Securities and Exchange Commission of Pakistan (SECP) released its 2023 Insurance Industry Statistics, revealing critical insights into the growth and composition of the insurance market. According to the report, life insurance accounted for 64% of the industry’s gross premiums, while the non-life sector contributed 36%. Total assets across the industry reached Rs. 2,900 billion, up from Rs. 2,421 billion in 2022, marking a significant expansion.
The report also showed robust growth in gross premiums, which rose 14% year-over-year to Rs. 631 billion from Rs. 553 billion in 2022. Claims paid out in 2023 totaled Rs. 373 billion, with Rs. 289 billion disbursed by life insurance firms and Rs. 84 billion by non-life insurers.
SECP Commissioner of Insurance, Aamir Khan, emphasized key initiatives to address challenges in the sector. He highlighted a five-year strategic plan for insurers, supported by the Federal Government’s push for essential legal reforms. These measures include the enforcement of mandatory insurance schemes at the provincial level and streamlining SECP’s regulatory processes to ease compliance for insurers.
The 2023 report continues SECP’s efforts to standardize industry benchmarks and performance metrics, utilizing data submitted by insurance companies as per SECP’s prescribed reporting formats. This data-driven approach aims to enhance transparency and aid stakeholders in making informed decisions, further supporting the insurance sector’s sustainable growth trajectory in Pakistan.
