SECP sees strong potential for inclusive insurance in Pakistan

Mettis Link News reported that the Securities and Exchange Commission of Pakistan (SECP) sees considerable room for affordable insurance cover in the country. The remarks came at the SECP Talk Series on October 05, 2026, where Michael J. McCord, Managing Director of MicroInsurance Centre (Milliman), argued that such products can support social protection and progress toward the Sustainable Development Goals. Speakers stressed that these products help low-income households, farmers and small businesses absorb losses from illness, accidents and natural disasters.

SECP Commissioner for Insurance Imtiaz Haider said microinsurance helps low-income groups avoid selling their assets to cope with losses, and called affordable risk cover central to financial inclusion. Michael McCord urged wider access for underserved communities, with products built around customer needs, priced affordably and easy to understand. He added that paying claims promptly and using digital technology are vital to the sector's standing and public confidence.

SECP Chairman Dr. Kabir Ahmed Sidhu said the regulator is widening the market through digitalisation of its systems and simpler products. He noted that the Insurance Bill, now pending in Parliament, would mark a milestone for modernising and developing the sector. Representatives of the insurance and development sectors, students and SECP officials took part in the session.