Govt urged to expand inclusive insurance

Such coverage will strengthen social protection, support SDGs

ISLAMABAD:

Pakistan has significant potential to expand inclusive insurance coverage, which can strengthen social protection and support progress towards the Sustainable Development Goals (SDGs), said Michael J McCord, Managing Director of MicroInsurance Centre at Milliman.

He made these remarks while speaking at a session of the Securities and Exchange Commission of Pakistan (SECP) Talk Series on "Inclusive Insurance: Global Insights."

In his lecture, McCord highlighted the potential to expand insurance protection for underserved households, farmers, workers and small businesses in Pakistan. He stressed that insurance could help protect livelihoods, strengthen financial resilience and provide a wider social safety net.

McCord said insurance products must deliver meaningful value to consumers and emphasised that products should be easy to understand, affordable and responsive to customers' actual needs.

He urged insurers to build public trust through timely and reliable claims' payments, noting that customers' experience while filing a claim would shape perception about the industry's reputation. He also highlighted the importance of digital technology and alternative distribution channels in reducing costs and extending coverage.

Earlier welcoming the session participants, Commissioner Insurance Imtiaz Haider said microinsurance could help low-income families, farmers and small businesses recover from illness, accidents or natural disasters without depletion of their savings or selling productive assets. He reaffirmed the SECP's commitment to an inclusive and trusted insurance sector, stressing that affordable risk protection was essential for wider financial inclusion.