Microinsurance: SECP to issue draft rules soon
Microinsurance is an insurance product that offers coverage to low-income households.
KARACHI:
The draft rules on microinsurance are expected to be prepared very soon in consultation with stakeholders issued by the Securities and Exchange Commission of Pakistan, according to a statement issued. While realising the need of microinsurance and its huge potential economic impact on the target community, a seminar was arranged on Tuesday under the aegis of Pakistan Insurance Institute. Microinsurance is an insurance product that offers coverage to low-income households. Chief guest SECP Commissioner (Insurance) Muhammad Asif Arif in his opening address emphasised on the areas including the development of a regulatory framework and discussed examples of viable business cases for microinsurance. In Pakistan where insurance penetration is mere 0.7% of the Gross Domestic Product, it is anticipated that this initiative will help in creating a transparent and enabling environment, thereby increasing the insurance density and affordable outreach to low-income people.
Published in The Express Tribune, November 30th, 2011.
The draft rules on microinsurance are expected to be prepared very soon in consultation with stakeholders issued by the Securities and Exchange Commission of Pakistan, according to a statement issued. While realising the need of microinsurance and its huge potential economic impact on the target community, a seminar was arranged on Tuesday under the aegis of Pakistan Insurance Institute. Microinsurance is an insurance product that offers coverage to low-income households. Chief guest SECP Commissioner (Insurance) Muhammad Asif Arif in his opening address emphasised on the areas including the development of a regulatory framework and discussed examples of viable business cases for microinsurance. In Pakistan where insurance penetration is mere 0.7% of the Gross Domestic Product, it is anticipated that this initiative will help in creating a transparent and enabling environment, thereby increasing the insurance density and affordable outreach to low-income people.
Published in The Express Tribune, November 30th, 2011.