ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has received the Outstanding Policy Award for its presentation on women’s inclusive insurance. The recognition was granted at the Leadership Development Program for Regulators, hosted by Women’s World Banking at Saïd Business School, University of Oxford, UK.

According to Securities and Exchange Commission of Pakistan, the SECP team, represented by Director Insurance Muhammad Arshad and Assistant Director Insurance Sofia B. Rabnawaz, outperformed 26 participating pairs from 16 jurisdictions, including countries such as India, Indonesia, Egypt, Nigeria, Morocco, and Armenia. The award was given for the clarity, innovation, feasibility, and potential impact of SECP’s proposed policy titled “Empowering Women Through Inclusive Insurance: Building Financial Resilience for a Stronger Pakistan.”

The policy aims to mitigate women’s financial vulnerability in Pakistan by creating an inclusive, accessible, and gender-responsive insurance market. This involves developing suitable products, utilizing digital platforms, enhancing distribution channels, and ensuring robust consumer protection.

Despite women comprising nearly half of Pakistan’s population, approximately 117 million, they remain significantly underserved by formal insurance services. The proposed policy seeks to bridge this gap with women-centric products and inclusive distribution channels, mandating insurers to offer at least two products specifically tailored for women.

In the short term, the policy is projected to benefit around 1.5 million existing women life insurance policyholders. Additionally, it is expected to cover women through group life, health, accident, and microinsurance schemes. The draft policy is currently under review and will be released for public consultation before it is implemented.

SECP Chairman Dr. Kabir Ahmed Sidhu remarked that the international recognition underscores SECP’s commitment to fostering a more inclusive insurance market. He stated, “Our policies are focused on unlocking Pakistan’s significant insurance potential, particularly among women, through targeted products and digital distribution, while ensuring stronger consumer protection.”