KARACHI: The second Saarc Insurance Regulators’ International Conference – to be held from April 14 to 16 – is likely to attract foreign investment in the insurance sector, said Mohammad Asif Arif, commissioner of the Securities and Exchange Commission of Pakistan (SECP), on Wednesday.
He said around 60 foreign delegates are expected to participate in the three-day conference, hosted by Pakistan.
Arif said majority of people in Pakistan considered insurance as non-Islamic practice. Therefore, the insurance sector contributes only 0.9 percent to the total gross domestic product as compared to 2.5 percent in India.
“We are focusing to increase the base of insurance from life insurance to crop and livestock insurance and three projects were carried successfully,” he said.
Disposable incomes in urban and rural areas have been improved during the last 10 years. There are now more cars, bikes and cell phones under the use of people.
Total life insurance coverage in the country is Rs20 billion.
Commissioner said that there was a huge potential of foreign investment in the insurance sector.
He said a Switzerland-based fund has shown interest in acquiring or investing in three Pakistani insurance companies.