The Competition Commission of Pakistan (CCP) held a meeting of the Competition Consultative Group (CCG) on “Strengthening Competition in Pakistan’s Insurance Sector: Challenges, Opportunities and the Way Forward.” The CCG meeting called for greater competition, digitalisation, improved claims handling and wider market access to unlock the potential of Pakistan’s insurance industry, where insurance penetration remains only at 0.7 percent of GDP and insurance density of around US$12 per capita.
In his opening remarks, Chairman CCP Farid Ahmad Tarar said insurance plays an important role in managing risks, mobilising long-term savings and supporting economic activity. He said Pakistan’s low insurance penetration also represents considerable room for growth, and greater competition could encourage innovation, improve service quality and widen consumer choice.
A CCP presentation showed that Pakistan has 44 insurers, including 36 conventional insurers, seven Takaful operators and one reinsurer, with around 10.4 million policies. It identified market concentration, entry barriers, concentration in bancassurance, low awareness, information asymmetry, claims disputes and delays, limited innovation and digitalisation as key competition challenges.
Presenting the regulator’s perspective, Waseem Khan, Director/HOD, Life Policy and Approval Department, Insurance Division, highlighted digitalisation, effective implementation of mandatory insurance, expansion of agricultural insurance and adoption of a risk-based solvency framework. The Insurance Bill, 2026 was also discussed. Thereafter, panel discussions were held drawing leading industry players, regulators and the Network for Consumer Protection.
The first panel on regulatory framework, market structure and competitiveness comprised Kamran Arshad Inam, MD & CEO, EFU General Insurance; Azfar Arshad Inam, CEO, Jubilee General Insurance; Faisal Khan, CEO, IGI General Insurance; Sharjeel Shahid, CEO, UBL Insurers; and Muhammad Ashar, Divisional Head, State Life Insurance Corporation of Pakistan. It was moderated by Ali Shehzad, ED & COO, Pakistan General Insurance Company.
The panel highlighted untapped potential in agriculture, SMEs, retail and microfinance, while stressing better products, stronger reinsurance capacity, improved data infrastructure, digitalisation and greater consumer trust. Participants said reliable data could improve risk assessment, pricing, fraud detection and claims management.
The second panel on consumer protection and economic development comprised Dr. Abid Qaiyum Suleri, Executive Director, SDPI and Chairman Board of Directors of the National Disaster Risk Management Fund; Ghulam Ghous, Advisor In-Charge, Federal Insurance Ombudsman; Khurram Irshad Khan, Executive Director, NICL; Dr. Bakht Jamal Sheikh, Advisor to CEO, Technical Affairs, Adamjee Life Assurance; and Nadeem Iqbal, CEO, The Network for Consumer Protection.
The panel emphasised easier premium payments, efficient claims settlement, responsible selling, transparent disclosures and effective complaint handling. Participants said digitalisation should improve the entire consumer journey, from purchasing policies to settlement of claims.
The deliberations identified agriculture, health, Takaful, microinsurance, SMEs and rural markets as major areas for expansion, alongside stronger implementation of mandatory insurance, financial literacy, data infrastructure and product innovation.
Concluding the meeting, Chairman CCP said the deliberations would help identify the areas where competition advocacy, regulatory coordination and appropriate policy interventions could strengthen the sector and improve outcomes for consumers, ensuring a competitive, contestable and efficient market.
© 2026 SDPI. All Rights Reserved Designed and developed by NKMIS WEB Unit
