Islamabad (GNP): Affordable, simple and needs-driven products, paired with prompt claims payment and digital delivery, are the foundations for building trust and widening insurance access, according to Michael J. McCord, Managing Director of the MicroInsurance Centre at Milliman.
Speaking at the SECP Talk Series session titled “Inclusive Insurance: Global Insights,” McCord observed that Pakistan has considerable room to bring insurance to groups that are currently underserved, including low-income households, farmers, workers and small enterprises.
SECP Commissioner Imtiaz Haider underlined how microinsurance can help families on modest incomes, as well as farmers and small business owners, cope with sudden financial setbacks and safeguard their means of earning a living.
SECP Chairman Dr. Kabir Ahmed Sidhu outlined the commission’s efforts to develop the insurance market through digital transformation, backing for digital insurers, easier-to-access products and tighter consumer protections.
He added that the Insurance Bill now under parliamentary consideration could substantially update the sector’s legal framework and help it grow.
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Attendees included insurance industry representatives, development-sector stakeholders, students and senior SECP officials.
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.
