The Securities and Exchange Commission of Pakistan (SECP) has won the Outstanding Policy Award at Women’s World Banking’s Leadership Development Program for Regulators, held at Saïd Business School, University of Oxford. The regulator secured first position among 26 participating pairs representing 16 jurisdictions, with its proposal focused on creating a more inclusive and accessible insurance market for women in Pakistan.
SECP was represented at the programme by Director Insurance Muhammad Arshad and Assistant Director Insurance Sofia B. Rabnawaz. Their policy proposal outlined measures aimed at improving women’s participation in the insurance sector through women-centric products, digitalisation, inclusive distribution channels and stronger consumer protection mechanisms. The proposal reflects an effort to address gaps in insurance access while encouraging insurers to develop products that respond more directly to the needs of women.
A key element of the proposed policy is a requirement for insurance companies to offer at least two products specifically designed for women. According to SECP, the proposed measures could benefit around 1.5 million existing women life insurance policyholders in the short term. The draft policy is currently under review and is expected to be issued for public consultation before any implementation, giving stakeholders an opportunity to provide feedback on the proposed framework.
SECP Chairman Dr. Kabir Ahmed Sidhu said the international recognition validates the regulator’s policy direction toward expanding Pakistan’s insurance potential, particularly through targeted products, digital distribution and improved consumer protection. The focus on digitalisation could also help insurers reach women through more accessible channels while reducing some of the barriers associated with traditional insurance distribution.
The recognition comes as financial regulators and insurance providers increasingly focus on expanding access to financial services through digital channels and more inclusive product design. For Pakistan’s insurance sector, the proposed women-focused framework could encourage insurers to introduce products tailored to women while improving distribution and consumer safeguards. The policy will move toward public consultation before the SECP considers its implementation.
Follow the SPIN IDG WhatsApp Channel for updates across the Smart Pakistan Insights Network covering all of Pakistan’s technology ecosystem.
