Insurance Companies Witness Significant Growth in Assets and Premium Payments, According to SECP
Pakistan’s insurance industry has experienced an extraordinary increase in its total assets, reaching a 14.5% growth to PKR 2.421 trillion. As per the Securities and Exchange Commission of Pakistan (SECP), policyholders have also witnessed a 26% increase in claims payments. SECP has released the latest statistics for the insurance industry, revealing that the total assets of the insurance sector have surged by 14.5% from PKR 2.114 trillion to PKR 2.421 trillion.
According to the report, the overall premium payments in the industry have recorded a significant 28% increase, totaling PKR 553 billion, compared to PKR 432 billion in 2021. The report highlights that policyholders have also witnessed a 26% increase in claims payments, with the total claims paid out in 2022 amounting to PKR 276 billion.
In 2022, the life insurance sector accounted for 68% of the total premium, while the non-life sector constituted 32% of the market share. SECP’s report provides a comprehensive overview of the financial performance of the data and statistics in the insurance industry for the year 2022.
