Finance minister for promoting innovation in insurance sector

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, stressed the need of adopting digital technology and promoting innovation in the insurance sector to cater the needs of the growing population of the country.

Finance Minister was virtually addressing the InsureImpact Conference Pakistan (ICP) 2025, themed “Journey to an Insured Pakistan – Fostering Collaboration, Engagement & Innovation,” held here to bring together key stakeholders for re-imagining the future of insurance in Pakistan.

The minister in his address, highlighted the improvements in economic indicators due to multifaceted measures by the government in different sectors and said that the IMF and other international financial institutions are recognizing the progress made by Pakistan towards economic stability.

He said that Prime Minister Shehbaz Sharif had a very constructive and positive meeting with the IMF team led by MD Kristalina Georgieva on the sidelines of the World Governments Summit in Dubai where economic developments and ongoing reforms as well as macro economic stability achieved over the last 12 months came under discussion.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said the insurance sector is at a good juncture and the agriculture sector has witnessed technological advancement but we have to sit together and deliberate on the way forward and achieve the objective of Insure Pakistan.

The finance minister stressed that innovation in the health and education sectors is essential and we should take leverage of digital technology to cater the needs of the growing population of Pakistan.

The conference was comprised of four sessions on transforming disaster and agriculture insurance through collaboration, accelerating innovation with the digital shift in motor insurance, positioning insurance as a dual pillar for health protection and social security, and charting the path to an insured Pakistan through digitization by addressing gaps, exploring potential, and developing an ideal infrastructure.

The representatives of SECP, CDC and other institutions as well as private sector insurance companies and other relevant organizations had thought-provoking discussions on actionable insights, and opportunities for collaboration to shape a resilient and inclusive insurance ecosystem.