ISLAMABAD: The Caretake Minister for Finance and Revenue Dr Shamshad Akhtar, on Thursday reiterated the government’s commitment to resolving structural problems.
Addressing the roundtable conference on “Journey to an Insured Pakistan”, arranged by the Securities and Exchange Commission of Pakistan (SECP), the minister underlined the importance of reducing the fiscal deficit, increasing forex reserves, and fulfilling the IMF SBA for restoring international confidence in Pakistan’s economy.
Finance minister highlights insurance industry’s role
She also highlighted the important role played by the insurance industry in increasing private sector growth and bolstering the capital market.
SECP Chairman Akif Saeed, in his welcome address underlined the importance of the strategic plans to improve insurance penetration in the country and cited international models where successful execution of long-term policies steered the insurance sector’s adaptability, growth and responsiveness to evolving needs and market conditions.
Moreover, while highlighting the potential of insurance in the country, he also pointed to the importance of presenting of a shared strategic direction to overcoming the underlying challenges.
On the occasion, the SECP insurance team delivered a presentation on the five-year strategic direction plan. They provided a current snapshot of the industry, highlighted challenges faced by the insurance sector, explained the plan’s vision and mission, and detailed its operational and strategic outcomes.
They emphasized important objectives such as policyholder protection, innovation, cooperation and transformation, as well as improved insurance coverage. They also presented their approach to enhancing the ease of doing business, facilitating access to information, engaging with stakeholders, providing access to capital and reinsurance, building capacity, raising awareness through innovation, and modernizing legislation to align with international standards.
The participants of the event showed appreciation for this initiative of SECP and presented valuable insights on the draft strategic direction and affirmed their commitment to actively engage in shaping the strategic direction.
