SECP Wants Affordable Insurance
Pakistan has significant potential to expand inclusive insurance, which could support social protection and help advance the Sustainable Development Goals … Read More The post SECP Wants Affordable Insurance appeared first on ProPakistani .
The Securities and Exchange Commission of Pakistan (SECP) is advocating for affordable insurance to promote social protection and align with the Sustainable Development Goals (SDGs). Michael J. McCord, managing director of the MicroInsurance Centre, highlighted Pakistan's vast market for inclusive insurance, especially among underprivileged populations.
SECP Insurance Commissioner Imtiaz Haider emphasized that microinsurance can shield low-income individuals, farmers, and small enterprises from financial setbacks, medical emergencies, and unforeseen disasters, preventing them from resorting to selling their assets to cover expenses. He stressed the importance of offering affordable risk protection to enhance financial inclusion.
McCord stressed the necessity of making insurance accessible to underserved communities, suggesting that products should be tailored to customer needs, reasonably priced, and simple to comprehend. He also stressed the significance of prompt claims settlements and leveraging digital technology to foster public trust and enhance the insurance sector's credibility.
SECP Chairman Dr. Kabir Ahmed Sidhu announced the commission's efforts to broaden the insurance market via the digitization of the regulatory framework and the introduction of more straightforward insurance products. He mentioned that the Insurance Bill presently pending before Parliament could mark a significant step in modernizing and advancing the insurance industry.
The event was attended by professionals from the insurance industry, the development sector, students, and SECP officials.
Written by urgent.news from ProPakistani's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
