Islamabad October 3 2023: Pakistan's insurance industry's total assets increased by 14.5%, reaching PKR 2,421 billion in 2022, according to Securities and Exchange Commission of Pakistan.
The Securities and Exchange Commission of Pakistan (SECP) has published the latest statistics, providing a comprehensive assessment of the insurance industry's financial performance.
The report shows that the life insurance sector accounts for 68% of gross premiums written in the industry, while the non-life sector accounts for 32%.
In 2022, the industry's total assets increased by 14.5%, reaching PKR 2,421 billion from PKR 2,114 billion. The gross premium increased by 28% from PKR 432 billion in 2021 to PKR 553 billion. Claims paid increased by 26%, with PKR 276 billion paid by life insurance companies and PKR 69 billion by non-life insurance companies, compared to PKR 218 billion in 2021.
Commissioner Insurance, Aamir Khan, emphasized the need for stakeholder collaboration to address challenges like motor third party insurance, lower agricultural and livestock insurance uptake, inefficient taxation regime, and limited technology use. Khan suggested adoption of a mutually agreed long term strategic direction.