Adb Delegation Visits Secp To Discuss Insurance Reforms

On February 28, 2026, a delegation from the Asian Development Bank (ADB), led by Country Director Emma Fan, met with the Securities and Exchange Commission of Pakistan (SECP) to discuss significant reforms in Pakistan's insurance sector. The SECP Chairman, Dr. Kabir Ahmed Sidhu, highlighted ongoing initiatives, including a new insurance law aimed at enhancing market openness, ease of doing business, and digitalization. This proposed law is crucial as it seeks to improve regulatory frameworks and supervisory powers for better policyholder protection. Dr. Sidhu noted, "The insurance penetration in Pakistan remains low, underscoring the need for diversified products and risk-financing mechanisms," indicating a pressing need for reform in this sector. The discussions also included establishing a consortium of insurers for agricultural insurance and expanding coverage for farmers through public-private partnerships, which is vital for enhancing financial security in the agricultural sector.