SECP conference explores ways to adopt IFRS-17 successfully

December 14, 2023 (MLN): To successfully adopt International Financial Reporting Standards and Risk Based Capital Regime, specific efforts need to be directed towards achieving synergies post implementation of IFRS-17, speakers at the SECP’s 'International InsureImpact Conference 2023' highlighted on the second day of the conference.

The Securities and Exchange Commission of Pakistan (SECP) hosted the International InsureImpact Conference 2023 on December 13-14. 

The speakers discussed on the limitations being faced by the industry players in the implementation of IFRS-17 and the possible approach for its smooth adoption.

Moreover, during the second half of the day, SECP presented its draft report on the topic of “Unlocking the Potential of Micro and Inclusive Insurance in Pakistan”.

This was followed by a panel discussion about the budding market of small ticket insurance products and how such products can prove to be a game changer for the sector.

Among other suggestions, the panelist also recommended to take steps for including microinsurance under the overall umbrella of compulsory insurance regime. 

The last session of the day was on collaboration, technology and innovation where industry practitioners from various sectors assessed the possibility of association and collaborations between different sectors for the achievement of ultimate vision of increased insurance penetration in Pakistan. 

During the closing remarks, Mr. Andres McCartney from Asian Development Bank (ADB) briefed about ADB’s program of supporting the initiative of increasing insurance coverage in Pakistan.  

Summing up the conference, Commissioner Insurance, Mr. Aamir Khan, said that insurance is the social and financial safety net and through better perception building and collective efforts insurance sector can be taken forward. 

Chairman SECP Mr. Akif Saeed in his concluding remarks asked the participants to carry forward the knowledge gained, the connections made, and the inspiration received during the conference to propel the insurance industry to new heights.

Chief Minister of Sindh, Maqbool Baqir acknowledged that the valuable insights shared throughout the conference have the potential to shape the future of insurance sector of Pakistan.

He further highlighted he importance of discussions held on the topic of crop insurance, microinsurance, insurance pool, takaful, collaboration and technology.

Justice Baqir also appreciated the five-year strategic plan developed by the SECP and hoped for the successful implementation of this plan.

Mr. Baqir assured that Government of Sindh will work closely with SECP and industry to improve crop and livestock insurance and form some strategy for disaster risk insurance in Sindh. 

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