Chairman of the Securities and Exchange Commission of Pakistan (SECP) Akif Saeed has stressed the need of enhancing the corporate image of the insurance sector by launching new products. He emphasised the need for improved service standards, more value for policyholders, and prompt disclosure of customer and claim information, while speaking to the Chief Executive Officers of insurance firms and representatives of the Insurance Association of Pakistan (IAP).

Akif Saeed highlighted the importance of the insurance industry to Pakistan's economy and the broader financial sector. He stressed that the industry participants should play their due role in the development of the sector, along with the capital and debt markets of the country.

The SECP team encouraged industry representatives to offer their opinions and views on the best course of action for the safe and orderly growth of the insurance business. Participants in the sector proposed mandating insurance plans, including third-party liability insurance.

The IAP emphasised that the provincial revenue authorities' sales tax on services for life insurance, health insurance, and reinsurance has greatly hampered the sector's expansion. During the discussion, concerns pertaining to the industry's placement of reinsurance were also covered. The SECP Chairman promised the IAP representatives the SECP's complete support for the sector's growth, the removal of obstacles, and the resolution of urgent challenges facing the industry.

Credit : Independent News Pakistan-WealthPk