The Sindh government is preparing to roll out a series of new insurance schemes, including an accidental death cover for every adult resident, as it moves to expand financial protection across the province.
Speaking at the inaugural Insurance Association of Pakistan (IAP) and Pakistan Society of Actuaries (PSOA) International Insurance Conference 2026 in Karachi, Chief Minister Syed Murad Ali Shah said the provincial government is partnering with the private sector to strengthen insurance coverage through new initiatives and investor-friendly policies.
He revealed that Sindh is designing an insurance program that will provide Rs. 100,000 in accidental death coverage for every resident aged 18 and above. The province is also working on separate insurance schemes for the health and agriculture sectors to broaden access to financial protection.
Murad Shah said Sindh has already become the first province to introduce mandatory third-party motor vehicle insurance. Under the program, families of road accident victims receive Rs. 700,000 in compensation in the event of death, while those permanently disabled are entitled to Rs. 500,000.
He added that the provincial government is encouraging the growth of the insurance industry through business-friendly policies, including tax relief measures and support for insurance premium payments.
Prime Minister’s Coordinator on Commerce Rana Ahsan Afzal Khan said the federal government is enhancing its agricultural financing program with additional risk protection features. He also stressed the need to expand digital micro-insurance through mobile platforms to make insurance products more affordable and accessible.
Adviser to the Ministry of Finance and Revenue Adnan Pasha said raising Pakistan’s insurance penetration to 2 percent of GDP could unlock billions of rupees in additional economic activity. He noted that government initiatives in agriculture, housing, SMEs, and electric vehicles are expected to create significant opportunities for the insurance sector.
Insurance Association of Pakistan Chairman Shoaib Javed Hussain highlighted that Pakistan’s insurance penetration remains among the lowest in the region at 0.9 percent of GDP, compared with roughly 4 percent in neighboring countries and 6 percent in developed economies.
He added that insurance density in Pakistan stands at just $14 per person, well below the global average of around $60, and called for greater innovation, stronger public-private collaboration, and regulatory reforms, particularly in crop and health insurance.
The conference, held under the theme “Reimagining Pakistan’s Resilience: Building a Sustainable Future Through Insurance,” brought together more than 500 insurance executives, actuaries, regulators, policymakers, and international experts.
