The Securities and Exchange Commission of Pakistan (SECP) has published a report, “Role of Insurance in Social Security: Landscape of Pakistan,” assessing how insurance could support social protection and financial resilience, particularly for vulnerable and underserved groups. Developed under SECP’s five-year strategic plan “Journey to an Insured Pakistan,” the study flags limited coverage, weak enforcement of mandatory insurance requirements, and the lack of national-level insurance schemes for informal sector workers. Despite legal provisions requiring group life insurance for formal workers, the report estimates only 9.5 million workers are covered out of a total workforce of 72 million. Drawing on international practices, it sets out a five-part reform roadmap: strengthening legal frameworks, integrating insurance with social safety nets, enhancing enforcement through data linkages, launching a national social insurance scheme for informal workers, and developing standardized and accessible insurance products. SECP leadership also calls for collaboration among lawmakers, insurers, social security institutions and employers to translate recommendations into actionable reforms.
Securites & Exchange Commission of Pakistan 2025-07-18
Securities and Exchange Commission of Pakistan publishes report on insurance for social security highlighting 9.5 million of 72 million workers covered
The Securities and Exchange Commission of Pakistan (SECP) released a report titled “Role of Insurance in Social Security: Landscape of Pakistan,” highlighting limited insurance coverage and weak enforcement of mandatory requirements. The report proposes a five-part reform roadmap, including strengthening legal frameworks, integrating insurance with social safety nets, and launching a national social insurance scheme for informal workers. SECP urges stakeholder collaboration to implement these recommendations.