ISLAMABAD (APP): Speakers at conference here on Tuesday stressed the need for educating the people and creating awareness about microinsurance in order to promote the culture of savings and make them financially stable to face any financial challenges. The event ‘multi-stakeholders dialogue on microinsurance in Pakistan’ was organised by Securities and Exchange Commission of Pakistan (SECP) in collaboration with GIZ Germany. The aim of the event was to seek stakeholders’ suggestions and inputs to promote pro-poor insurance market and formulation of the strategic frame work for microinsurance development in the country. Speaking on the occasion, Director, Policy Regulation and Development Department of SECP, Tariq Bakhtawar said that microinsurance has emerged in the country and number of policy holders has reached to 8.8 million by the end of last year. He said that regulatory framework, private sector involvement and financial literacy was vital for the promotion of microinsurance in the country.
The SECP, he said, has taken several steps for the promotion of microinsurance and protection of consumers as it has showed tremendous growth during last year.
He informed that microinsurance was facing different challenges including low education, awareness about insurance and its benefits and in the absence of sansfull business models in the country.
Addressing the conference, Director Policy Regulation Insurance SECP, Nayyar Hussain said the main objective of the stakeholders dialogue was to take input from different sectors to promote the microinsurance in the country.
He said microinsurance has witnessed significant growth as the SECP has also formed a awareness committee to provide financial cover to least income people.
On the occasion, Senior Advisor GIZ Dr. Anotnis Malagardis said that a multi stakeholders dialogue with related to public and private stakeholders will be held in Pakistan, linked with the microinsurance development study to achieve the set objectives.
He said that multi-stakeholders dialogue would present its findings to G IZ study on the strategic frame work for microinsurance development in Pakistan and secure the confirmation of stakeholders.