The Securities and Exchange Commission of Pakistan (SECP) has published the latest statistics, providing a comprehensive assessment of the insurance industry’s financial performance.
These much-needed statistics, offering insights into 2022 data, are critical for the diverse stakeholders to make informed decisions and enable analysis, said a press release issued here.
This is also significant in the long run for establishing industry-wide standard performance norms and functioning as a tool for effective performance measurement.
The report shows that the life insurance sector accounts for 68% of gross premiums written in the industry, while the non-life sector accounts for 32%.
In 2022, the industry’s total assets increased by 14.5%, reaching PKR 2,421 billion from PKR 2,114 billion. The gross premium increased by 28% from PKR 432 billion in 2021 to PKR 553 billion.
Claims paid increased by 26%, with PKR 276 billion paid by life insurance companies and PKR 69 billion by non-life insurance companies, compared to PKR 218 billion in 2021.
Commissioner Insurance, Aamir Khan, emphasized the need for stakeholder collaboration to address challenges like motor third-party insurance, lower agricultural and livestock insurance uptake, inefficient taxation regime, and limited technology use. Khan suggested the adoption of a mutually agreed long-term strategic direction.—APP
