International InsureImpact Conference 2023: Dr Shamshad akhtar, Caretaker Federal Minister for Finance, Revenue, and Economic Affairs

I extend my appreciation to the Securities and Exchange Commission of Pakistan (SECP) for hosting the International InsureImpact Conference. The subject of insurance holds great significance for the government.

Insurance not only acts as a tool to ease the burden of government’s social welfare spending but also contributes to the economic development in general and development of financial markets in particular. As a chair of the Insurance Sector Reforms Committee, I duly recognize the absolute necessity of insurance and am very much aware about the challenges related to the insurance sector in our country.

In a nation like Pakistan, grappling with natural disasters, climate uncertainties, and societal vulnerabilities, the role of insurance is pivotal. It serves as a crucial financial safety net for individuals, businesses, and communities during times of crisis, fostering resilience and stability.

As we analyse the insurance landscape in Pakistan, it becomes apparent that there is room for improvement. Collaborative efforts are required to address the current challenges.

The private sector, the regulator, and other public sector organizations should join hands to educate the general public about the value and utility of insurance. Furthermore, a coherent mechanism for the growth of the sector and an increase in insurance penetration need to be formulated.

The government highly values the insurance industry for its role in creating employment opportunities, providing protection to people, and contributing to the national exchequer. We commend the vigilant efforts of SECP for launching the first five-year strategic plan.

With an inclusive approach of the regulator toward the strategic plan, we believe we are heading in the right direction. Previously a roundtable discussion was also arranged on this subject matter of which I was a part as well. Our joint efforts must persist to ensure the successful enforcement and implementation of the 5-year strategic plan.

In the end, I wish SECP all the best for the success of the conference and hope that our journey to an Insured Pakistan remains successful.

Copyright Business Recorder, 2023