At a session for the Securities and Exchange Commission of Pakistan (SECP) Talk Series on 'Inclusive Insurance: Global Insights', it was mentioned that Pakistan has significant potential to expand inclusive insurance coverage.
In turn, this can strengthen social protection, remarked Milliman Managing Director of the MicroInsurance Centre Michael McCord at the talk, according to news platform Associated Press of Pakistan.
In the talk, Mr McCord also noted the potential of expanding coverage to underserved households, farmers, workers and small businesses in Pakistan, emphasising that insurance can help protect livelihoods, strengthen financial resilience and provide a wider social safety net.
At the same time, he pointed out that products must bring value to consumers, as well as be easy to understand, affordable and responsive to customers’ actual needs. According to Mr McCord, insurers also need to build public trust through timely and reliable claims payments.
He also touched on the importance of technology and alternative distribution channels in reducing costs and bringing coverage to the underserved.
SECP Commissioner Insurance Imtiaz Haider also spoke of the regulator’s commitment to an inclusive and trusted insurance sector.