ISLAMABAD: Speakers at a conference stressed the need to educate people and create awareness about micro-insurance in order to promote the culture of saving and making them financially stable to face future financial challenges.
The event titled ‘Multi-stakeholders Dialogue on Micro-Insurance in Pakistan’ was organised by the Securities and Exchange Commission of Pakistan (SECP) in collaboration with GIZ Germany and aimed to seek stakeholders’ suggestions and input to promote pro-poor insurance market and formulate a strategic framework for micro-insurance development in the country.
Speaking at the occasion, SECP Policy Regulation and Development Department Director Tariq Bakhtawar said that micro-insurance was gaining strength in the country and the number of policyholders had reached 8.8 million by the end of last year.
“The regulatory framework, private sector involvement and financial literacy are vital for the promotion of micro-insurance in the country. The SECP has taken several steps for the promotion of micro-insurance and protection of consumers.”
According to Bakhtawar, the micro-insurance sector was facing different challenges currently, which included low education and awareness about insurance and its benefits in the absence of full business models in the country.
SECP Director Policy Regulation Insurance Nayyar Hussain said the main objective of the dialogue was to take input from different sectors to promote micro-insurance in the country.
“The micro-insurance sector witnessed significant growth as the SECP formed an awareness committee to provide financial cover to people with least amount of income,” he said.
Meanwhile the GIZ Senior Adviser Dr Anotnis Malagardis informed that a multi-stakeholders’ dialogue with relation to public and private stakeholders would be held in Pakistan, linked with micro-insurance development study to achieve the set objectives.
Courtesy : Express Tribune