SECP targets digital transformation of Pakistan’s insurance sector
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
The Securities and Exchange Commission of Pakistan (SECP) held a Talk Series on the development and digitalization of the insurance market, attended by SECP Chairman Dr. Kabir Ahmed Sidhu, senior officials, and representatives of the insurance industry.
TPL Insurance CEO Muhammad Aminuddin, State Life CEO Shoaib Javed Hussain, and EFU Life CEO Muhammad Ali Ahmed also participated in the session.
SECP Chairman Dr. Kabir Ahmed Sidhu said only 0.85% of insurance premiums in Pakistan are currently generated through digital channels, adding that digitalization of the insurance sector is still at an early stage.
He said the promotion of digital insurance products would make access to insurance easier for the public.
Third-party motor insurance in Sindh increased by up to 2,000% in six months, Dr. Kabir said, adding that discussions are ongoing with the Punjab government to expand third-party motor insurance coverage in the province.
He said work is underway to introduce a digital system for the verification and enforcement of motor insurance.
The SECP Chairman said important reforms are being introduced to ensure timely and fair payment of insurance claims.
He further said the SECP will establish the “Insured Pakistan” digital platform to promote insurance services.
Dr. Kabir Ahmed Sidhu stressed the need for modern and customer-friendly products in the insurance sector, adding that digitalization will improve insurance access, transparency, and consumer confidence.
Reference Link:- https://mettisglobal.news/SECP-targets-digital-transformation-of-Pakistans-insurance-sector-63468
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
