SECP Chairman calls for digital transformation to boost Pakistan insurance coverage
SECP Chairman Dr Kabir Ahmed Sidhu urged the industry to adopt digital tools during a talk series session in Islamabad on Tuesday.
Current market challenges identified
The chairman noted that while the sector holds assets of Rs four trillion, annual premiums total Rs 708 billion. Insurance penetration stands at just 0.7 percent of GDP with only 0.85 percent of premiums coming from digital channels. Sidhu stated these figures show both the scale of the challenge and the substantial opportunity available to the industry.
New platform and reforms announced
An insured Pakistan digital platform will be established to improve public access to insurance products and information. Important regulatory reforms are being introduced to ensure timely, transparent and fair settlement of insurance claims. Artificial intelligence and other emerging technologies are reshaping businesses globally according to the chief.
Industry leaders gathered for session
The talk series brought together senior SECP officials and insurance industry leaders including Muhammad Aminuddin and Shoaib Javed Hussain. The event focused on developing and digitalizing Pakistan's insurance market to make affordable products accessible to the public.
All 2 outlets report consistently
No differences in figures, names or dates across these reports.
- Associated Press of Pakistan
- Dawn
Reported by
2 independent outlets. Headlines as published. Links open the original report.