Islamabad, Feb 12: Pakistan’s motor insurance sector is undergoing a major transformation with the launch of the country’s first Centralized Motor Insurance Repository. Spearheaded by the Securities and Exchange Commission of Pakistan (SECP) in collaboration with the Insurance Association of Pakistan (IAP) and industry stakeholders, this initiative aims to enhance transparency, improve underwriting practices, and combat insurance fraud.
The repository was officially launched by SECP Chairman Akif Saeed and CDC CEO Badiuddin Akber at the InsureImpact Conference Pakistan (ICP) 2025, themed “Journey to an Insured Pakistan Fostering Collaboration, Engagement & Innovation” on February 12 in Karachi. This initiative follows SECP’s 2023 report on Motor Third Party (MTP) Insurance, which highlighted Pakistan’s significantly low vehicle insurance coverage currently under 3% compared to Bangladesh (36%) and Sri Lanka (73%).
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The implementation of the Motor Insurance Repository will take place in three phases:
- Phase 1 Establishing a centralized data repository for cross-industry data sharing and regulatory oversight.
- Phase 2 Integrating with vehicle registration authorities for real-time insurance status verification, enhancing transparency and compliance.
- Phase 3 Expanding to include claims-related data and integrating with relevant authorities (motorway, licensing) to introduce value-added features for insurers and policyholders.
Several leading insurance companies have already joined the initiative, including Adamjee Insurance, Alfalah Insurance, EFU General Insurance, IGI General Insurance, Jubilee General Insurance, TPL Insurance, and Salaam Takaful, among others.
With the Central Depository Company of Pakistan Limited (CDC) leading the project, the repository is set to revolutionize motor insurance by making it more accessible, secure, and data-driven. By fostering trust and innovation, this initiative is expected to contribute significantly to the financial sector’s digital transformation and economic growth.
