SECP wins global award for new women’s insurance framework

The Securities and Exchange Commission of Pakistan received the Outstanding Policy Award through the Women’s World Banking programme at Oxford University.

The SECP competed against policy entries from 16 countries for the international recognition. The award highlights Pakistan’s efforts to make insurance products more accessible and suitable for women.

The new framework focuses on expanding women’s participation in the insurance sector. It aims to address barriers that have limited their access to financial protection and insurance services.

New insurance products for women

Under the framework, insurance companies are encouraged to introduce at least two special products designed specifically for women.

The initiative is expected to benefit around 1.5 million female life insurance holders. It is also intended to help insurers reach a wider section of the country’s female population.

The SECP said Pakistan has significant potential in this area, given its population of around 117 million women. Expanding insurance coverage among women could therefore create both financial protection and new opportunities for the insurance industry.

The framework places particular emphasis on products that respond to women’s specific financial needs. The regulator wants insurance companies to develop services that are easier for women to understand, access and use.

The approach could also encourage insurers to look beyond traditional products. More targeted offerings may help bring women who have previously remained outside the formal insurance system into the market.

Digital channels to expand access

Digital services are another important part of the SECP’s strategy.

The commission said women’s access to insurance products will be expanded mainly through digital channels. This could make it easier for customers to learn about, purchase and manage insurance services without depending entirely on physical offices.

Digital access may also help insurance companies reach women in areas where traditional financial services are less available. Online platforms can reduce some of the distance and convenience barriers associated with accessing financial products.

The SECP’s framework therefore combines product development with easier distribution. The aim is to make insurance more available while improving the overall customer experience.

The regulator has also stressed the importance of consumer protection alongside greater access. This means expanding the market while ensuring customers receive appropriate information and safeguards.

SECP highlights consumer protection

SECP Chairman Dr Kabir Ahmed Sidhu welcomed the international recognition and said the award showed that the commission’s policy direction was appropriate.

He said improving women’s access to insurance remains a major priority for the regulator. He also highlighted effective consumer protection as an important part of the SECP’s work.

The focus on consumer protection is significant as a larger number of people begin using insurance products. Customers need clear information about coverage, costs, conditions and claims before making financial decisions.

The SECP’s approach seeks to combine wider access with stronger protection. This could help build greater confidence among women who may be unfamiliar with insurance services.

Also Read:Oil prices rise as US-Iran tensions threaten hormuz supply

What the award means for Pakistan

The international award gives greater visibility to Pakistan’s efforts to expand financial inclusion for women.

Insurance can protect against financial shocks, including unexpected health, family and other major expenses. Wider access could therefore help more women and households manage financial risks.

At the same time, the success of the framework will depend on how insurance companies implement the policy. The availability of suitable products, affordable pricing and simple claims procedures will be important for attracting and retaining customers.

The use of digital channels will also require attention to accessibility and consumer awareness. Women need to be able to understand the available products and use digital services safely.

The SECP’s recognition could encourage further innovation across Pakistan’s insurance industry. It may also push companies to develop products that better reflect the needs of different groups of women.