ISLAMABAD: The Competition Commission of Pakistan (CCP) has commenced a competition assessment of the insurance sector within the framework of the International Monetary Fund’s (IMF) Public Investment Management Assessment (PIMA) for Pakistan.Â
As per details, this evaluation seeks to scrutinise the government’s involvement in crucial economic sectors through State-owned Enterprises (SOEs) and its impact on competition and the broader economic landscape.
The CCP’s examination aims to scrutinise the competitive terrain, detect any anti-competitive practices, evaluate the legal and regulatory framework, and identify barriers to competition within the insurance sector.
Furthermore, it will delve into the role of SOEs in both insurance and reinsurance markets, exploring reasons behind the sector’s underdevelopment in Pakistan and avenues to integrate international players.
Despite its paramount importance in risk management and capital generation, Pakistan’s insurance industry has not yet reached its full potential due to regulatory constraints and competition barriers.
In contrast, countries like the UK have fostered trillion-dollar insurance markets, providing employment to thousands. Conversely, Pakistan is forfeiting billions of rupees in potential revenue, particularly in reinsurance payouts to international firms.
The privatization of state-owned insurance entities is deemed imperative to reduce public sector dominance, attract foreign investment, and foster a level playing field for private enterprises, thereby augmenting insurance penetration nationwide.
However, despite featuring on the government’s privatization agenda for several years, the privatization of insurance companies such as State Life Insurance Co. Ltd. and Pakistan Re-insurance Co. Limited remains unrealised.
In addition to the insurance sector, the CCP is actively analyzing the legal and regulatory frameworks of five other key sectors of the economy, namely fertilizer, power, road construction, and liquefied natural gas (LNG).
These evaluations aim to facilitate the entry of international players, stimulate competition, and enhance the provision of superior products and services.
The recommendations stemming from the insurance sector assessment will be submitted to the federal government in due course.
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