Islamabad 20 July: 9.5 million workers out of the total 72 million workforce are currently covered by an insurance policy according to The Securities and Exchange Commission of Pakistan(SECP).
According to the report titled “Role of Insurance in Social Security: Landscape of Pakistan” SECP envisions a plan to provide life insurance to 63 million unprotected workers.
The Securities and Exchange Commission of Pakistan (SECP) report titled “Role of Insurance in Social Security: Landscape of Pakistan” states that the legal provisions require group life insurance for formal workers, while only 9.5 million workers out of the total 72 million workforce are currently covered, leaving millions without financial protection against accidents, disability, or loss of life.
The “Role of Insurance in Social Security: Landscape of Pakistan” study also explores the potential of insurance as a key instrument for social protection and financial resilience, particularly for vulnerable and underserved populations.
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Developed under SECP’s Five-Year Strategic Plan, “Journey to an Insured Pakistan,” the report highlights the limited coverage and weak enforcement of existing mandatory insurance laws, as well as the absence of national-level insurance schemes for informal sector workers. In his message, the SECP Chairman emphasized the Commission’s commitment to strengthening Pakistan’s insurance sector as a tool for sustainable development, financial protection, and social inclusion.
Drawing from international best practices, the report offers a strategic roadmap centered on five key reforms: 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, accessible insurance products.
