The Securities and Exchange Commission of Pakistan (SECP) has released its Insurance Industry Statistics for the year 2024, marking the fourth volume of this annual series. The report, which provides a detailed overview of the sector’s performance as of December 31, 2024, is a crucial resource for policymakers, regulators, and industry stakeholders.
According to the report, the total assets of the insurance industry saw a substantial increase, rising from Rs. 2,900 billion in 2023 to Rs. 3,554 billion in 2024. Gross premiums grew by 7% year-on-year, reaching Rs. 677 billion compared to Rs. 631 billion the previous year. The takaful sector, in particular, demonstrated strong growth, with family takaful contributions rising by 37% and general takaful increasing by 24%, pushing the combined premium volume to nearly Rs. 100 billion.
Speaking at the report’s launch, Mr. Mujtaba Ahmad Lodhi, Commissioner Insurance at SECP, highlighted the insurance sector’s growing role in Pakistan’s economic development. He emphasised the sector’s contribution to financial stability, risk protection, capital mobilisation, and deepening of capital markets. He also pointed out key sectoral trends, such as a 25% increase in private sector life premiums, a threefold rise in premiums via digital channels, and robust growth in the takaful sector.
To sustain this positive momentum, Mr. Lodhi outlined SECP’s strategic initiatives, which include the implementation of a five-year sectoral development plan, collaboration with provincial governments on agricultural and disaster risk insurance, and partnerships with international organisations such as UNDP and the Asian Development Bank.
Additionally, SECP plans to introduce reforms for mandatory insurance coverage, promote digital financial inclusion, and adopt international standards like IFRS 17 and the Risk-Based Capital regime.
The Insurance Industry Statistics 2024 were compiled from data submitted by insurance companies in prescribed formats, and the full report is available on the SECP website.
