Intl conference of insurance regulators ends

KARACHI: The event of the International Conference of the insurance regulators of the SAARC countries was closed with note of appreciation to all the participants and to the Securities and Exchange Commission of Pakistan whose untiring efforts and vision for broader collaboration across the region made this event a destined success.

The second day of the Conference envisaged the interactive sessions by the eminent speakers from the global insurance industry including the representatives from broker companies and international reinsurers. The technical presentations were given by the delegates from the development organizations like The World Bank, Asian Development Bank, GIZ, ILO Microinsurance Innovation Facility, and various local bodies including PPAF and the CDC.

The delegates spoke on the significance of developing the inclusive insurance markets that could cater all segments of the society including the poorer and low income class which is generally ignored by the main stream insurance. The road map that could be adopted for achievement of this global objective was also discussed and deliberated.

The second half of the Conference included the panel discussion on the topic of Opportunities and Challenges in the Takaful Market Development, during which ideas were exchanged between the prominent Shariah experts and takaful operators, and also the Islamic banking practitioners including the head of Islamic banking in State Bank of Pakistan.

An interactive discussion between the regulators of the SAARC region countries was also broadly enjoyed by the participants of the Conference where the perspective of regulators on the emerging consumer markets and the evolving regulatory practices was shared among the audience. A panel of CEOs discussed the ideas of innovating and revitalizing the insurance markets through building cross border partnerships and smooth flow of information and resources among the regional partners.

The delegates of regional and international bodies deeply cherished the huge value adding initiative of the Securities and Exchange Commission of Pakistan and considered as a milestone achievement in the history of regional insurance industry. They also recommended that such partnership building activities should take place more frequently so as to enable more effective knowledge and experience exchange across the borders. The Conference was closed with thank you note of the Commissioner (Insurance) Mohammed Asif Arif who appreciated the will and intent of regional partners to proceed towards collaboration and also appreciated the international bodies who had contributed to the venture.

The gathering has greatly helped rejuvenate the image of Pakistan in the regional and international community. The delegates seemed to be touched by the hospitality and expressed appreciation on the friendly and welcoming attitude of the Pakistan society.

It is pertinent to mention that Pakistan was elected for the Chairmanship of the SAARC Insurance Regulators’ Forum during the SAARC Insurance Regulators Meet. The next conference will be held in Kathmandu, Nepal as proposed by the Insurance Regulatory Authority of Nepal which was unanimously agreed by all respective authorities.

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