ISLAMABAD/KARACHI: The SECP organized a roundtable discussion to firm up the strategic direction of Insurance Sector of Pakistan with the Chairpersons of the boards and CEOs of all insurance companies.
The session was titled “Journey to an insured Pakistan”. The roundtable was a single day event, divided into two sessions i.e. one with the professionals of non-life industry and the other with the professionals of life industry. The aim of the roundtable was aimed at fostering an open and collaborative environment between stakeholders to work together for shaping the future of the insurance industry.
SECP Chairman, Mr. Akif Saeed in his welcome address highlighted the importance of the strategic plans to improve insurance penetration in Pakistan and cited international models where successful execution of long-term strategies steered the insurance sector’s growth, adaptability, and responsiveness to evolving needs and market conditions. Furthermore, while underscoring the potential of insurance in Pakistan, he also pointed to the importance of creation of a shared strategic direction to overcoming the underlying challenges.
Finance Minister, Ms. Shamshad Akhtar, being chief guest at the event appreciated the efforts of the SECP in initiating the formulation of the five-year roadmap. She emphasized the importance and role of insurance in a Pakistan, a country prone to natural disasters and societal vulnerabilities. She also highlighted the role of the insurance sector to propel economic growth by channeling funds into productive ventures, contributing to job creation, promoting long-term financial planning and supporting debt and capital markets.
During the roundtable, the SECP insurance team delivered a presentation on the 5-year strategic direction plan. They provided a current snapshot of the industry, outlined challenges faced by the insurance sector, explained the vision and mission of the plan, and detailed the operational and strategic outcomes of the plan. They emphasized key objectives such as policyholder protection, innovation, cooperation and transformation, and improved insurance coverage. They also shared their approach to enhancing ease of doing business, engaging with stakeholders, facilitating access to information, building capacity, providing access to capital and reinsurance, raising awareness through innovation, and modernizing legislation to align with international standards.
The participants of the event expressed appreciation for this initiative of SECP and shared valuable insights on the draft strategic direction and affirmed their commitment to actively engage in shaping the strategic direction.
Mr. Aamir Khan, Commissioner Insurance in his concluding remarks appreciated the keen interest of industry participants in both the sessions. He informed the Minister that most of the recommendations of the Insurance Sector’s Reforms Committee have been implemented by the SECP. Shamshad Akhtar was a member of the committee formed by the federal government. Aamir Khan emphasized the importance of enhanced transparency, industry wide collaboration and having a shared vision with buy-in of all stakeholders. He further affirmed insurance industry the extension of unwavering support of the regulator and continuance of such interactions for finalization of the 5-years strategic direction with the ultimate aim of shaping a brighter insurance landscape for the country.