Karachi, The Securities and Exchange Commission of Pakistan (SECP) successfully concluded its International InsureImpact Conference 2023, which brought together leading experts and professionals from the insurance and financial sectors. Held on December 13-14, the second day of the conference was marked by crucial discussions aimed at charting a strategic roadmap for Pakistan’s insurance industry.
According to Securities and Exchange Commission of Pakistan, the conference’s second day began with an online address by the President of Pakistan, Honorable Dr. Arif Alvi. Dr. Alvi underscored the vital role of insurance in crisis situations and urged the SECP to focus on increasing insurance penetration, particularly for disaster risk financing. He called for greater transparency in insurance costs and improvements in the public image of the insurance industry. Dr. Alvi commended SECP’s five-year strategy with precise goals for enhancing social security coverage in Pakistan.
Dr. Ishrat Hussain, serving as the keynote speaker, shared valuable insights for advancing the insurance sector. He advised regulators to adopt a two-track approach, combining lighter oversight for established businesses with support for start-ups, and encouraged the SECP to create an environment conducive to new business growth. Dr. Hussain highlighted the potential of the SECP in mobilizing household and corporate savings, urging the private sector to adopt technology for expanding in areas like crop insurance, health insurance, and disaster risk insurance.
The conference featured detailed dialogues on various topics, including the potential of the takaful sector in Pakistan, re-insurance optimization, the adoption of International Financial Reporting Standards (IFRS-17), and Risk-Based Capital Regime. Another key session involved the presentation of SECP’s draft report on “Unlocking the Potential of Micro and Inclusive Insurance in Pakistan,” followed by a panel discussion on the emerging market of small ticket insurance products.
Mr. Andres McCartney from the Asian Development Bank briefed about the ADB’s support for increasing insurance coverage in Pakistan. Commissioner Insurance, Mr. Aamir Khan, emphasized that insurance is a crucial social and financial safety net, advocating for collective efforts to advance the sector.
Chairman SECP, Mr. Akif Saeed, in his concluding remarks, encouraged participants to apply the knowledge and connections gained at the conference to propel the insurance industry forward. He expressed gratitude to the sponsors and attendees for their support and participation.
The closing ceremony was attended by the Chief Minister of Sindh, honorable Justice (Retired) Maqbool Baqir, who commended SECP for organizing the conference and acknowledged the potential impact of the insights shared on Pakistan’s insurance sector. He emphasized the importance of crop insurance, microinsurance, insurance pooling, takaful, and technology, assuring the Sindh Government’s collaboration with SECP and industry stakeholders.
The conference concluded with Justice Baqir awarding shields to speakers, moderators, and panelists, celebrating their contributions to the successful event, which was also attended by sector experts, consultants, donor agencies, and professionals from diverse backgrounds.