The compensation available to road accident victims under motor third-party insurance in Sindh has been increased significantly.
According to the Securities and Exchange Commission of Pakistan (SECP), compensation for accident victims has been raised from Rs20,000 to Rs700,000. The revised amount will be provided promptly through an automated system without requiring court proceedings.
The SECP stated that commercial vehicle insurance policies have recorded a 1,300% increase, with the number of insured vehicles rising from approximately 11,000 to more than 165,000.
The regulator also announced that preparations are underway to expand the scope of motor insurance to the provinces of Punjab, Khyber Pakhtunkhwa, and Balochistan.
In addition, life insurance annuity products are being introduced for retired individuals to provide them with long-term financial security.
The SECP further said that a consortium of insurance companies has been established to support crop insurance, while the Takaful sector’s market share has reached 14%. New guidelines have also been issued to facilitate the sector’s continued growth.
