Pakistan's Insurance Industry Shows 16% Growth In Calender Year: SECP Report
ISLAMABAD (App 10th Mar, 2021 ): The insurance industry showed 16 percent increase in life or non-life insurance sector in the last Calendar year, according to the annual report of Security and Exchange Commission of Pakistan (SECP).
The total assets of the insurance industry stood at Rs1,784 billion in the calender year of 2019, as compared to Rs1,509 billion as on December 31, 2018, showing 16% increase in asset size of the sector, the report said.
On the revenue side during the year 2019, the industry has underwritten total direct gross written premium (GWP) amounting to Rs 343 billion as compared to Rs326 billion in 2018 demonstrating a growth of around 5% in GWP.
The reinsurance premium underwritten by the only non-life reinsurance company in Pakistan, owned by the Government of Pakistan, amounts to Rs18 billion.
According to sector-wise analysis, the life insurance industry owns assets amounting to Rs1,456 billion and non-life insurance sector owns assets amounting to Rs 328 billion.
On the revenue side, the life insurance sector has underwritten premium of Rs 228.6 billion and non-life insurance sector has recorded premium amounting to Rs 114.9 billion during the year 2019.
Since insurance enables risk mitigation and addresses financial fragility issues, SECP would take up the matter with provincial governments to rationalized taxation cost on insurance.
During the year, authorization to conduct window "takaful" operations was granted to one (1) conventional life insurer, after which total number of window takaful operators has reached to twenty nine (29).
Seven life insurers and 22 non-life Insurers are authorized to conduct window takaful operations in Pakistan.
During the year, 139 new life insurance products and supplementary riders have been approved by the SECP including the innovative products with technology-based product features and proposed to be distributed through digital platforms.
During the period under review, 618 licenses of insurance surveying companies and authorized surveying officers have been issued, of which, 227 licenses were issued to the surveying companies and 391 licenses were issued to the Authorized Surveying Officers (ASOs).
During the year, July 2019 to June 2020, the insurance broking license of 15 brokers was renewed while fresh license to three new insurance brokers was issued.
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