SECP publishes report on Pakistan’s potential for micro, inclusive insurance 

Only four out of 20 insurers involved in digital distribution of small-ticket products

The Securities and Exchange Commission of Pakistan (SECP) has issued a report titled “Unlocking the Potential of Micro and Inclusive Insurance in Pakistan,” which provides an overview of the current landscape and vast untapped potential market for inclusive insurance. 

According to a press statement issued by the SECP, the report’s draft version and synopsis were presented at the International InsureImpact Conference, 2023, held in Karachi. 

This report explores inclusive insurance in Pakistan, highlighting its untapped market potential, comparing it to other jurisdictions, analyzing gaps, and proposing a future course of action. 

The data collected indicates a concerning status of an inclusive insurance market in Pakistan. A total of 12.56 million insurance policies were sold through microfinance banks/institutions. Out of these, 89% are credit life insurance, indicating a primary focus on covering the underlying credit risk. 

Moreover, of the 20 insurers offering inclusive insurance, only four are actively involved in digital distribution of small ticket products. 

Commissioner Insurance, Aamir Khan in his message for report said that “inclusive insurance is of paramount importance for growth of the overall insurance penetration as it will assist and encourage insurers and other stakeholders in developing products and services that foster greater financial inclusivity”. 

Acknowledging, the urgency of this matter, collaborative efforts are required to bridge regulatory gaps, streamline processes, enhance awareness and improve product accessibility through focusing on digital distribution. 

By partnering with mobile network operators, microinsurance providers can leverage their extensive network and digital infrastructure. 

The way forward to make inclusive insurance accessible to the target market is through amendments in Microinsurance Rules 2014 and leveraging technology to the fullest. 

Collectively SECP, and insurance industry, along with other relevant authorities, have prioritized the development and implementation of comprehensive policies to facilitate inclusive insurance growth. 

The report suggests forming a synergy group and involving insurance companies, InsureTech, and the government to ensure inclusive insurance accessibility for underserved populations.


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