Pakistan’s insurance industry recorded significant growth during 2024. Securities and Exchange Commission of Pakistan (SECP) reported it on Thursday.
According to SECP’s Insurance Industry Statistics, the industry’s total assets rose from Rs2,900 billion in 2023 to Rs3,554 billion in 2024.
Gross premiums grew by 7% year-on-year, reaching Rs677 billion as compared with Rs631 billion in the preceding year.
The takaful sector also continued expansion, with family takaful contributions increasing by 37% and general takaful by 24%. The combined premium volume reached Rs100 billion.
The SECP report provides a comprehensive picture of the insurance sector’s performance. It serves as a key reference for policymakers, regulators, and industry stakeholders.
SECP Commissioner:
SECP Commissioner Insurance Mujtaba Ahmad Lodhi highlighted the contribution of insurance in Pakistan’s economic development and financial stability. He said that insurance acts as a vital pillar of the financial system. It provides risk protection, mobilising long-term funds, and supporting the deepening of capital markets, he said.
Lodhi highlighted encouraging signs of economic recovery, a 25% increase in private sector life premiums. “It shows threefold rise in premiums through digital channels, and the fast growth of the takaful sector.”
He also pointed out SECP’s strategic priorities for sustaining this momentum, including the implementation of a five-year sectoral development plan. It focused on collaboration with provincial governments on agricultural and disaster risk insurance, and partnerships with international institutions such as UNDP and the Asian Development Bank.
Other focus areas include reforms to enable mandatory insurance coverage, promotion of innovation and digital financial inclusion, and the phased adoption of international standards such as IFRS 17 and the Risk-Based Capital regime.
Like previous editions, the Insurance Industry Statistics 2024 are compiled from data submitted by insurance companies in prescribed formats. The full report is available on SECP’s website.
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