Pakistan Offers Significant Potential for Inclusive Insurance: SECP Talk Series
Pakistan has significant potential to expand inclusive insurance coverage, which can strengthen social protection and support progress towards the Sustainable Development Goals, stated Michael J. McCord, Managing Director of the MicroInsurance Centre at Milliman. He made these remarks while addressing a session of the Securities and Exchange Commission of Pakistan (SECP) Talk Series on "Inclusive Insurance: Global Insights."
Welcoming participants, Commissioner Insurance, Imtiaz Haider, noted that microinsurance can aid low-income families, farmers, and small businesses in recovering from illness, accidents, or natural disasters without draining their savings or selling productive assets. He reaffirmed SECP's commitment to an inclusive and trusted insurance sector, emphasizing affordable risk protection as essential to financial inclusion.
During his lecture, Michael J. McCord highlighted the opportunity to extend insurance coverage to underserved households, farmers, workers, and small businesses in Pakistan. He stressed that insurance can safeguard livelihoods, bolster financial resilience, and provide a broader social safety net. Mr. McCord advocated for insurance products that offer genuine value to consumers, emphasizing simplicity, affordability, and responsiveness to clients' needs.
He urged insurers to foster public trust through prompt and reliable claims payments, noting that the customer experience during claim settlements shapes the industry's reputation. Additionally, he underscored the significance of digital technology and alternative distribution channels in reducing costs and expanding coverage.
SECP Chairman, Dr. Kabir Ahmed Sidhu, shared that the commission is driving insurance market development through digital transformation, facilitating digital insurers, and promoting straightforward, accessible products. He mentioned that the pending Insurance Bill in Parliament would be a "game changer" for Pakistan's insurance sector, modernizing the legislative framework and supporting market expansion.
The session brought together representatives from the insurance industry, stakeholders from the development sector, students, and senior SECP officials.