ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has drafted three new reports on insurance sector.
SECP officials told media here on Tuesday that the SECP is working on three draft reports which will be presented on the International Insurance conference 2023.
The new reports are unlocking the Potential of Micro and Inclusive Insurance in Pakistan; report on the Status of Crop and Livestock Insurance in Pakistan and report on Insurance Pool Dynamics – Disaster Risk and Crop Insurance.
The SECP has already published two research reports i.e. Diagnostic Study on the Status of Motor Third Party Insurance in Pakistan and report on Industry Statistics 2022.
The new reports would be released during the upcoming insurance conference on the theme of “Journey to an insured Pakistan”.
The SECP officials highlighted the key objectives of SECP for next five years which revolve around the areas of policyholder protection, building resilience, innovation, cooperation and transformation and improved insurance coverage.
The official 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.
In order to achieve the identified objectives, SECP has developed operational approach under certain board areas which mainly include ease of doing business, engagement with stakeholders, diversi?cation 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 and inclusive insurance, creation of insurance pools and agriculture and crop insurance.
Copyright Business Recorder, 2023
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