Pakistan’s Insurance Sector Assets Cross Rs. 3.55 Trillion in 2024
Here is a latest discovery by the insurance sector about assets value in 2024, according to the recent news detail the insurance industry’s assets increased dramatically, from Rs. 2.9 trillion in 2023 to Rs. 3.554 trillion in 2024, thanks to the startling expansion of the takaful section.
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Insurance Industry Assets Increase Dramatically
Gross premiums for the sector increased by 7% annually to Rs. 677 billion from Rs. 631 billion the year before.
According to the Securities and Exchange Commission of Pakistan’s (SECP) 2024 Insurance Industry Statistics, the takaful sector continued its strong growth, with family takaful contributions rising by 37% and general takaful by 24%, bringing the total premium volume close to Rs. 100 billion.
Insurance Key to Pakistan’s Economic Growth: Commissioner
Speaking to reporters during the report’s release, Commissioner of Insurance Mr. Mujtaba Ahmad Lodhi highlighted the increasing contribution of insurance to Pakistan’s financial stability and economic growth.
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According to him, insurance is an essential component of the financial system since it protects against risk, raises long-term capital, and facilitates the expansion of capital markets.
Commissioner Encourage Signs Of Economic Recovery
The Commissioner highlighted recent sectoral trends, such as the rapid growth of the takaful sector, a threefold increase in premiums through digital channels, and a 25% increase in private sector life premiums, as hopeful indicators of economic recovery.
He went on to describe SECP’s strategic priorities for maintaining this momentum, which include working with provincial governments on agricultural and disaster risk insurance, implementing a five-year sectoral development plan, and forming alliances with foreign organizations like the Asian Development Bank and the UNDP.
Insurance Industry 2024: Reforms, Digital Inclusion & IFRS 17 Adoption
Reforms to allow for required insurance coverage, the encouragement of innovation and digital financial inclusion, and the gradual implementation of global standards like IFRS 17 and the Risk-Based Capital system are further areas of concentration.
The Insurance Industry Statistics 2024, as in previous editions, are based on information provided by insurance firms in the formats specified.
Conclusion
Pakistan’s insurance sector showed remarkable growth in 2024, with assets crossing Rs. 3.55 trillion, driven mainly by the takaful segment and digital channels. With ongoing reforms, digital inclusion, and adoption of global standards, the industry is set to play a stronger role in economic growth and financial stability.