CDC to launch Centralized Motor Insurance Repository

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MG News | February 12, 2025 at 04:43 PM GMT+05:00

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February 12, 2025 (MLN): Central Depository Company of Pakistan Limited (CDC) is set to revolutionize the motor insurance landscape with the launch of Pakistan’s Centralized Motor Insurance Repository.

This initiative was developed under the guidance of the Securities and Exchange Commission of Pakistan (SECP) in collaboration with the Insurance Association of Pakistan (IAP) and industry participants.

It aims to enhance insurance transparency, improve underwriting practices, and combat insurance fraud by providing a centralized digital database for motor insurance policies.

The Motor Insurance Repository was officially launched by SECP Chairman Akif Saeed and CDC CEO Badiuddin Akber at the InsureImpact Conference Pakistan (ICP) 2025, themed “Journey to an Insured Pakistan – Fostering Collaboration, Engagement & Innovation”, held on February 12, 2025, in Karachi.

SECP, in its 2023 Motor Third Party (MTP) Insurance Report, highlighted the urgent need for a motor insurance repository to address key industry challenges.

According to the report, Pakistan’s motor vehicle insurance coverage remains significantly low, with less than 3% of vehicles insured, compared to 36% in Bangladesh and 73% in Sri Lanka.

This stark contrast underscores the critical need for a digital insurance database to expand motor insurance penetration and ensure regulatory compliance.

The Motor Insurance Repository will be implemented in three phases.

Currently, the Motor Insurance Repository caters to Phase 1 establishing a data repository for cross-industry data sharing and regulatory oversight.

Phase 2 integrates with vehicle registration authorities for real-time insurance verification, enhancing policyholder transparency and compliance enforcement.

Phase 3 will incorporate claims data, connect with motorway and licensing authorities, and introduce value-added features for insurers and policyholders.

Leading insurance companies have partnered with CDC for this initiative, including Adamjee Insurance Company Limited, Alfalah Insurance Company Limited, and Asia Insurance.

Along with them, Atlas Insurance Limited and Century Insurance Company Limited are also part of this collaboration.

Furthermore, East-West Insurance Co., Ltd., EFU General Insurance Limited, and Habib Insurance Limited have joined hands in this effort. In addition, IGI General Insurance Limited and Jubilee General Insurance Limited are actively contributing to the initiative.

Moreover, Premier Insurance and Salaam Takaful Limited are playing a key role, while Shaheen Insurance Company Limited, TPL Insurance Limited, and United Insurance Company of Pakistan Limited further strengthen this partnership.

With a proven track record in financial solutions, CDC remains committed to fostering innovation and trust in the Pakistani insurance industry.

By making motor insurance more accessible, secure, and data-driven, CDC is not only transforming Pakistan’s financial landscape but also contributing to economic growth and digital transformation in the insurance sector.

Copyright Mettis Link News

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