SECP licenses Punjab’s first provincial life insurance company

March 26, 2026 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has granted a license to the Punjab government to establish its first provincial life insurance company, which marks a significant step toward expanding insurance coverage in the country.

According to SECP, the Punjab Insurance Company has submitted its business plan and will primarily focus on providing insurance services to low-income segments of society.

The initiative aims to extend coverage to farmers, laborers, and small business owners who have traditionally remained underserved, said a press release issued.

The company will also take on the role of managing the province’s social health insurance programs, while introducing subsidized insurance premium schemes to make coverage more affordable for vulnerable populations.

In addition, the insurer plans to launch simple, digital insurance products to improve accessibility and ease of use.

The business plan further includes the introduction of pension and annuity products in Punjab.

With this development, the total number of life insurance companies operating in Pakistan has reached 13.

SECP believes the Punjab Insurance Company could play a key role in increasing overall insurance penetration in the country.

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