The Securities and Exchange Commission of Pakistan (SECP) has announced a major increase in compensation for road accident victims under Sindh’s third-party motor insurance scheme, raising the payout from Rs20,000 to Rs700,000 as part of broader efforts to strengthen insurance coverage and improve financial protection for motorists and victims.
The revised amount will be provided immediately through an automated system without requiring victims to obtain a court order.
The regulator also said commercial vehicle insurance policies have recorded a 1,300% increase, with the number of insured vehicles rising from 11,000 to more than 165,000.
According to the SECP, preparations are underway to expand the scope of mandatory motor insurance to Punjab, Khyber Pakhtunkhwa, and Balochistan.
The commission also announced plans to introduce life insurance annuity products for retired individuals.
Moreover, the SECP said an insurance companies’ consortium has been established to provide crop insurance, while the share of the Takaful sector has reached 14% of the country’s insurance market. New guidelines have also been issued to support the sector’s continued growth.
