Insurance industry assets soar by 14.5% YoY to Rs2.421tr in 2022

October 02, 2023 (MLN): The total assets of the insurance industry increased by 14.5% in 2022, reaching Rs2.421 trillion from Rs2.11tr, according to the latest statistics published by the Securities and Exchange Commission of Pakistan (SECP).

The report shows that the life insurance sector accounts for 68% of gross premiums written in the industry, while the non-life sector accounts for 32%.

The gross premium increased by 28% from Rs432 billion in 2021 to Rs553bn.

Claims paid increased by 26%, with Rs276bn paid by life insurance companies and Rs69bn by non-life insurance companies, compared to Rs218bn in 2021.

These much-needed statistics, offering insights into 2022 data, are critical for the diverse stakeholders to make informed decisions and enable analysis.

This is also significant in the long run for establishing industry-wide standard performance norms and functioning as a tool for effective performance measurement.

Commissioner Insurance, Aamir Khan, emphasized the need for stakeholder collaboration to address challenges like motor third-party insurance, lower agricultural and livestock insurance uptake, inefficient taxation regime, and limited technology use.

Khan suggested the adoption of a mutually agreed long-term strategic direction.

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