The takaful sector in Pakistan’s insurance industry demonstrated remarkable growth in 2024, according to the SECP Insurance Industry Statistics report. Family takaful contributions rose 37% and general takaful by 24%, signaling increased adoption of Shariah-compliant insurance solutions.
The Securities and Exchange Commission of Pakistan (SECP) released the Insurance Industry Statistics for 2024, offering a detailed overview of the sector as of December 31, 2024. Overall, the insurance industry expanded its total assets from Rs2,900 billion in 2023 to Rs3,554 billion in 2024, while gross premiums increased 7% year-on-year to Rs677 billion.
The takaful sector stood out with exceptional growth. Family takaful contributions climbed 37%, while general takaful premiums rose 24%, pushing the combined takaful premium volume close to Rs100 billion. SECP Commissioner Insurance Mujtaba Ahmad Lodhi highlighted that takaful is playing a key role in financial inclusion and economic development in Pakistan.
The report also indicated strong gains in private sector life insurance, with premiums rising 25%, and a threefold increase in digital channel sales. SECP outlined strategic priorities, including the implementation of a five-year sectoral development plan, collaboration with provincial governments on agricultural and disaster risk insurance, and partnerships with international institutions such as UNDP and the Asian Development Bank.
The Insurance Industry Statistics 2024 serve as a crucial reference for policymakers, regulators, and stakeholders, providing insights into trends, challenges, and opportunities within Pakistan’s growing insurance and takaful sectors. The full report is available on SECP’s website.