With great enthusiasm I announce the unveiling of the 1st five-year draft strategic plan for the insurance sector by the Securities and Exchange Commission of Pakistan's (SECP) in the International InsureImpact Conference.

Using an inclusive approach to create a shared strategic direction, multiple engagements were held with industry experts and practitioners through onsite visits to insurance companies, offsite sessions and roundtable discussions. These engagements helped in the refinement of the strategic plan, and I am sure that with the insights of participants of the conference, we will be able to finalize a mutually agreed 5-year strategic plan.

The main operational objectives of the plan are to increase the individual lives covered to 15 million from current number of 8 million, escalate insurance penetration to at least 1.5% from 0.87%, grow share of digital distribution to 5% from current state of less than 1% and Share of Takaful to 30% of premium from less than 15%. Similarly, through the five-year strategic plan, we want to ensure availability of agricultural insurance for non loanee farmers, availability of disaster insurance products and availability of annuity products for VPS investors/ individual retirees.

For broader stakeholder feedback on the 5-year strategic plan, the Securities and Exchange Commission of Pakistan (SECP) is hosting the International InsureImpact Conference 2023, providing a platform for global collaboration and knowledge exchange within the insurance sector. This international event aims to further enrich the strategic vision and garner support for the ambitious yet achievable goals outlined in the plan.

The collaboration with international stakeholders’ underscores SECP's commitment to cultivate a robust and globally aligned insurance ecosystem, setting the stage for a future where insurance serves as a cornerstone of stability and prosperity for Pakistan.

The roadmap represents our commitment to an insured Pakistan, and I welcome all stakeholders to join hands in this historic endeavour, as we work towards a future where the insurance sector serves as a guiding light of security and prosperity for all.

Copyright Business Recorder, 2023