KARACHI: The Securities and Exchange Commission of Pakistan (SECP) two-day International InsureImpact Conference 2023 started on Wednesday.
Chief Guest, Caretaker Federal Minister for Finance, Revenue, and Economic Affairs Dr. Shamshad Akhtar gave a keynote address at the session, where a large number of professionals, industry experts, and officials from the insurance and financial sectors were present.
Dr. Shamshad Akhtar asked the insurance industry to recognize that the risks are growing, both internationally and nationally, demanding adequate coverage for people and businesses. Thus, Pakistan is required to track and embrace emerging trends in the insurance sector. The global insurance industry was undergoing technological advancements, evolving expectations of the customers, and a pressing need for sustainable practices.
Dr. Shamshad said Pakistan needs considerable transformation in the insurance industry to address its fundamental challenges while catching up with international trends to maximize the value proposition of this industry. She advised concentrating on lifting the low penetration ratio of the insurance industry.
The minister said that SECP’s five-year strategic plan will set the tone for future policy, legal, and regulatory landscapes. Incorporating the insurance industry reform committee’s recommendations would be a step in the right direction.
She suggested focusing on mainstreaming international best practices, reducing the cost of doing business, digitizing the operations, and making effective use of technology generally.
SECP Chairman Akif Saeed, in his welcome address, informed the attendees about SECP’s determination to work closely with industry stakeholders to align a strategic vision, propel economic growth, and cater to rising community aspirations.
Talking about the five-year strategic plan, he said that 5 years down the lane, SECP expects to capitalize on the digital ecosystem, growth in the Takaful sector, increased outreach of insurance, and enhanced reinsurance capability of the sector.
Setting the onset of the conference, SECP Commissioner Insurance Aamir Khan, in his address, pointed towards the important focus areas of legal and governance structure, awareness and perception, tax reforms, and the need for collaborations and embracing technology for rapid development of the sector.
Deputy Country Director ADB Addresses Conference
Deputy Country Director Asian Development Bank in Pakistan Asad Aleem appreciated the efforts of SECP to strategize the development of the insurance sector in Pakistan through a five-year plan.
He said that ADB would continue to support such initiatives for the sustainable development of the insurance sector.
