Govt urged to expand inclusive insurance

The Express Tribune reported that Michael J McCord, Managing Director of MicroInsurance Centre at Milliman, sees considerable room for wider inclusive insurance in Pakistan, which could strengthen social protection and support the Sustainable Development Goals. He spoke at a Securities and Exchange Commission of Pakistan (SECP) Talk Series session on global insights into inclusive insurance. Underserved households, farmers, workers and small enterprises were the groups he singled out as potential beneficiaries.

McCord argued that policies must offer real value, being simple to understand, affordable and matched to what customers truly need. He urged insurers to earn public confidence through prompt and dependable claim payments, since a customer's claim experience shapes how the whole industry is seen. He also pointed to digital tools and alternative sales channels as ways to cut costs and reach more people.

Earlier, Commissioner Insurance Imtiaz Haider said microinsurance could help poorer families, farmers and small firms cope with illness, accidents or natural disasters without selling savings or productive assets. He reaffirmed the regulator's pledge to build a sector that is both inclusive and trusted, adding that affordable risk cover was vital for broader financial inclusion.