The Securities and Exchange Commission of Pakistan (SCEP) is pleased that the “Ninth Insurance and Takaful Week” are being commemorated this year from 6th to 10th May 2024, marking 6th May as “Insurance Day” this year.

In spite of the expanding size of the global insurance market, insurance penetration in Pakistan has remained below 1% of the GDP in terms of premium. The reasons behind this have been well documented in the last year and led to the publication of the 5-year strategic plan for the insurance sector of Pakistan.

In my view, increased public awareness and change in perception on insurance are two main components that the industry needs to focus on. Accordingly, activities planned for the Insurance and Takaful Week are crucial in achieving this objective.

Keeping in view the low level of insurance related literacy in Pakistan, it is pertinent that IAP should strategize awareness campaigns on a continuous basis, with due focus on takaful products, having much higher acceptability among the masses. For this purpose, unconventional means may be leveraged such as social media platforms, hiring of influencers, holding seminars in universities etc., to build perception of insurance and takaful as a portent for care and protection.

Utilizing this initiative of IAP as a major opportunity to continue increasing the awareness of insurance and how one benefits from it, all the stakeholders should think of innovative ways and come up with a combined holistic strategy to achieve progress in this area.

I wish IAP the very best for a successful “Insurance Day”, and look forward to a week full of activities that will resonate with the public and lead to an insured Pakistan vision.

Copyright Business Recorder, 2024