SECP seeks broader insurance adoption

Commissioner looks for provincial support, leads efforts to promote 'Insured Pakistan'

ISLAMABAD:

The Securities and Exchange Commission of Pakistan (SECP) is taking steps towards an insured Pakistan. In this regard, SECP Commissioner for Insurance, Aamir Khan, held a series of meetings with provincial authorities to discuss measures aimed at achieving this vision. In Balochistan, he met with the Secretary of Transport, Muhammad Hayat Kakar, and Director General of Excise and Taxation, Zeeshan Raza Gohar. This was followed by meetings with Advisor to the Chief Minister of Khyber-Pakhtunkhwa on Finance, Muzammil Aslam, and Additional Secretary of Excise, Taxation, and Narcotics Control, Wajid Ali Khan, according to a press release issued here on Monday.

These outreach efforts align with the objectives of SECP's 5-year strategic plan for the insurance sector. The plan focuses on engaging stakeholders to promote the insurance sector and ensure the protection of Pakistan's citizens through various initiatives under the "Insured Pakistan" campaign. Similar meetings are planned with key government officials in other provinces in the coming weeks.

During the meeting with the Secretary of Transport and Director General of Excise and Taxation in Balochistan, the discussions centred on the enforcement of mandatory third-party insurance for registered vehicles and ways to facilitate broader adoption of insurance services by the general population.

In his meeting with the finance advisor, the SECP commissioner presented an overview of the insurance sector, highlighting the protection gap and potential for growth. They also discussed the use of insurance as a financing tool by the provincial government in sectors such as health, agriculture, and disaster mitigation.

In the meeting with the Additional Secretary of Excise, Taxation, and Narcotics Control in Khyber Pakhtunkhwa, the focus was on enforcement mechanisms for mandatory third-party motor insurance. They also discussed strategies to ensure compliance with insurance requirements and the effective implementation of enforcement mechanisms. These outreach efforts are also planned for the provinces of Punjab and Sindh in the coming weeks.

This campaign will culminate in the SECP Insurance Conference 2024, to be held in Karachi at the end of the year.