SECP Wins Global Award For Women’s Inclusive Insurance Policy

The Securities and Exchange Commission of Pakistan (SECP) has been honored with an international accolade for its ambitious women's inclusive insurance policy. This recognition came at the Women's World Banking program held at Oxford University, where the SECP competed against teams from 16 countries. The award, known as the Outstanding Policy Award, underscores the regulator's commitment to expanding insurance access for women in Pakistan through the development of gender-specific insurance products and the utilization of digital platforms for broader outreach.

Pakistan's population comprises approximately 117 million women, presenting a substantial market opportunity for the insurance sector. The SECP's policy proposal seeks to initially benefit around 1.5 million women who are already holders of life insurance policies, while also targeting the broader objective of increasing women's participation in the insurance market.

Dr. Kabir Ahmed Sidhu, the SECP Chairman, expressed satisfaction with the international recognition, emphasizing that it validates the regulator's strategic direction. Sidhu highlighted that enhancing women's access to insurance services and maintaining consumer protection are paramount priorities for the SECP.

The initiative's core strategy involves compelling insurance companies to introduce at least two dedicated products tailored for women, alongside leveraging digital channels to make insurance services more accessible. This multifaceted approach aims to bridge the gap in formal insurance services among women by fostering a conducive environment for insurers to innovate and adapt.

The SECP's commitment to this cause aligns with its broader mission to ensure that women in Pakistan are not left behind in the rapidly evolving insurance landscape.