SECP Unveils 5-year Strategic Plan for Insurance Sector

The Securities and Exchange Commission of Pakistan (SECP) held a media engagement with journalists at its Head Office today, which was attended by leading journalists from print and electronic media.

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

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

The Commissioner Insurance highlighted the key objectives of SECP for the 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 the insurance sector.

Waseem Khan, Director Insurance Division at SECP, gave an overview of the journey to the formulation of a 5-year strategic plan which involved active stakeholder engagement. He shared key statistics of the insurance sector for the year 2022 including the number of 42 active insurers, the total premium of Rs. 552 billion, the number of policies of 10 million, the bifurcation of product premiums, and the potential for growth of the insurance sector.

He informed that giving due consideration to the challenges of the insurance sector including the structure of the 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 an operational approach under certain board areas which mainly include ease of doing business, engagement with stakeholders, diversification and value enhancement, facilitating access to information, legislation modernization, and alignment with international standards and facilitate access to capital and reinsurance.

Waseem Khan 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, the creation of insurance pools, and agriculture and crop insurance.

He also apprised the media of 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 the value and utility of insurance.

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