The Securities and Exchange Commission of Pakistan (SECP) hosted the International InsureImpact Conference 2023 on December 13-14, 2023. On the conference’s second day, prominent experts and professionals from the insurance and financial sectors discussed crucial issues within the insurance industry to outline a strategic roadmap for the future trajectory of the country’s insurance sector. The second day of conference was opened by President of Pakistan, Dr Arif Alvi online. Dr Alvi highlighted the importance of insurance in times of crisis. He asked SECP to focus on low penetration and come up with schemes to cover the need for disaster risk financing in times of calamity. Alvi highlighted the challenges faced by insurance companies, including high insurance costs and deceptive marketing methods and emphasized the need for cost transparency and public image improvement in the insurance industry.Dr Hussain advised regulators to adopt two-track approach: Lighter regulatory oversight for running businesses and handholding for start-ups. He urged SECP to identify obstacles and establish conducive environment for nurturing of new business. During the closing remarks, Mr Andres McCartney from Asian Development Bank (ADB) briefed about ADB’s program of supporting the initiative of increasing insurance coverage in Pakistan. Chairman SECP Mr Akif Saeed in his concluding remarks asked the participants to carry forward the knowledge gained, the connections made, and the inspiration received during the conference to propel the insurance industry to new heights. He also thanked the sponsors for supporting the conference and the attendees for taking time out to participate. http://tinyurl.com/2wkk393h
Source: IBP