The chairman of the Securities and Exchange Commission of Pakistan (SECP) Mr Akif Saeed has emphasised improving the corporate image of the insurance industry by introducing new products with greater value to policyholders, upgrading service standards and ensuring timely disclosure of customer and claims data.
The Securities and Exchange Commission of Pakistan (SECP) has issued a concept paper on a Risk Based Capital (RBC) regime, outlining plans to shift from the existing solvency-based regime towards an RBC regime for Pakistan's insurance sector.
Pak-Qatar Family Takaful and U Microfinance Bank (U Bank), Pakistan's fastest-growing microfinance bank, have signed a landmark bancatakaful agreement.
The Securities & Exchange Commission of Pakistan (SECP)'s draft regulatory framework for registration of digital-only insurers and dedicated microinsurers is expected to be finalised by the end of this year, says the financial regulator in its 2022 annual report.
The insurance industry in Pakistan posted a 24% jump in GWP to PKR433bn ($1.93bn) in 2021, compared to PKR347bn in 2020, according to the 2022 report of the Securities and Exchange Commission of Pakistan (SECP).
InsurTech firm Blink Parametric has reached agreement with Salaam Takaful which will lead to a parametric product to be embedded in the takaful company's travel insurance policies in Pakistan.
Melting glaciers and prolific monsoonal rain resulted in historic flooding that devastated a large part of Pakistan in 3Q2022. The event resulted in nearly 1,700 fatalities, with around 20% of the deaths related to indirect causes such as diseases and malnutrition, says Aon, a global professional services firm that provides a wide range of risk, reinsurance, retirement, and health solutions.
Non-life insurance players in Pakistan are cutting back on risk exposure to curb losses as they face pressure on several fronts.
The insurance industry posted gross annual premium of PKR432bn ($1.9bn) in 2021, 21.7% higher than the PKR355bn chalked up in 2020, according to data compiled by the Securities and Exchange Commission of Pakistan (SECP).
The United Insurance Company of Pakistan, a general insurer, has announced that it will start a life insurance business.