The Securities and Exchange Commission of Pakistan (SECP) has published the latest statistics, providing a comprehensive assessment of the insurance industry’s financial performance.
These much-needed statistics, offering insights into 2022 data, are critical for the diverse stakeholders to make informed decisions and enable analysis. This is also significant in the long run for establishing industry-wide standard performance norms and functioning as a tool for effective performance measurement.
The report shows that the life insurance sector accounts for 68 percent of gross premiums written in the industry, while the non-life sector accounts for 32 percent. In 2022, the industry’s total assets increased by 14.5 percent, reaching Rs. 2,421 billion from Rs. 2,114 billion. The gross premium increased by 28 percent from Rs. 432 billion in 2021 to Rs. 553 billion. Claims paid increased by 26 percent, with Rs. 276 billion paid by life insurance companies and Rs. 69 billion by non-life insurance companies, compared to Rs. 218 billion in 2021.
Commissioner Insurance, Aamir Khan, emphasized the need for stakeholder collaboration to address challenges like motor third-party insurance, lower agricultural and livestock insurance uptake, inefficient taxation regime, and limited technology use. Khan suggested the adoption of a mutually agreed long-term strategic direction.
The Insurance Industry Statistics of 2022 are based on data provided by insurance companies in the specified formats by the SECP.