ISLAMABAD, Feb 28 (APP):A delegation of the Asian Development Bank (ADB) visited the Securities and Exchange Commission of Pakistan (SECP) here Saturday to review progress on ongoing insurance sector reforms.
The reforms include a new insurance law aimed at market liberalization, ease of doing business, digitalization, product innovation and strengthening supervisory powers for enhanced policyholders’ protection, said SECP press release.
According to the press release, the ADB delegation was led by its Country Director, Ms Emma Fan and included Salman Mian and Dr Raja M Ali Saleem.
SECP Chairman Dr Kabir Ahmed Sidhu, along with the Insurance team, discussed ongoing reforms in Pakistan’s insurance sector and future areas of cooperation.
During the meeting, SECP briefed the delegation on comprehensive reforms, including a new insurance law currently under consideration at the Ministry of Law.
The proposed law covers the regulatory reforms in the areas of opening of market, ease of doing business, digitalization and product innovation and enhances supervisory powers for policyholders’ protection.
They also briefed about the other key initiatives, including establishing a consortium of insurers to underwrite agriculture insurance, and expanding crop insurance coverage for both loanee and non-loanee farmers through public-private partnerships and enhancing the scope of mandatory insurance.
The SECP also highlighted proposals for mandatory catastrophe insurance for critical public assets, the use of modern technologies such as satellite-based assessments and digital claims systems, and improved data sharing to enhance transparency and efficiency.
It was noted that insurance penetration in Pakistan remains low, underscoring the need for diversified products and risk-financing mechanisms. ADB and other development partners, including the IMF, are supporting initiatives such as disaster resilience financing frameworks.
Both sides reaffirmed their commitment to continued collaboration to strengthen Pakistan’s insurance sector and enhance financial protection against natural disasters.