[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]The Securities and Exchange Commission of Pakistan (SECP) convened a media engagement session at its Head Office today, drawing the participation of prominent journalists from both print and electronic media.
During the event, Akif Saeed, Chairman SECP, reiterated the organization’s dedication to fostering the growth of the insurance sector. He outlined SECP’s vision for the development of an inclusive, innovative, and robust insurance sector by the year 2028. In a Q&A session on insurance-related topics, Aamir Khan, Commissioner of Insurance, joined in to provide insights.
The Commissioner of Insurance emphasized SECP’s key objectives for the next five years, focusing on policyholder protection, building resilience, fostering innovation, encouraging cooperation and transformation, and enhancing overall insurance coverage.
Also Read: SECP Introduces Requirements for Issuance of Right Shares by Listed Companies
He underscored the urgent need for a shared strategic vision to successfully launch and execute Pakistan’s inaugural 5-year strategic plan for the insurance sector.
Waseem Khan, Director of the Insurance Division at SECP, offered an overview of the journey toward formulating a 5-year strategic plan, involving active engagement with stakeholders. He shared significant statistics from the insurance sector in 2022, including details such as 42 active insurers, a total premium of Rs. 552 billion, 10 million policies, product premium breakdown, and the sector’s growth potential.
Addressing challenges in the insurance sector, such as industry structure, limited awareness, negative perceptions, and legal constraints, Waseem Khan highlighted SECP’s efforts to achieve operational and strategic outcomes. He detailed an operational approach under key board areas, encompassing aspects like ease of doing business, stakeholder engagement, diversification, value enhancement, information access facilitation, legislation modernization, and alignment with international standards.
Waseem Khan also shared information about recently published reports on Insurance Industry Statistics and Motor Third Party Insurance. He mentioned upcoming reports focusing on micro & inclusive insurance, the establishment of insurance pools, and agriculture and crop insurance.
Additionally, he informed the media about an upcoming insurance conference themed “Journey to an Insured Pakistan” and urged them to play a role in raising awareness about the value and significance of insurance.[/vc_column_text][/vc_column][/vc_row]
