The Securities & Exchange Commission of Pakistan (SECP) is planning to revamp the bancassurance regulatory framework, in order to develop the market, improve insurance penetration and protect policyholders' interests.
Pakistan Reinsurance Company (PakRe) released its statement of accounts for 2018 last month. Of particular note was the 34% surge in gross written premiums (GWP), rising from PKR8.04bn ($56.75m) in 2017 to PKR10.73bn last year.
The government needs to do much more to support the industry, even if it is in terms of implementing existing laws, according to Mr Abdul Waheed, CEO of Askari General Insurance and a chartered accountant.
The Securities & Exchange Commission of Pakistan (SECP) has restructured its Insurance Division into three independent departments: Supervision Department, Enforcement Department and Market Development and Policy and Regulation Department.
The Cabinet Committee on Privatisation (CCoP) has asked the Commerce Ministry to fast track the evaluation of the insurance and reinsurance sector.
The American Business Council (ABC) of Pakistan has proposed to the government to allow international insurers, which meet local minimum capital requirements, to open branches in the country.
Failure of national governance is ranked as the biggest risk to doing business in South Asia, according to the Regional Risks for Doing Business 2018 published by the World Economic Forum (WEF).
The Securities and Exchange Commission of Pakistan (SECP) is proposing to amend the Motor Vehicles Act 1939 (MVA) to facilitate mandatory motor third party liability (MTPL) insurance.
Over 800 million people, or half the population in South Asia could see their living standards worsen by 2050 due to climate change, says an ominous new study by the World Bank.
The Securities and Exchange Commission of Pakistan (SECP) has directed that corporate insurance agents are to be barred from selling life insurance policies unless an insurance need analysis has been carried out for the prospective policyholder.