Insurance in Pakistan: SECP draws up a five-year strategic plan

The Securities and Exchange Commission of Pakistan (SECP) has drawn up a five-year strategic plan for the insurance industry. This is aimed at developing the market and aligning it with international standards.

The insurance sector in Pakistan is barely getting off the ground. In this country, home to 241.49 million inhabitants, less than 8 million people are covered by a life insurance policy.

The motor sector is also struggling with only 3% of registered vehicles being insured.

Only 500 000 out of 32 million registered properties are covered by home insurance. Agricultural insurance covers a mere 10% of the 8 million active farmers.

The Pakistani insurance market has recorded a turnover of 552 billion PKR (2.43 billion USD) in 2022.