Non-Life Insurance Market Worth $1 Billion in Pakistan, Says Aminuddin

JazzWorld highlighted the role of digitalization and artificial intelligence (AI) in expanding insurance access in Pakistan as TPL Insurance participated in the Securities and Exchange Commission of Pakistan (SECP) Talk Series on the future of the sector.

JazzWorld acquired a controlling stake in TPL Insurance in July 2026 as part of its strategy to expand digital insurance and protection services across Pakistan.

Speaking at the session, Muhammad Aminuddin, CEO of TPL Insurance, said Pakistan’s non-life insurance market is estimated at approximately $1 billion, with the broader market opportunity estimated at around $90 billion, as millions of individuals, vehicles and emerging assets remain uninsured. Around 97% of registered vehicles remain without coverage, while the rapid adoption of residential solar systems has created another largely uninsured asset class. Changing lifestyles, employment, mobility and consumption patterns are also creating opportunities for new products in health, income protection and other emerging risks.

Aminuddin said capturing this opportunity would require insurers to develop products around evolving consumer and business risks while moving beyond conventional distribution models.

Embedded insurance, usage-based pricing and digital distribution could integrate protection directly into products and services consumers already use, while AI, smart wearables and connected technologies could improve risk assessment, pricing, customer engagement and product personalization.

He stressed that technology alone would not be enough, with an evolving regulatory framework needed to address data ownership, access, liability and information sharing. Greater transparency, simpler processes and confidence in fair and timely claims settlement would also be critical to strengthening consumer trust and bringing more Pakistanis into the formal insurance system.

The session brought together Dr. Kabir Ahmed Sidhu, Chairman SECP; Shoaib Javed Hussain, CEO of State Life Insurance Corporation of Pakistan; and Mohammed Ali Ahmed, CEO of EFU Life Assurance, alongside Aminuddin to discuss the growth and digitalization of Pakistan’s insurance sector, including digital insurance products, claims settlement, third-party motor insurance, AI adoption, retirement solutions and technology-driven products to expand insurance coverage and strengthen consumer protection.

As part of JazzWorld’s digital ecosystem, TPL Insurance adds insurance capabilities to a portfolio spanning connectivity, fintech, and digital platforms, supporting JazzWorld’s purpose of enabling a Better Life For All by leveraging technology, digital distribution, and scale to make essential services more accessible across Pakistan.