Karachi Hosts “Insurance Landscape of Tomorrow” Conference, Aims for Industry Growth

Karachi: The Pakistan Society of Actuaries (PSOA), in collaboration with top international actuarial bodies, hosted a significant gathering titled “Insurance Landscape of Tomorrow.” The event saw the participation of the Institute and Faculty of Actuaries (UK), Society of Actuaries (US), and Casualty Actuarial Society (US), with notable figures such as Mr. Paul Sweeting, the President-elect of the Institute and Faculty of Actuaries UK, attending in person, and other key players joining virtually. This conference brought together a wide array of professionals from various sectors including insurance, pensions, and asset management.

According to Securities and Exchange Commission of Pakistan, the conference was not only a hub for professional networking but also served as a platform to underline the critical role of the PSOA in fostering a robust and sustainable insurance sector in Pakistan. During his keynote address, Aamir Khan, the Commissioner, detailed the SECP’s five-year strategic plan titled “Journey towards Insured Pakistan,” which encompasses extensive research and stakeholder consultations. The plan prioritizes enhancing takaful penetration, broadening the scope of mandatory insurance, and elevating public awareness among other focal points.

Furthermore, the conference featured rich discussions on diverse topics relevant to the current insurance landscape and its future trajectory. Issues such as the healthcare ecosystem, machine learning, and voluntary pensions were explored by both local and international experts. SECP officers actively engaged in these dialogues, contributing insights particularly on health insurance, social security, and pensions.

A highlight of the event was the conferral of a Fellowship certificate to Falak Sher Haider Soomro, SECP’s Advisor Insurance, by Mr. Paul Sweeting. Commissioner Aamir Khan recognized the conference as a pivotal step towards initiating a national dialogue on insurance, setting the stage for the upcoming “Insure-Impact Conference” scheduled for late October 2024.

Khan expressed optimism about the ongoing collaboration between industry stakeholders, professional bodies, and the regulatory authority to drive innovation and expansion within the sector. The conference marks a significant milestone in the concerted efforts to advance Pakistan’s insurance landscape, aligning closely with the SECP’s strategic objectives for the coming years.

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