SECP unveils 5-year strategic plan for insurance sector development

November 14, 2023 (MLN): The Securities and Exchange Commission of Pakistan (SECP) unveiled its 5-year strategic plan for the development of the insurance sector during a media engagement with journalists at its head office on Tuesday, as per a press release issued on the said day.

Akif Saeed, Chairman SECP affirmed SECP’s commitment to the growth of insurance sector and informed about SECP’s vision on the development of an inclusive, innovative and sound insurance sector by 2028. 

He also answered number of questions on the topic of insurance alongside Mr. Aamir Khan, Commissioner Insurance.

The Commissioner Insurance highlighted the key objectives of SECP for next 5 years which revolve around the areas of policyholder protection, building resilience, innovation, cooperation & transformation and improved insurance coverage. 

He stressed that for an insured Pakistan, a dire need exists for a shared strategic vision to successfully launch and execute Pakistan’s first 5-year strategic plan for insurance sector.

Mr. Waseem Khan, Director Insurance Division at SECP, gave an overview of the journey to the formulation of 5-year strategic plan which involved active stakeholder engagement. 

He shared key statistics of the insurance sector for the year 2022 including number of 42 active insurers, total premium of Rs552 billion, number of policies of 10 million, bifurcation of product wise premium and the potential for growth of the insurance sector. 

He informed that giving due consideration to the challenges of the insurance sector including structure of insurance industry, limited awareness, negative industry image and limitations in primary law, SECP is working on the achievement of certain operational and strategic outcomes. 

He further informed that to achieve the identified objectives, SECP has developed operational approach under certain board areas which mainly include ease of doing business, engagement with stakeholders, diversification and value enhancement, facilitate access to information, legislation modernization and alignment with international standards and facilitate access to capital and reinsurance. 

He also informed about the recently published reports on Insurance Industry Statistics and Motor Third Party Insurance and the upcoming reports on the areas of micro & inclusive insurance, creation of insurance pools and agriculture and crop insurance. 

He also apprised the media on the upcoming insurance conference on the theme of “Journey to an insured Pakistan” and requested the media to play its role in raising awareness about value and utility of insurance.

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