SECP holds roundtable discussion to firm up insurance sector's strategic direction

September 01, 2023 (MLN): The SECP organized a roundtable discussion to firm up the strategic direction of the Insurance Sector of Pakistan with the Chairpersons of the boards and CEOs of all insurance companies, according to a latest press release issued by the central bank.

The session was titled “Journey to an Insured Pakistan”. The roundtable was a single-day event, divided into two sessions i.e. one with the professionals of non-life industry and the other with the professionals of life industry.

The aim of the roundtable was to foster an open and collaborative environment between stakeholders to work together to shape the future of the insurance industry.

SECP Chairman, Akif Saeed in his welcome address highlighted the importance of the strategic plans to improve insurance penetration in Pakistan and cited international models where successful execution of long-term strategies steered the insurance sector's growth, adaptability, and responsiveness to evolving needs and market conditions.

Furthermore, while underscoring the potential of insurance in Pakistan, he also pointed to the importance of the creation of a shared strategic direction to overcome the underlying challenges.

The Federal Minister for Finance and Revenue, Dr Shamshad Akhtar, reiterated the Government's commitment to resolving structural issues.

Speaking at the roundtable conference on "Journey to an Insured Pakistan", organized by the Securities and Exchange Commission of Pakistan (SECP), Dr. Shamshad highlighted the importance of reducing the fiscal deficit, strengthening forex reserves, and fulfilling the IMF SBA for restoring international confidence in the economy of Pakistan.

She also underscored the significant role played by the insurance industry in enhancing private sector growth and bolstering the capital market.

During the roundtable, the SECP insurance team delivered a presentation on the 5-year strategic direction plan.

They provided a current snapshot of the industry, outlined challenges faced by the insurance sector, explained the vision and mission of the plan, and detailed the operational and strategic outcomes of the plan.

They emphasized key objectives such as policyholder protection, innovation, cooperation and transformation, and improved insurance coverage.

They also shared their approach to enhancing ease of doing business, engaging with stakeholders, facilitating access to information, building capacity, providing access to capital and reinsurance, raising awareness through innovation, and modernizing legislation to align with international standards.

The participants of the event expressed appreciation for this initiative of SECP shared valuable insights on the draft strategic direction and affirmed their commitment to actively engage in shaping the strategic direction.

Aamir Khan, Commissioner of Insurance in his concluding remarks appreciated the keen interest of industry participants in both sessions.

He informed the Minister that most of the recommendations of the Insurance Sector’s Reforms Committee have been implemented by the SECP.

Shamshad Akhtar was a member of the committee formed by the federal government.

Aamir Khan emphasized the importance of enhanced transparency, industry-wide collaboration, and having a shared vision with the buy-in of all stakeholders.

He further affirmed to the insurance industry the extension of the unwavering support of the regulator and continuance of such interactions for the finalization of the 5-year strategic direction with the ultimate aim of shaping a brighter insurance landscape for the country.

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