KARACHI: Under the guidance of the Securities and Exchange Commission of Pakistan (SECP), in collaboration with Insurance Association of Pakistan (IAP) and industry participants, Central Depository Company of Pakistan Limited (CDCPL) is set to revolutionise the motor insurance landscape with the launch of Pakistan’s Centralised Motor Insurance Repository.
This pioneering initiative aims to enhance transparency, improve underwriting practices, and combat insurance fraud by providing a centralised database for motor insurance policies.
The Repository was launched by SECP Chairman Akif Saeed and CDC CEO Badiuddin Akber at the InsureImpact Conference Pakistan (ICP) 2025, themed “Journey to an Insured Pakistan – Fostering Collaboration, Engagement & Innovation” on Wednesday in Karachi. The SECP, in its 2023 report on Motor Third Party (MTP) Insurance, recommended the establishment of a motor insurance repository to address key challenges in the industry.
According to the report, motor vehicle insurance coverage in Pakistan remains significantly low compared to neighboring countries. With less than 3 percent of vehicles insured in Pakistan, the need for this repository has never been more critical. In contrast, countries like Bangladesh and Sri Lanka have significantly higher insurance coverage rates at 36 percent, and 73 percent, respectively, demonstrating positive trends in the region.
Currently, the Motor Insurance Repository caters to Phase 1 by establishing a data repository for cross industry data sharing and regulatory oversight. Phase 2 will integrate with registration authorities for real-time insurance status verification, enhancing transparency and compliance. Phase 3 will cater to adding claims related data and integrations with other authorities (motorway, licensing) and other value-added features for insurers as well as policy holders.
Insurance partners on boarded include Adamjee Insurance Company Limited, Alfalah Insurance Company Limited, Asia Insurance, Atlas Insurance Limited, Century Insurance Company Limited, East West Insurance Co Ltd, EFU General Insurance Limited, Habib Insurance Limited, IGI General Insurance Limited, Jubilee General Insurance Limited, Premier Insurance, Salaam Takaful Limited, Shaheen Insurance Company Limited, TPL Insurance Limited and United Insurance Company of Pakistan Limited.
With a proven track record in financial solutions, CDC remains committed to fostering trust and innovation. By making motor insurance more accessible, secure, and data-driven, CDC is not only transforming the financial landscape but also contributing to broader economic growth.
Copyright Business Recorder, 2025
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