March 29, 2024

2nd Saarc insurance conference begine today

The Securities and Exchange Commission of Pakistan (SECP) takes pride in hosting the “2nd SAARC Insurance Regulators’ Meet” and International Conference, scheduled to be held from today 14th to 16th April at Karachi. The aim of the conference is to develop a

KARACHI – The Securities and Exchange Commission of Pakistan (SECP) takes pride in hosting the “2nd SAARC Insurance Conference, scheduled to be held from today  14th to 16th April at Karachi.
The aim of the conference is to develop a sound, stable and inclusive financial sector across the entire SAARC region through collaboration and learning from experiences of each other and of more developed markets.This Conference is going to be the first of its kind event in the history of Pakistan which is expected to be attended by almost 500 delegates from the international insurance regulators, insurers, reinsurers, brokers, donors, bankers and other relevant senior officials from Asia and Middle East.
conferanceFurthermore, a roundtable discussion inviting the insurance regulators, representatives of the International Association of Insurance Supervisors (IAIS) and the representatives of donor organizations will also be held to discuss the challenges and opportunities in the insurance regulation and how to increase the regional collaboration for effective market development while, an exclusive workshop for the conference delegation has also been arranged on effective risk-based supervision and insurance market development.
A very unique theme “Local to Global” has been set for the conference, which envisages the idea of enhanced cooperation among the SAARC region countries and collaboration in the field of insurance and finance, beyond the borders.
The event will be a milestone in the history of Pakistan insurance industry as for the first time, such large number of insurance experts, including regulators and commercial entities, from developed economies like United States, Germany, Switzerland, Hong Kong and Singapore would gather under one roof and share knowledge and experiences.
The senior representatives of international bodies like The World Bank, The Asian Development Bank, the International Organization of Insurance Supervisors, to name a few, will be the part of conference.
During the course of the event, an elite panel of local and foreign insurers, brokers, regulators and other subject experts will deliberate on a range of relevant topics including micro insurance, risk based supervision, disaster and catastrophe insurance, regional integration and reinsurance, takaful market development, consumer protection and code of conduct, and general market development.
The finance and insurance sector of Pakistan has proved its resilience and competence by maintaining good health during economic depression in the country. These sectors contributed 5.2 per cent in the overall growth in the services sector in 2013. This sector recorded a growth of 6.6 per cent in 2013 against 1 per cent recorded in the preceding year.
Through the assembly of this conference, the foreign delegates will be able to know about liberal investment policy of Pakistan in the financial sector.
It is also worthy to mention here that the insurance market in Pakistan is fairly liberalized as 100 percent foreign ownership and control of insurance companies is permitted with paid up capital requirements as USD4 million, with the condition of bringing in at least a minimum of USD2 million in foreign exchange and raising an equivalent amount from the local market.
Commissioner Insurance SECP Asif Arif said that the fast expanding consumer base of more than 185 million would reveal the huge unleashed potential in Pakistan market to the foreign delegates. The current penetration level of 0.93 percent in insurance reveals the untapped potential of the insurance market in Pakistan.

You may have missed

2 min read
3 min read