SECP Data Shows Life Insurance Sector Leads with 64% of Industry Premiums
The Securities and Exchange Commission of Pakistan (SECP) has reported that life insurance continues to dominate the insurance industry in 2023, accounting for 64% of total gross premiums, while the non-life sector represents 36%.
On Friday, the SECP released the Insurance Industry Statistics for 2023, providing an in-depth analysis of the sector’s financial performance. These statistics serve as a strategic resource for industry stakeholders, offering valuable insights that support data-driven decisions, establish performance benchmarks, and track industry growth over time.
The SECP report highlights that, as of 2023, the industry’s total assets increased from Rs. 2,421 billion in 2022 to Rs. 2,900 billion. During this period, gross premiums written reached Rs. 631 billion, marking a 14% year-over-year increase from Rs. 553 billion in 2022. Claims paid out amounted to Rs. 373 billion, with life insurers disbursing Rs. 289 billion and non-life insurers covering Rs. 84 billion.
In his statement, Commissioner of Insurance Aamir Khan addressed key measures aimed at overcoming industry challenges, including the implementation of a five-year strategic plan, Federal Government-backed legal reforms, the establishment of essential insurance schemes at the provincial level, and the simplification of regulatory approvals by the SECP.
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The 2023 Insurance Industry Statistics are based on data submitted by insurers in accordance with SECP guidelines, continuing a standardized approach for the third consecutive year.
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