Compensation for Road Accident Victims in Sindh Increased to Rs. 7 Lac

The Securities and Exchange Commission of Pakistan (SECP) has increased compensation for accident victims under motor third-party insurance in Sindh from Rs. 20,000 to Rs. 700,000.

The regulator said eligible victims will receive compensation promptly through an automated mechanism without having to approach the courts, making the claims process faster and more accessible.

SECP also reported a sharp increase in insurance coverage for commercial vehicles, with the number of policies surging by 1,300 percent. Commercial vehicle insurance policies have risen from 11,000 to more than 165,000.

Following the development in Sindh, preparations are now underway to expand motor insurance coverage to Punjab, Khyber Pakhtunkhwa, and Balochistan.

In a separate move, life insurance annuity products are being introduced for retired individuals. These products are aimed at expanding insurance options available to retirees.

SECP further said that a consortium of insurance companies has been established for crop insurance. Meanwhile, the Takaful sector’s share in Pakistan has reached 14 percent, with new guidelines issued for the sector.