The Securities and Exchange Commission of Pakistan has won a global award for its proposed women’s inclusive insurance policy. The framework aims to widen women’s access to financial protection through tailored products, digital distribution and stronger consumer safeguards.
Award recognises policy innovation
SECP secured the Outstanding Policy Award at the 2026 Leadership Development Program for Regulators. Women’s World Banking conducted the programme at the University of Oxford’s Saïd Business School.
The SECP team finished first among 26 participating pairs from 16 jurisdictions. Participants came from countries including India, Indonesia, Egypt, Nigeria, Morocco and Armenia.
SECP Director Insurance Muhammad Arshad and Assistant Director Insurance Sofia B. Rabnawaz represented Pakistan. Their capstone presentation outlined a policy titled “Empowering Women Through Inclusive Insurance: Building Financial Resilience for a Stronger Pakistan.”
Judges recognised the proposal for its clarity, innovation, feasibility and potential impact on women’s financial inclusion. Women’s World Banking says its programme helps regulators turn policy ideas into practical reforms. Its 2026 cohort included 52 regulatory leaders from 26 institutions across 17 countries.
Two dedicated products for women
Pakistan has around 117 million women, yet many remain underserved by formal insurance, according to the SECP. The policy seeks to reduce that gap by creating an accessible, inclusive and gender-responsive insurance market.
It encourages insurers to offer at least two products designed specifically for women. These products would address financial risks that conventional insurance packages may not adequately cover.
The framework also promotes digital platforms and other accessible distribution channels. SECP expects these routes to expand outreach, simplify access and bring more women into the formal insurance system.
In the short term, the policy could benefit around 1.5 million women who already hold life insurance policies. Women covered through group life, health, accident and microinsurance schemes could also gain from the reforms.
The initiative goes beyond increasing the number of policyholders. It aims to provide women with practical financial protection against illness, accidents, income shocks and other emergencies.
Draft policy awaits public consultation
SECP has not yet implemented the framework. The commission continues to review the draft and plans to seek public feedback before introducing the final policy.
SECP Chairman Dr Kabir Ahmed Sidhu said the global recognition supported the regulator’s direction towards a more inclusive insurance market.
“Our policies are focused on unlocking Pakistan’s significant insurance potential, particularly among women, through targeted products and digital distribution, while ensuring stronger consumer protection,” Sidhu said.
Women’s World Banking defines financial inclusion as more than access to an account or loan. It also includes insurance, pensions, financial knowledge, digital skills and trust in formal services.
For Pakistan’s insurance industry, the proposal could open a large underserved market while improving household resilience. Its eventual impact, however, will depend on product affordability, public awareness, digital access and effective enforcement of consumer protection rules.
