Pakistan possesses the potential to expand its inclusive insurance sector, according to recent assessments. Michael J. McCord stated that Pakistan represents a substantial market for inclusive insurance, particularly among underserved communities.
Imtiaz Haider, the SECP Commissioner Insurance, confirmed that microinsurance offers protection to low-income groups, farmers, and small businesses against financial setbacks, sickness, and unforeseen disasters. Furthermore, Commissioner Haider asserted that affordable risk protection remains vital for achieving broader financial inclusion.
Designing products that are easy to grasp, affordable, and tailored to customer requirements, McCord advised. Building public confidence and strengthening the insurance industry's standing requires prompt claim payouts and the adoption of digital technology, McCord added.
The Securities and Exchange Commission of Pakistan (SECP) is advancing the insurance market by simplifying insurance offerings and digitising its regulatory framework, stated Dr. Kabir Ahmed Sidhu, the SECP Chairman. Dr. Kabir Ahmed Sidhu also suggested that the Insurance Bill could mark a significant step toward modernising and developing the entire insurance sector.
