Pakistan has significant potential to expand inclusive insurance and strengthen social protection, said Michael J. McCord, Managing Director of the MicroInsurance Centre at Milliman.
McCord made the remarks during a session of the Securities and Exchange Commission of Pakistan (SECP) Talk Series titled “Inclusive Insurance: Global Insights.”
Insurance Can Strengthen Financial Resilience
Welcoming participants, SECP Commissioner Imtiaz Haider said microinsurance can help low-income families, farmers and small businesses manage financial shocks.
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He said affordable insurance can help people recover from illness, accidents and natural disasters without exhausting their savings or selling productive assets.
Haider reaffirmed the SECP’s commitment to building an inclusive and trusted insurance sector. He said affordable risk protection remains an important part of financial inclusion.
McCord highlighted the opportunity to expand insurance coverage among underserved households, farmers, workers and small businesses in Pakistan.
He said insurance can protect livelihoods, improve financial resilience and provide a broader social safety net.
Focus on Affordable and Simple Products
McCord stressed that insurance products must provide meaningful value to consumers.
He said products should remain simple, affordable and responsive to customers’ actual needs.
He also urged insurers to build public trust through timely and reliable claims payments.
According to McCord, customers’ experience during the claims process can strongly influence the reputation of the insurance industry.
He also highlighted digital technology and alternative distribution channels as tools to reduce costs and expand insurance coverage.
SECP Pushes Digital Insurance Reforms
SECP Chairman Dr. Kabir Ahmed Sidhu said the Commission is working to develop Pakistan’s insurance market through regulatory reforms.
He said the SECP is digitalising the regulatory ecosystem and facilitating digital insurers. The Commission is also encouraging simple and accessible insurance products.
Sidhu said the Insurance Bill, currently before Parliament, could significantly reshape Pakistan’s insurance sector.
He said the proposed legislation would modernise the regulatory framework and support further market expansion.
The SECP chairman added that the Commission’s reforms aim to encourage innovation and product diversification while strengthening consumer protection.
The session brought together representatives from the insurance industry, development-sector stakeholders, students and senior SECP officials.
