Key Takeaways
- SECP received the Outstanding Policy Award at the Women’s World Banking program.
- The policy aims to expand insurance access for women through dedicated products and digital channels.
- The initiative targets around 1.5 million women already holding life insurance policies.
The Securities and Exchange Commission of Pakistan (SECP) has been recognized internationally for its proposed comprehensive insurance policy aimed at improving women’s access to insurance. The SECP received the Outstanding Policy Award at the Women’s World Banking program held at Oxford University, where teams from 16 countries participated.
Dr. Kabir Ahmed Sidhu, the SECP Chairman, stated that the international recognition validates the regulator’s policy direction. He highlighted that improving women’s access to insurance and ensuring effective consumer protection remain key priorities for the SECP.
The proposed policy focuses on developing insurance products specifically for women and expanding access through digital channels. According to the SECP, insurance companies are expected to introduce at least two dedicated products for women as part of efforts to increase their participation in the insurance market.
Pakistan has approximately 117 million women, representing a significant potential market for the insurance industry. The proposed policy is expected to initially benefit around 1.5 million women who already hold life insurance policies, while broader measures would seek to bring more women into the insurance system.
The initiative is aimed at addressing the limited access to formal insurance services among women by encouraging insurers to develop suitable products and use digital channels to make insurance more accessible. The SECP believes that this approach will help in bridging the gender gap in insurance coverage.
