A high-level meeting was convened in Islamabad on Thursday to review the insurance framework for Pakistan’s Electric Vehicle (EV) Financing Scheme. Chaired by Haroon Akhtar Khan, Special Assistant to the Prime Minister (SAPM) on Industries and Production, the session brought together key stakeholders from insurance firms and EV manufacturing companies to tackle pressing concerns around the scheme.
The meeting placed particular focus on critical elements that could determine the success of the financing program, including the cost of insurance premiums, the risk of battery theft, and the effectiveness of anti-theft measures incorporated into electric vehicles. Representatives from leading insurance companies and manufacturers provided detailed insights to help structure a more consumer-friendly approach.
EV manufacturers took the opportunity to brief the forum on the latest safety technologies integrated into electric vehicles. They highlighted features such as advanced GPS tracking systems, reinforced locking mechanisms, and secure battery enclosures designed to deter theft. Special emphasis was placed on lithium-ion batteries, which manufacturers said are not only environmentally sound but also particularly well-suited to Pakistan’s weather conditions. They noted that evolving technology has considerably lowered the risk of battery theft, which had previously been a major concern discouraging buyers.
Haroon Akhtar Khan, while acknowledging these advancements, directed insurance companies to prepare and submit separate insurance rate proposals for electric motorcycles, rickshaws, and cars by the upcoming Tuesday. He stressed the importance of offering competitive and realistic insurance premiums, urging the insurers to keep public interest at the forefront. The SAPM assured participants that the government would prioritize selecting the most affordable options to make electric vehicles financially accessible to a wider segment of the population.
Reinforcing the government’s commitment to sustainable initiatives, Haroon Akhtar Khan pointed out that under the leadership of Prime Minister Shehbaz Sharif, Pakistan is actively working to advance eco-friendly transportation through its National Electric Vehicle Policy. He emphasized that widespread adoption of electric vehicles could substantially cut down environmental pollution levels in the country, offering both health and economic benefits in the long term.
“Electric vehicles will play a significant role in reducing environmental pollution in Pakistan,” the SAPM remarked, underscoring how cleaner mobility options align with the government’s broader vision for green development.
As discussions continue, the authorities hope that securing affordable insurance packages will remove one of the key financial barriers to EV adoption. This move is expected to not only support the auto industry and insurance sector but also contribute to building a robust ecosystem for digital and sustainable financing solutions, reinforcing Pakistan’s transition towards a modern, climate-conscious economy.