Islamabad: The Securities and Exchange Commission of Pakistan (SECP) has released its annual Insurance Industry Statistics for 2023, revealing robust growth in the sector, particularly in life insurance, which continues to dominate the market.

According to Securities and Exchange Commission of Pakistan, the life insurance sector now represents 64% of the industry’s gross premiums written, with non-life insurance making up the remaining 36%. In 2023, the total assets of the industry expanded to Rs. 2,421 billion, marking a significant increase from Rs. 2,090 billion the previous year. The gross premium for the year was reported at Rs. 631 billion, showing a 14% growth from Rs. 553 billion in 2022. The claims paid during the year amounted to Rs. 373 billion, with life insurance companies paying Rs. 289 billion and non-life companies paying Rs. 84 billion.

The report also emphasizes the importance of several strategic initiatives by the SECP to address challenges in the insurance sector, including the adoption of a five-year strategic plan by insurers, support for legal reforms by the Federal Government, and the simplification of regulatory approval processes by the SECP.