SECP engages with Punjab, Sindh govt to advance “Insured Pakistan” initiative

October 29, 2024 (MLN): After Balochistan and KPK, the Securities and Exchange Commission of Pakistan (SECP), as part of its five-years strategic plan – Journey to an Insured Pakistan, concluded first round of its provincial outreach in Punjab and Sindh.

High-level meetings were held with Excise and Taxation, Transport and Mass Transit, and Labour and Human Resource Department in Sindh.

In Punjab, meetings were held with General Excise and Taxation department, and Crop Reporting Service.

This outreach is meant to promote insurance and associated benefits in Pakistan, as outlined in SECP’s five-year strategic plan for the insurance sector, said a press release.

The focus of the discussions centered on incorporating agricultural insurance into disaster risk financing strategies and national food security policies, introducing compulsory occupational health insurance, and strengthening the enforcement of mandatory group life and motor third-party insurance.

SECP’s efforts have laid the groundwork for integrating insurance as a key to risk mitigation in dealing with areas of health, agriculture, disaster, and road accidents.

During the meetings led by Commissioner Insurance – Aamir Khan, it was agreed that SECP can provide support to provincial governments in drafting and updating necessary frameworks and interventions.

By meeting stakeholders in each province, SECP wants to support the requisite provincial authorities across Pakistan to work jointly for an “Insured Pakistan.”

In the next phase, SECP will engage with the National Highway and Motorway Police, as well as federal and provincial police departments, to seek their support in enforcement of motor third-party insurance.

This outreach effort is a precursor to the “InsureImpact Conference Pakistan (ICP) 2024 – Fostering Collaboration, Engagement, and Innovation” as planned by SECP towards the beginning of the next year.

Press Release