The Security and Exchange Commission of Pakistan (SECP) organized a roundtable to firm up the strategic direction of the Insurance Sector of Pakistan with the chairpersons of the boards and chief executive officers (CEOs) of all insurance companies. The session was titled “Journey to an insured Pakistan”, said a press release issued here on Thursday. The roundtable was a single-day event, divided into two sessions i.e. one with the professionals of non-life industry and the other with the professionals of life industry. The roundtable was aimed at fostering an open and collaborative environment between stakeholders to work together to shape the future of the insurance industry. SECP Chairman, Akif Saeed in his welcome address highlighted the importance of the strategic plans to improve insurance penetration in Pakistan and cited international models where successful execution of long-term strategies steered the insurance sector’s growth, adaptability, and responsiveness to evolving needs and market conditions. Furthermore, while underscoring the potential of insurance in Pakistan, he also pointed to the importance of the creation of a shared strategic direction to overcome the underlying challenges. Caretaker Minister for Finance Shamshad Akhtar being a chief guest at the event appreciated the efforts of the SECP in initiating the formulation of the five-year roadmap. She emphasized the importance and role of insurance in Pakistan, a country prone to natural disasters and societal vulnerabilities. She also highlighted the role of the insurance sector in propelling economic growth by channelling funds into productive ventures, contributing to job creation, promoting long-term financial planning and supporting debt and capital markets. During the roundtable, the SECP insurance team delivered a presentation on the 5-year strategic direction plan. They provided a current snapshot of the industry, outlined challenges faced by the insurance sector, explained the vision and mission of the plan, and detailed the operational and strategic outcomes of the plan. They emphasized key objectives such as policyholder protection, innovation, cooperation and transformation, and improved insurance coverage. They also shared their approach to enhancing the ease of doing business, engaging with stakeholders, facilitating access to information, building capacity, providing access to capital and reinsurance, raising awareness through innovation, and modernizing legislation to align with international standards. The participants of the event expressed appreciation for this initiative of SECP and shared valuable insights on the draft strategic direction and affirmed their commitment to actively engage in shaping the strategic direction.