ISLAMABAD
\nThe Securities and Exchange Commission of Pakistan (SECP) held a media engagement with journalists at its Head Office today, which was attended by leading journalists from print and electronic media.
\nMr. Akif Saeed, Chairman SECP affirmed SECP\u2019s commitment to the growth of insurance sector and informed about SECP\u2019s vision on the development of an inclusive, innovative and sound insurance sector by 2028. He also answered number of questions on the topic of insurance alongside Mr. Aamir Khan, Commissioner Insurance.
\nThe Commissioner Insurance highlighted the key objectives of SECP for next 5 years which revolve around the areas of policyholder protection, building resilience, innovation, cooperation & transformation and improved insurance coverage. He stressed that for an insured Pakistan, a dire need exists for a shared strategic vision to successfully launch and execute Pakistan\u2019s first 5-year strategic plan for insurance sector.
\nMr. Waseem Khan, Director Insurance Division at SECP, gave an overview of the journey to the formulation of 5-year strategic plan which involved active stakeholder engagement. He shared key statistics of the insurance sector for the year 2022 including number of 42 active insurers, total premium of Rs. 552 billion, number of policies of 10 million, bifurcation of product wise premium and the potential for growth of the insurance sector.
\nHe informed that giving due consideration to the challenges of the insurance sector including structure of insurance industry, limited awareness, negative industry image and limitations in primary law, SECP is working on the achievement of certain operational and strategic outcomes.
\nHe further informed that to achieve the identified objectives, SECP has developed operational approach under certain board areas which mainly include ease of doing business, engagement with stakeholders, diversi\ufb01cation and value enhancement, facilitate access to information, legislation modernization and alignment with international standards and facilitate access to capital and reinsurance.
\nHe also informed about the recently published reports on Insurance Industry Statistics and Motor Third Party Insurance and the upcoming reports on the areas of micro & inclusive insurance, creation of insurance pools and agriculture and crop insurance.
\nHe also apprised the media on the upcoming insurance conference on the theme of \u201cJourney to an insured Pakistan\u201d and requested the media to play its role in raising awareness about value and utility of insurance.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The Securities and Exchange Commission of Pakistan (SECP) held a media engagement with journalists at its Head Office today, which was attended by leading journalists from print and electronic media. Mr. Akif Saeed, Chairman SECP affirmed SECP\u2019s commitment to the growth of insurance sector and informed about SECP\u2019s vision on the development of an […]<\/p>\n","protected":false},"author":2,"featured_media":266679,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[50],"class_list":{"0":"post-368100","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-secp"},"yoast_head":"\n