SECP Wants Affordable Insurance
Pakistan has significant potential to expand inclusive insurance. It could backing social protection and assist advance the Sustainable Development Goals (SDGs), speakers noted during an SECP talk series.
Pakistan has significant potential to expand inclusive insurance. It could backing social protection and assist advance the Sustainable Development Goals (SDGs), speakers noted during an SECP talk series.
Article outline
- What happened
- Reaction
- Official response
- The bottom line
Key points
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- McCord, managing director of the MicroInsurance Centre, remarked Pakistan has a substantial market for inclusive insurance, particularly among underserved communities.
- Kabir Ahmed Sidhu remarked the commission is expanding the insurance market through digitalization of the regulatory system and simpler insurance products.
- He remarked the Insurance Bill at present pending before Parliament could serve as a major milestone for modernizing and developing the insurance sector.
Michael J. McCord, managing director of the MicroInsurance Centre, remarked Pakistan has a substantial market for inclusive insurance, particularly among underserved communities.
SECP Commissioner Insurance Imtiaz Haider remarked microinsurance can protect low-income groups, farmers and small businesses against financial losses, illness and unexpected disasters, helping them avoid selling their assets to meet financial needs. He remarked affordable risk protection is essential for greater financial inclusion. FIA to Support Recover Rs. 49 Million After 16 Years.
McCord stressed the need to create insurance accessible to underserved communities, saying products should be designed around customers' needs, affordable and straightforward to understand.
He additionally stated timely claims payments and the employ of digital technology are notable for building public trust and strengthening the insurance industry's reputation. SECP Moves to Create Business Closures More Transparent.
SECP Chairman Dr. Kabir Ahmed Sidhu remarked the commission is expanding the insurance market through digitalization of the regulatory system and simpler insurance products.
Representatives from the insurance industry, development sector, students and SECP authorities attended the session. Stay Connected with ProPakistani.
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Taken together, the developments around SECP Wants Affordable Insurance point to a situation that is still moving, and the coming days should bring more clarity.
