Pakistan has significant potential to expand inclusive insurance services, experts said during an SECP talk series.
Speakers discussed how wider insurance access could strengthen social protection. They also linked inclusive insurance with progress toward the Sustainable Development Goals.
Michael J. McCord, managing director of the MicroInsurance Centre, highlighted the size of the potential market. He said underserved communities could benefit greatly from suitable insurance products.
He noted that many people remain outside traditional insurance services. Affordable and accessible products could help address this gap.
SECP Commissioner Insurance Imtiaz Haider also highlighted the importance of microinsurance. He said it can provide financial protection to several vulnerable groups.
These groups include low-income families, farmers, and small businesses. Such groups can face major financial pressure from unexpected events.
Microinsurance can help cover losses caused by illness and unexpected disasters. It can also reduce the need to sell assets during financial emergencies.
Haider said affordable risk protection is important for improving financial inclusion. Better access to insurance could help people manage financial shocks more effectively.
McCord stressed that insurance products should focus on customers’ actual needs. He said products should remain affordable and easy for customers to understand.
He also highlighted the importance of paying claims on time. Timely payments can help build confidence among insurance customers.
Digital technology can also play an important role in improving insurance services. According to McCord, digital tools can support greater access and improve customer experiences.
Better services could also strengthen public trust in the insurance industry. Trust remains important for encouraging more people to use insurance products.
The discussion also focused on the need for continued development within the sector. Industry participants highlighted the importance of making insurance more accessible.
SECP Chairman Dr. Kabir Ahmed Sidhu said the commission is working to expand the insurance market. The regulator is focusing on digitalization of its regulatory system.
The commission is also working toward simpler insurance products. These efforts are intended to make insurance easier to access and understand.
Sidhu also discussed the Insurance Bill currently pending before Parliament. He said the proposed legislation could support modernization of the insurance sector.
The bill could become an important step in developing the country’s insurance market. Its progress will depend on the parliamentary process.
The SECP session brought together several stakeholders from the insurance industry. Representatives from the development sector also attended the discussion.
Students and SECP officials were among the other participants. The session provided an opportunity to discuss challenges and opportunities in the sector.
Pakistan could benefit from wider access to affordable insurance services. Inclusive insurance may provide stronger financial protection for underserved communities.
Experts emphasized customer-focused products, digital technology, and reliable claims payments. These factors could help improve confidence in insurance services.
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The discussion highlighted the broader role of insurance in financial inclusion. It also showed the sector’s potential to support social protection and development goals.
