Pakistan grants first digital-only license to non-life insurer in regulatory first
The license enables Digi Insurance to sell general insurance products — such as motor, health and travel coverage — through a fully digital platform, with no in-person interaction or branch infrastructure required.
The approval marks a regulatory milestone for Pakistan's insurance industry as it seeks to modernize and improve accessibility.
'This development reflects SECP's broader objective of enabling financial inclusion through responsible innovation and encouraging customer-centric, tech-enabled insurance solutions,' the commission said in a statement.
The SECP said the approval was granted under a revised regulatory framework aimed at supporting new business models and encouraging the use of technology in insurance distribution, policy issuance and claims processing.
The Pakistani financial regulator said it expects the move to promote competition, expand access to underserved markets and encourage further innovation across the sector.
It also maintained digital models offer a scalable, cost-effective alternative that could help close Pakistan's insurance gap.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
6 hours ago
- Arab News
Pakistan deputy PM in Washington to discuss trade, economic cooperation
ISLAMABAD: Pakistan's deputy prime minister and foreign minister, Ishaq Dar, has arrived in Washington to discuss trade, economic cooperation and other matters, the Pakistani foreign ministry said on Friday. Pakistan and the United States (US) have been engaged in talks after Washington announced a 29 percent 'reciprocal tariff' on Pakistani exports in April. Islamabad said the move, paused in June for a 90-day period, may undercut its fragile, export-led recovery. The US is Pakistan's top export destination, with shipments totaling $5.44 billion in fiscal year 2023-2024, according to official data. From July 2024 to February 2025, exports rose 10 percent from a year earlier. Deputy PM Dar, who was received by Pakistan's Ambassador Rizwan Saeed Sheikh upon arrival in Washington, is scheduled to meet US Secretary of State Marco Rubio on Friday, according to the Pakistani foreign ministry. 'The meeting will discuss important facets of Pakistan-US relations exploring ways and means to strengthen bilateral ties, with a particular focus on promoting trade, investment and economic cooperation,' the Pakistani foreign ministry said. 'The Deputy Prime Minister/Foreign Minister is also scheduled to speak at the US think tank, The Atlantic Council, sharing Pakistan's perspective on regional and global issues as well as the future of Pakistan-US relations.' Nearly 90 percent of Pakistan's exports to the US are textiles, a sector that is most vulnerable to the duties. The South Asian country is also seeking to diversify its trade destinations and export base to mitigate risks related to its international trade as it recovers from a macroeconomic crisis under a $7 billion International Monetary Fund (IMF) program. Pakistan's Finance Minister Muhammad Aurangzeb said last week that Islamabad and Washington are exploring a shift in their economic engagement from a trade-focused relationship to one anchored in long-term investment, following his meeting with US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer in Washington. 'One thing we discussed was that we have to move beyond the immediate trade imperative for it to be brought into the next level and bring in a real step change,' Aurangzeb said. 'So, the investment imperative will come forward, and areas have already been identified in terms of minerals and mining, in terms of AI [artificial intelligence], in terms of digital infrastructure [and] crypto,' he continued. 'We feel that this will be a real game changer, God willing, in terms of the relationship and the economic relationship between Pakistan and the United States.' The Pakistani finance chief said both sides were committed to resolving outstanding trade issues to move 'toward the finishing line' and begin investment-related discussions 'very quickly.'
Arab News
17 hours ago
- Arab News
Pakistan, Türkiye discuss regional security issues amid deepening defense cooperation
ISLAMABAD: Officials from Islamabad and Ankara discussed regional and global security issues on Thursday, Pakistan's foreign ministry said, as both countries eye greater collaboration in defense and other sectors. A delegation of Turkish officials led by the country's Director General for South Asia Ambassador Cihad Erginay met a Pakistani delegation headed by Additional Secretary (Afghanistan & West Asia) Ministry of Foreign Affairs Ambassador Syed Ali Asad Gillani. The two sides met during the inaugural meeting of the Pakistan-Türkiye Joint Standing Committee (JSC) on Security, Defense and Intelligence. The joint committee was created after the seventh session of the High-Level Strategic Cooperation Council (HLSCC) between Pakistan and Türkiye on February 12 and 13, Pakistan's foreign ministry said. 'Both sides discussed emerging geo-political trends including global and regional security issues,' the foreign ministry said in a statement. It said discussions at the joint committee will contribute to preparations for a meeting of the joint commission between the two nations, which will be co-chaired by Pakistan's deputy prime minister and Türkiye's foreign minister. 'Both countries continue to work closely across a broad spectrum of areas, including defense, trade, energy, transport, culture, tourism, education, defense industries, agriculture, health, science and technology,' the statement concluded. The development takes place amid deepening relations between the two countries and follows Türkiye's public condemnation of Indian cross-border strikes in Pakistan during a brief conflict between the two South Asian neighbors in May. Both countries have maintained close military ties in recent years. Under a 2018 agreement, Türkiye is delivering four MILGEM-class corvettes to the Pakistan Navy, with two built in Istanbul and two at Karachi Shipyard under a technology transfer arrangement. The first vessel, PNS Babur, was delivered in 2023. Türkiye's foreign and defense ministers also arrived in Pakistan earlier this month for a series of high-level meetings focusing on counterterrorism, defense cooperation and broader strategic ties. Pakistan's Chairman of Joint Chiefs of Staff Committee (CJCSC) General Sahir Shamshad attended the 17th International Defense Industry Fair in Istanbul on Wednesday. The top Pakistani general held separate meetings with the defense ministers of Türkiye and Azerbaijan to discuss bilateral security cooperation, the Pakistani military's media wing said.
Argaam
20 hours ago
- Argaam
GO Telecom inks framework pact with Syrian communications ministry
Etihad Atheeb Telecommunication Co. (GO Telecom) signed today, July 24, a five-year framework agreement with Syria's Ministry of Communications and Technology. The project's total value is expected to reach SAR 1.96 billion, the telco said in a statement to Tadawul. The agreement aims to enhance Syria's digital infrastructure through two data centers, a cybersecurity hub, cloud and disaster recovery systems, and a tech platform to support digital transformation. GO Telecom will train and qualify a ministry-appointed team to manage the project, in line with the technical specifications and obligations outlined in the agreement. The financial mechanism will be executed through separate contracts with the funding entity, GO Telecom noted, adding that the impact cannot yet be assessed and updates will be provided in due course. The actual scope, value, and payment schedule will be determined through work orders added to the agreement later.
