SECP sees strong potential for inclusive insurance in Pakistan

October 05, 2026 (MLN): Pakistan has a significant market for inclusive insurance, which can play an important role in social protection and achieving the Sustainable Development Goals (SDGs), said Michael J. McCord, Managing Director of MicroInsurance Centre (Milliman), while addressing the SECP Talk Series.

SECP Commissioner Insurance Imtiaz Haider said microinsurance protects low-income groups, farmers, and small businesses against financial losses, illness, and unforeseen disasters, helping them avoid selling their assets.

Insurance can also help families cope with the financial impact of illness, accidents, and natural disasters.

He termed affordable risk protection essential for financial inclusion.

Michael McCord emphasized expanding insurance access to underserved communities and said products should be tailored to customers’ needs, affordable, and easy to understand.

He said timely claims payments and the use of digital technology are essential for the industry’s reputation and public trust.

SECP Chairman Dr. Kabir Ahmed Sidhu said the Commission is expanding the market through digitalization of the regulatory system and simplified products.

He said the Insurance Bill, currently pending in Parliament, would be a milestone for the modernization and development of the sector.

Representatives from the insurance industry, development sector, students, and SECP officials attended the session.

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