The Securities and Exchange Commission of Pakistan (SECP) two-day International Insure-Impact Conference 2023 was kicked off on Wednesday. Chief Guest, Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar, gave a key note address to the session, where a large number of industry experts, professionals and officials from the insurance and financial sectors were present.
Dr. Shamshad Akhtar asked the insurance industry to recognize that the risks are growing, both globally and nationally, demanding adequate coverage for people and businesses. Thus, Pakistan needs to track and embrace emerging trends in the insurance sector.
The global insurance industry is undergoing technological advancements, evolving customers’ expectations, and a pressing need for sustainable practices. Dr. Shamshad said Pakistan needs significant transformation in the insurance industry to address its fundamental challenges while catching up with global trends to maximize the value proposition of this industry. She advised concentrating on lifting the low penetration ratio of the insurance industry.
She said that SECP’s 5-year strategic plan will set the tone for future policy, legal, and regulatory landscapes. Incorporating the recommendation of the insurance industry reform committee would be a step in the right direction.
She suggested focusing on mainstreaming global best practices, reducing the cost of doing business, digitizing the operations, and making effective use of technology generally. SECP Chairman Akif Saeed, in his welcome address, informed the participants about SECP’s determination to work closely with industry stakeholders to align a strategic vision, propel economic growth, and cater to rising community aspirations.
Talking about the 5-year strategic plan, he added that five years down the lane, SECP expects to capitalize on the digital ecosystem, increased outreach of insurance, growth in the Takaful sector, and enhanced reinsurance capability of the sector.
Setting the onset of the conference, SECP Commissioner Insurance, Aamir Khan, in his address pointed towards the key focus areas of legal and governance structure, tax reforms, awareness and perception, and the need for collaborations and embracing technology for rapid development of the sector.
Deputy Country Director, Asian Development Bank in Pakistan, Asad Aleem, commended the efforts of SECP to strategize the development of the insurance sector in Pakistan through a 5-year plan. He said that ADB would continue to support such initiatives for the sustainable development of the insurance sector.
Musa Alpan Bahar, Project Coordinator at TCIP, presented a case study on the Turkish Catastrophe Insurance Pool. Musa informed the participants that Turkey is one of the most seismically active regions in the world.
