The Securities and Exchange Commission of Pakistan (SECP) published its Insurance Industry Statistics 2024, the fourth annual volume in the series, presenting sector-wide data as of 31 December 2024. The release highlights year-on-year growth in industry assets and gross premiums, alongside rapid expansion in the takaful segment. Total industry assets increased from PKR 2,900 billion in 2023 to PKR 3,554 billion in 2024, while gross premiums rose 7% to PKR 677 billion (from PKR 631 billion). The takaful sector recorded strong growth, with family takaful contributions up 37% and general takaful up 24%, taking combined takaful premium volume to close to PKR 100 billion. At the report launch, SECP’s Commissioner Insurance also pointed to a 25% increase in private sector life premiums and a threefold rise in premiums written through digital channels, and outlined priorities including a five-year sector development plan, work with provincial governments on agricultural and disaster risk insurance, reforms to enable mandatory insurance coverages, and phased adoption of international standards such as IFRS 17 and a Risk-Based Capital regime. The statistics are compiled from data submitted by insurance companies in prescribed formats, and the full report is available on SECP’s website.

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