Pakistan Insurance Industry – Governance, Risk and Compliance
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The Pakistan insurance market report is the result of extensive research into the insurance regulatory framework in Pakistan. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
What are the market dynamics in the Pakistan insurance industry?
Securities and Exchange Commission of Pakistan (SECP) has been the main regulator of the Pakistani insurance industry since January 2001. The SECP comprises of structured, specialized divisions that supervise and control different industries within the financial sector. The Insurance Division of the SECP regulates the insurance industry by monitoring insurers, insurance intermediaries, and reinsurers under the provisions of the Insurance Ordinance 2000 and the Companies Ordinance 1984. Key roles and responsibilities of the SECP are protecting the rights and interests of existing and potential policyholders, promoting takaful and enhancing its regulatory framework, creating and maintaining an effective regulatory environment in order to help insurance companies to expand their insurance business in the country, amending the regulatory framework governing the insurance industry in the country, and strengthening the role of the SECP, expanding the scope of insurance availability and conducting insurance awareness programs, and enhancing the public image of the insurance industry in the country
Which are the key compulsory insurances in the Pakistan insurance market?
The key compulsory insurances in the Pakistan insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, social security insurance, and employers’ liability insurance.
Which are the key associations in the Pakistan insurance market?
The key associations in the Pakistan insurance industry are The International Association of Insurance Supervisors (IAIS) and Insurance Association of Pakistan (IAP).
The International Association of Insurance Supervisors (IAIS)
The IAIS formulates and issues various global insurance principles, standards, and guidance provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. It holds an annual conference where supervisors, industry representatives, and other professionals discuss developments in the insurance industry and topics affecting insurance regulation. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance markets for the benefit and protection of policyholders, to contribute to global financial stability.
Insurance Association of Pakistan (IAP)
The Ministry of Commerce recognizes the IAP, formed and inaugurated on February 9, 1948, as an All-Pakistan Trade Association and a member of the Federation of Pakistan Chamber of Commerce and Industry. The association acts as a forum for the exchange of information, statistics, experience, and knowledge among its members. The primary objectives of the association are protecting and promoting insurance companies operating in Pakistan, developing and implement an effective code of conduct and ensure that all of its member companies strictly comply with the rules and regulations specified in the code, ensuring that its member companies adhere to the regulatory requirements and develop their business on the basis of best corporate governance practices, initiating effective campaigns to create insurance awareness among the general public and explaining the importance of insurance products by focusing on the quality of consumer service, promoting and developing the overall insurance industry in the country.
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Market dynamics
Key compulsory insurances | Motor Third-Party Liability Insurance, Aviation Liability Insurance, Marine Liability Insurance, Professional Indemnity Insurance, Social Security Insurance, and Employers’ Liability Insurance |
Key associations | The International Association of Insurance Supervisors (IAIS) and Insurance Association of Pakistan (IAP) |
Scope
- The report covers details of the insurance regulatory framework in Pakistan.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Pakistan.
- Track the latest regulatory changes and expected changes impacting the Pakistani insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
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Frequently asked questions
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What are the key compulsory insurances in the Pakistan insurance industry?
Motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, social security insurance, and employers’ liability insurance are the key compulsory insurances in the Pakistani insurance industry.
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Which are the key associations in Pakistan insurance industry?
The International Association of Insurance Supervisors (IAIS) and the Insurance Association of Pakistan (IAP) are the key associations in the Pakistani insurance industry.
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