The 2nd Saarc Insurance Regulators' Meet and International Conference held under the aegis of Security and Exchange Commission of Pakistan (SECP) concluded here on Wednesday, conveying the message of collaboration across the region. The second day of the conference envisaged the interactive sessions by the eminent speakers from the global insurance industry, including the representatives from broker companies and international re-insurers.
The technical presentations were given by the delegates from the development organisations like The World Bank, Asian Development Bank, GIZ, ILO Micro insurance Innovation facility, and various local bodies which included PPAF and the CDC. The delegates spoke on the significance of developing the inclusive insurance market that could cater to the needs of all segments of the society, including the poorer and low-income group people who are generally ignored by the main stream insurance. The road map that could be adopted for achieving this global objective was also deliberated upon.
During a panel discussion on the topic of "Opportunities and Challenges in the Takaful Market Development, held in the second half of the conference, ideas were exchanged among the prominent Shariah experts, Takaful operators, the Islamic banking practitioners and the head of Islamic banking in State Bank of Pakistan.
An interactive discussion between the regulators of the Saarc region countries was also broadly enjoyed by the participants of the conference where the perspective of regulators on the emerging consumer markets and the evolving regulatory practices was shared among the audience. A panel of CEOs discussed the ideas of innovating and revitalising the insurance markets through cross-border partnerships, smooth flow of information and resources among the regional partners.
The delegates of regional and international bodies deeply cherished the huge value adding initiative of the SECP and considered it as a milestone achievement in the history of regional insurance industry. They also recommended that such partnership building activities should take place more frequently so as to enable more effective knowledge and experience exchange across the borders.
The conference concluded with a vote of thanks by Commissioner (Insurance), Mohammed Asif Arif, who lauded intention of regional partners to proceed towards collaboration and the international bodies' contribution to the venture. The moot has greatly helped rejuvenate the image of Pakistan in the regional and international community as the delegates seemed to be touched by the hospitality and friendly attitude of the Pakistan society.
Pakistan was elected Chairman of the Saarc Insurance Regulators' Forum during the Saarc Insurance Regulators Meet. The next conference will be held in Kathmandu, Nepal as proposed by the Insurance Regulatory Authority of Nepal, which was unanimously agreed by all respective authorities.
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