The Securities and Exchange Commission of Pakistan (SECP), an autonomous body whose purpose is to develop the corporate sector in the country, will reportedly launch a microinsurance regulatory framework by June 2012. Muhammad Asif Arif, Commissioner of SECP’s Insurance Division was quoted as having said, “We are working to prepare draft rules on microinsurance in consultation with the stakeholders.” Mr Arif added that the effort has been supported by the World Bank.
SECP’s goal is to ensure that all people have proper and affordable insurance coverage that could support them in case of a natural disaster. The insurance industry in Pakistan reportedly amounts to 0.7 percent of GDP, a number that the initiative intends to double to 1.4 percent in the next three years by creating a transparent and enabling environment.
By Kristha Abores, Research Associate
Sources and Additional Resources:
[1] “’Microinsurance must for poverty alleviation’: SECP to launch regulatory framework by June 2012,” http://www.brecorder.com/market-data/stocks-a-bonds/single/636/0/1256391…
MicroCapital.org article, April 22, 2010, “MICROCAPITAL BRIEF: Pakistan Looking to Microinsurance to Increase Insurance Penetration in the Country,”https://www.microcapital.org/microcapital-brief-pakistan-looking-to-micro…
MicroCapital.org article, January 19, 2011, “MICROCAPITAL BRIEF: Pakistani Microinsurance Providers Unveil Draft Regulation to Help Growth of Industry,” https://www.microcapital.org/microcapital-brief-pakistani-microinsurance-…
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