Karachi (Lord Media): In Sindh, compensation for victims under motor third-party insurance has been increased. According to the SECP, the compensation has been raised from 20,000 rupees to 700,000 rupees, which will be provided to victims immediately and automatically without court involvement.
The SECP further stated that there has been a record 1,300% increase in insurance policies for commercial vehicles, with policies rising from 11,000 rupees to exceeding 165,000 rupees.
The SECP mentioned plans to extend motor insurance coverage to Punjab, Khyber Pakhtunkhwa, and Balochistan. Additionally, life insurance annuity products for retirees are being introduced.
According to the SECP, a consortium of insurance companies has been established for crop insurance, while the Takaful sector’s market share has reached 14%, with new guidelines issued.
