The Securities & Exchange Commission of Pakistan (SECP) organized a roundtable discussion to firm up the strategic direction of the 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 the non-life industry and the other with the professionals of the life industry. The aim of the roundtable was to foster an open and collaborative environment between stakeholders to work together to shape the future of the insurance industry.
SECP held a roundtable discussion on Pakistan's insurance sector's strategic direction, focusing on achieving insured Pakistan. The event aimed to foster collaboration among stakeholders and shape the industry's future. pic.twitter.com/hlBurRzJ82
— SEC Pakistan (@SECPakistan) August 31, 2023
SECP Chairman 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 the creation of a shared strategic direction to overcome the underlying challenges.
Finance Minister Shamshad Akhtar, being the 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 Pakistan, a country prone to natural disasters and societal vulnerabilities. She also highlighted the role of the insurance sector in propelling 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 the 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.
Commissioner Insurance Aamir Khan 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. The minister was a member of the committee formed by the federal government.
Khan emphasized the importance of enhanced transparency, industry-wide collaboration, and having a shared vision with the buy-in of all stakeholders. He further assured the insurance industry of the extension of the unwavering support of the regulator and continuance of such interactions for the finalization of the 5-year strategic direction with the ultimate aim of shaping a brighter insurance landscape for the country.
