A delegation from the Asian Development Bank (ADB), led by Country Director Ms. Emma Fan and including Mr. Salman Mian and Dr. Raja M. Ali Saleem, visited the SECP Head Office. SECP Chairman Dr. Kabir Ahmed Sidhu, along with the Insurance team, discussed ongoing reforms in Pakistan’s insurance sector and future areas of cooperation.
During the meeting, SECP briefed the delegation on comprehensive reforms, including a new insurance law currently under consideration at the Ministry of Law.
The proposed law covers the regulatory reforms in the areas of opening of market, easy of doing business, digitalization and product innovation and enhance supervisory powers for policy holders protection.
They also briefed about the other key initiatives including establishing a consortium of insurers to underwrite agriculture insurance, and expanding crop insurance coverage for both loanee and non-loanee farmers through public-private partnerships and enhancing the scope of mandatory insurances.
The SECP also highlighted proposals for mandatory catastrophe insurance for critical public assets, the use of modern technologies such as satellite-based assessments and digital claims systems, and improved data sharing to enhance transparency and efficiency.
It was noted that insurance penetration in Pakistan remains low, underscoring the need for diversified products and risk-financing mechanisms. ADB and other development partners, including the IMF, are supporting initiatives such as disaster resilience financing frameworks.
Both sides reaffirmed their commitment to continued collaboration to strengthen Pakistan’s insurance sector and enhance financial protection against natural disasters.
Source - https://leadpakistan.com.pk
