Islamabad – The Securities and Exchange Commission of Pakistan (SECP) has released the Insurance Industry Statistics for the year 2024, the fourth volume of this annual series containing comprehensive data as of December 31, 2024. The report provides a comprehensive picture of the insurance sector’s performance and serves as a key reference for policymakers, regulators, and industry stakeholders.
During the year, the industry’s total assets expanded significantly, rising from Rs. 2,900 billion in 2023 to Rs. 3,554 billion in 2024. Gross premiums grew by 7% year-on-year, reaching Rs. 677 billion compared to Rs. 631 billion in the preceding year. The takaful sector continued its robust expansion, with family takaful contributions increasing by 37% and general takaful by 24%, bringing the combined premium volume close to Rs. 100 billion.
Addressing members of the media at the launch of the report, Commissioner Insurance, Mujtaba Ahmad Lodhi, emphasized the growing role of insurance in Pakistan’s economic development and financial stability. He noted that insurance acts as a vital pillar of the financial system by providing risk protection, mobilizing long-term funds, and supporting the deepening of capital markets. Highlighting recent sectoral trends, the Commissioner pointed to the encouraging signs of economic recovery, a 25% increase in private sector life premiums, a threefold rise in premiums through digital channels, and the rapid growth of the takaful sector.
He further outlined SECP’s strategic priorities for sustaining this momentum, including implementation of a five-year sectoral development plan, collaboration with provincial governments on agricultural and disaster risk insurance, and partnerships with international institutions such as UNDP and the Asian Development Bank. Other focus areas include reforms to enable mandatory insurance coverages, promotion of innovation and digital financial inclusion, and the phased adoption of international standards such as IFRS 17 and the Risk-Based Capital regime.
Consistent with previous editions, the Insurance Industry Statistics 2024 are compiled from data submitted by insurance companies in prescribed formats. The full report is available on SECP’s website.
Sohail Majeed is a Special Correspondent at The Diplomatic Insight. He has twelve plus years of experience in journalism & reporting. He covers International Affairs, Diplomacy, UN, Sports, Climate Change, Economy, Technology, and Health.
