Sindh has implemented Motor Third Party Insurance, fixing compensation for accident victims at Rs700,000.
The compensation will now be provided automatically without requiring court proceedings, ensuring immediate payment to affected individuals.
Insurance policies for commercial vehicles have recorded a 1300 percent increase under the new system. The number of vehicle insurance policies has risen from 11,000 to more than 165,000.
Authorities have started preparations to extend the motor insurance framework to Punjab, Khyber Pakhtunkhwa and Balochistan. Life insurance annuity products have also been introduced to benefit retired individuals.
A separate consortium of insurance companies has been formally established to provide crop insurance coverage for farmers.
