The Securities and Exchange Commission of Pakistan (SECP) has issued a report that explores inclusive insurance in Pakistan, highlighting its untapped market potential.
The Commerce Ministry is reportedly under pressure to open up the insurance sector to international investment and to divest insurance companies.
The Securities and Exchange Commission of Pakistan (SECP) has been holding separate meetings with life and non-life insurance companies to seek their input on the digitalisation of the insurance sector in Pakistan.
Since 27 February, parts of southwestern Asia, including Pakistan, south-eastern Iran and Afghanistan, have experienced heavy precipitation that resulted in casualties and material damage, according to Aon in the 8 March edition of its "Weekly Cat Report".
The Securities and Exchange Commission of Pakistan (SECP) has published a consultation paper to seek feedback on the implementation of a new strategy for the adoption of Shariah, accounting, auditing and governance standards set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Pakistan's government has decided to increase the paid-up capital of the State Life Insurance Corporation (SLIC), the largest life and health insurer in the country, to meet the regulatory requirements of the UAE and avoid a fine.
The Securities and Exchange Commission of Pakistan (SECP) has started working on a microinsurance scheme for low-income households and vulnerable communities.
The Securities and Exchange Commission of Pakistan (SECP) has unveiled a five-year strategic plan for the insurance industry with a target to increase the number of insured people from about 8m at present to 15m and total premium of PKR1.3tn ($4.6bn) by 2028.
The insurance industry in Pakistan chalked up revenue growth of 27% increase in 2022, with the direct gross underwritten premium amounting to PKR579bn ($2bn), compared to PKR455bn in 2021, according to the 2023 annual report of the Securities & Exchange Commission of Pakistan (SECP).
The Securities and Exchange Commission of Pakistan (SECP) has published in the Official Gazette the date of adoption of the International Financial Reporting Standard (IFRS) 17 - Insurance Contracts - by companies engaged in insurance/takaful and re-insurance/re-takaful business.