insurance coverage, and promoting digital distribution channels. citeturn0search1
Digital Initiatives:
To modernize the sector, the SECP introduced digital initiatives like a motor insurance repository for secure policy storage, marine insurance automation to streamline policy issuance, and an SMS-based insurance policy finder to assist beneficiaries in locating policies of deceased family members. citeturn0search2
Through these concerted efforts, the SECP aims to transform Pakistan’s insurance landscape, fostering a more inclusive, innovative, and resilient industry that contributes significantly to the nation’s economic growth.