Pakistan’s Insurance Sector Assets Surge to Rs. 3.554 Trillion in 2024
Pakistan’s insurance sector saw significant growth in 2024, with total assets rising from Rs. 2.9 trillion in 2023 to Rs. 3.554 trillion, fueled by the rapid expansion of the takaful segment.
Gross premiums increased 7% year-on-year, reaching Rs. 677 billion compared to Rs. 631 billion last year. Family takaful contributions jumped 37%, while general takaful grew 24%, pushing the combined premium volume close to Rs. 100 billion, according to the Insurance Industry Statistics 2024 released by the Securities and Exchange Commission of Pakistan (SECP).
Commissioner Insurance, Mr. Mujtaba Ahmad Lodhi, highlighted the sector’s role in economic development, noting its importance in providing risk protection, mobilizing long-term funds, and supporting capital markets.
He also pointed to encouraging trends, including a 25% rise in private sector life premiums, a threefold increase in digital channel premiums, and the ongoing growth of the takaful market.
To sustain this momentum, SECP plans to implement a five-year development strategy, collaborate on agricultural and disaster risk insurance, promote digital financial inclusion, and adopt international standards such as IFRS 17 and the Risk-Based Capital regime.
The Insurance Industry Statistics 2024 were compiled from data submitted by insurance companies in prescribed formats, reflecting the sector’s consistent performance and strategic growth.
