CCP Calls for Greater Competition in Insurance Sector

Notably, the Competition Commission of Pakistan (CCP) has pressed greater competition, digitalization and faster claims handling to expand the country's insurance sector, where insurance penetration remains at just 0.7 percent of gross domestic product.

Key points

• A CCP presentation indicated that Pakistan has 44 insurers, including 36 conventional insurers, seven Takaful operators and one reinsurer, with around 10.4 million policies.
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• The call was created at a gathering of the Competition Consultative Group on strengthening competition in Pakistan's insurance sector.
• The Insurance Bill, 2026, was additionally discussed during the gathering.
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For context, the call was created at a gathering of the Competition Consultative Group on strengthening competition in Pakistan's insurance sector. The CCP remarked insurance density in the country is around $12 per capita, highlighting significant room for market expansion.

CCP Chairman Farid Ahmad Tarar remarked insurance plays an notable role in managing risks, mobilizing long term savings and supporting economic activity. He remarked greater competition could encourage innovation, improve service quality and expand consumer choice. Attock Cement is Shifting to Solar Electricity.

In practice, a CCP presentation indicated that Pakistan has 44 insurers, including 36 conventional insurers, seven Takaful operators and one reinsurer, with around 10.4 million policies. The commission identified market concentration, entry barriers, concentration in bancassurance, low awareness, information gaps, claims disputes and delays, limited innovation and subdued digitalization as key challenges.

Waseem Khan, Director and Head of the Life Policy and Approval Department at the Insurance Division, highlighted digitalization, implementation of mandatory insurance, expansion of agricultural insurance and adoption of a risk based solvency framework. The Insurance Bill, 2026, was additionally discussed during the gathering.

Industry representatives remarked agriculture, small and medium sized enterprises, retail, microfinance, health, Takaful, microinsurance and rural markets offer significant opportunities for expansion. They additionally called on better products, stronger reinsurance capacity, improved data infrastructure and greater employ of digital tools.

Participants additionally emphasized easier premium payments, faster claims settlement, responsible selling, transparent disclosures and stronger complaint handling. While digitalization could improve the customer experience from purchasing a policy through claims settlement, they remarked reliable data could improve risk assessment, pricing, fraud detection and claims management.

CCP chairman remarked the discussions would assist identify areas where competition advocacy, regulatory coordination and policy interventions could strengthen the insurance sector. He remarked the objective was to backing a competitive, contestable and efficient market and improve outcomes for consumers. Stay Connected with ProPakistani.

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In short, CCP Calls for Greater Competition in Insurance Sector is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.