Pakistan offers significant potential for inclusive insurance: SECP talk series

ISLAMABAD
Pakistan offers a large market for inclusive insurance, which can strengthen social protection and support progress towards the Sustainable Development Goals, said Michael J. McCord, Managing Director of the MicroInsurance Centre at Milliman, at the SECP Talk Series session on “Inclusive Insurance: Global Insights”.
Welcoming participants, Commissioner Insurance Imtiaz Haider said microinsurance can help low-income families, farmers and small businesses recover from illness, accidents or natural disasters without depleting their savings or selling productive assets. He reaffirmed SECP’s commitment to an inclusive and trusted insurance sector, stressing that affordable risk protection is essential to financial inclusion.
In his lecture, McCord highlighted the potential to expand insurance protection for underserved households, farmers, workers and small businesses in Pakistan. He stressed that insurance can help protect livelihoods, strengthen financial resilience and provide a wider social safety net.
McCord said insurance products must deliver meaningful value to consumers. He emphasised that products should be easy to understand, affordable and responsive to customers’ actual needs.
He urged insurers to build public trust through timely and reliable claims payments, noting that customers’ experience when making a claim shapes the industry’s reputation. He also highlighted the importance of digital technology and alternative distribution channels in reducing costs and extending coverage.
Joining the discussion, SECP Chairman Dr. Kabir Ahmed Sidhu said the Commission is advancing insurance-market development by digitalising the regulatory ecosystem, facilitating digital insurers and encouraging simple, accessible products.
Dr. Sidhu said the Insurance Bill, currently before Parliament, would be a game changer for Pakistan’s insurance sector by modernising the legislative framework and supporting market expansion. He added that SECP’s reforms target to encourage innovation and product diversification while strengthening consumer protection.
The session brought together insurance industry representatives, development-sector stakeholders, students and senior SECP officials.