SECP unveils ambitious 5-Year strategic plan for insurance sector

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday took a significant step forward by revealing its draft 5-year Strategic Plan for the Insurance Sector. The unveiling took place during a media engagement session at the SECP Head Office, drawing the presence of eminent journalists representing both print and electronic media.

Mr. Akif Saeed, Chairman of SECP, expressed the organisation’s unwavering commitment to fostering the growth of the insurance sector. He shared SECP’s vision for developing an inclusive, innovative, and robust insurance sector by the year 2028. 

During the session, he engaged with journalists, addressing inquiries about the insurance sector, accompanied by Mr. Aamir Khan, Commissioner of Insurance.

Commissioner Aamir Khan shed light on the core objectives that SECP aims to achieve over the next five years. These objectives are centred around policyholder protection, building resilience, fostering innovation, enhancing cooperation and transformation, and improving overall insurance coverage. 

Emphasising the critical need for a shared strategic vision, Commissioner Khan highlighted the importance of successfully implementing Pakistan’s inaugural 5-year strategic plan for the insurance sector.

Mr. Waseem Khan, Director of the Insurance Division at SECP, provided an insightful overview of the journey leading to the formulation of the 5-year strategic plan. He underscored the active involvement of stakeholders throughout the process. 

Mr. Khan shared key statistics from the year 2022 including the data of 42 active insurers, a total premium of Rs. 552 billion, 10 million policies, and a breakdown of product-wise premiums. Acknowledging challenges such as the industry’s structural complexities, limited awareness, a negative industry image, and legal constraints, he detailed SECP’s concerted efforts to achieve operational and strategic outcomes.

To meet the identified objectives, SECP has developed operational approaches under key areas, encompassing ease of doing business, stakeholder engagement, diversification, value enhancement, information accessibility, legislation modernization, alignment with international standards, and facilitating access to capital and reinsurance.

Mr. Khan also highlighted recently published reports on Insurance Industry Statistics and Motor Third Party Insurance, with upcoming reports focusing on micro & inclusive insurance, the creation of insurance pools, and agricultural and crop insurance.