SECP unveils 2024 Insurance Industry snapshot, sets strategic roadmap for growth

The Securities and Exchange Commission of Pakistan (SECP) Thursday presented the Insurance Industry Statistics 2024, showcasing robust sectoral growth and unveiling a comprehensive roadmap for the future.

Speaking at a media briefing, Commissioner Insurance Mujtaba Ahmad Lodhi said the insurance sector was emerging as a vital pillar of Pakistan’s financial system, offering risk protection, mobilising long-term funds, and supporting the deepening of capital markets.

According to the SECP report, total industry assets expanded by 22% during 2024, while private sector life premiums surged by 25%. The Takaful segment also continued its strong upward trajectory, with family takaful premiums growing by 37% and general takaful premiums by 24%.

Lodhi further outlined the Commission’s priorities to sustain this momentum, highlighting continued advocacy for legislative amendments to the Insurance Ordinance, 2000 and Motor Vehicles Act, 1939, alongside the full implementation of a five-year sectoral development plan. He said the SECP would work closely with provincial governments to expand agricultural and disaster risk insurance, while also strengthening partnerships with international institutions, including the United Nations Development Programme (UNDP) and the Asian Development Bank (ADB). He stressed that reforms to extend mandatory insurance coverage and promote digital financial inclusion were already underway, with the phased adoption of international standards, including IFRS 17, forming a key part of the regulatory agenda.

The SECP emphasised that these initiatives were aimed at building a stronger, more inclusive insurance framework aligned with international best practices. The full “Insurance Industry Statistics 2024” report has been published on the SECP’s official website.