SECP talk series: Pakistan a big market for inclusive insurance: MIC official

Business Recorder reported that Michael J. McCord, who heads the Micro Insurance Centre at Milliman, told an SECP Talk Series session in Islamabad that Pakistan presents a sizeable opportunity for inclusive insurance. According to him, such cover could bolster social safety nets and help the country move closer to the SDGs. The session, titled Inclusive Insurance: Global Insights, took place at the SECP Headquarters on Monday.

Commissioner Imtiaz-Haider opened by stressing that affordable protection against risk is central to financial inclusion. He noted that small-scale cover could let low-income households, farmers and entrepreneurs absorb shocks from sickness, accidents or disasters without draining their savings or selling assets needed to earn a living. McCord urged insurers to earn public confidence by paying claims promptly and dependably, since policyholders' experience at claim time shapes how the industry is viewed.

SECP Chairman Dr Kabir Ahmed Sidhu said the Commission is modernising its regulatory systems, supporting digital insurers and backing simple products that people can access. He called the Insurance Bill, which is before Parliament, a major step that would modernise the legal framework, support market growth and strengthen consumer protection.