Insurance Industry: Shamshad Spearheads Remarkable Overhaul
Insurance: Curtain Rises on SECP’s Prestigious Two-Day International Insure-Impact Conference 2023 in a Spectacular Wednesday Kickoff.
Finance Minister Dr. Shamshad Akhtar, delivering the inaugural session as the distinguished chief guest, fervently emphasized the critical need for the insurance industry to recognize the ever-growing risks on both global and national fronts. She articulated the necessity for robust coverage that extends to individuals and businesses alike.
Dr. Shamshad passionately advocated for Pakistan’s proactive stance in tracking and embracing emerging trends within the insurance sector. The global arena is witnessing a dynamic shift with technological advancements, evolving customer expectations, and an urgent call for sustainable practices.
Underscoring the urgency for transformative measures in Pakistan’s insurance landscape, Dr. Shamshad urged the industry to align with global trends, ensuring the maximization of the sector’s value proposition. She specifically highlighted the imperative to address the low penetration ratio within the insurance sector.
In discussing the pivotal 5-year strategic plan of the SECP, Dr. Shamshad emphasized its role in shaping future policies, legal frameworks, and regulatory landscapes. Incorporating recommendations from the insurance industry reform committee was stressed as a positive step forward.
Dr. Shamshad recommended a strategic focus on mainstreaming global best practices, reducing the cost of doing business, embracing digitalization, and leveraging technology effectively.
SECP Chairman Akif Saeed, in his warm welcome address, reassured participants of SECP’s unwavering commitment to working closely with industry stakeholders. The goal is to collaboratively craft a strategic vision that not only propels economic growth but also aligns with the evolving aspirations of the community.
Expanding on the 5-year strategic plan, Chairman Saeed envisioned capitalizing on the burgeoning digital ecosystem, broadening the outreach of insurance, fostering substantial growth in the Takaful sector, and fortifying the reinsurance capabilities of the industry over the next five years.
The vision is anchored in a comprehensive approach, emphasizing the synergy between industry stakeholders and regulatory bodies to navigate the evolving landscape successfully.
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