SECP releases statistics for 2024: Insurance industry’s assets soar to Rs3.554trn

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has released the insurance industry statistics for the year 2024, the fourth volume of this annual series containing comprehensive data as of December 31, 2024.

The report provides a comprehensive picture of the insurance sector’s performance and serves as a key reference for policymakers, regulators, and industry stakeholders.

During the year, the industry’s total assets expanded significantly, rising from Rs2,900 billion in 2023 to Rs3,554 billion in 2024. Gross premiums grew by 7 per cent year-on-year, reaching Rs677 billion compared to Rs631 billion in the preceding year.

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The Takaful sector continued its robust expansion, with family Takaful contributions increasing by 37 per cent and general Takaful by 24 per cent, bringing the combined premium volume close to Rs100 billion.

Addressing members of the media at the launch of the report, Commissioner Insurance, Mujtaba Ahmad Lodhi, emphasised the growing role of insurance in Pakistan’s economic development and financial stability.

He noted that insurance acts as a vital pillar of the financial system by providing risk protection, mobilising long-term funds, and supporting the deepening of capital markets. Highlighting recent sectoral trends, the Commissioner pointed to the encouraging signs of economic recovery, a 25 per cent increase in private sector life premiums, a threefold rise in premiums through digital channels, and the rapid growth of the Takaful sector.

He further outlined the SECP’s strategic priorities for sustaining this momentum, including implementation of a five-year sectoral development plan, collaboration with provincial governments on agricultural and disaster risk insurance, and partnerships with international institutions such as UNDP and the Asian Development Bank (ADB).

Other focus areas include reforms to enable mandatory insurance coverage, promotion of innovation and digital financial inclusion, and the phased adoption of international standards such as IFRS 17 and the Risk-Based Capital regime.

Consistent with previous editions, the Insurance Industry Statistics 2024 are compiled from data submitted by insurance companies in prescribed formats. The full report is available on the SECP’s website.

Copyright Business Recorder, 2025