Karachi, February 12 – In a groundbreaking move to transform the motor insurance sector, the Central Depository Company of Pakistan Limited (CDCPL), under the guidance of the Securities and Exchange Commission of Pakistan (SECP) and in collaboration with the Insurance Association of Pakistan (IAP) and industry stakeholders, is set to launch Pakistan’s Centralized Motor Insurance Repository. This innovative initiative aims to enhance transparency, improve underwriting practices, and combat insurance fraud by establishing a centralized database for motor insurance policies.
Launch Event at InsureImpact Conference Pakistan 2025
The repository was officially launched by Mr. Akif Saeed, Chairman of SECP, and Mr. Badiuddin Akber, CEO of CDC, at the InsureImpact Conference Pakistan (ICP) 2025. The conference, themed “Journey to an Insured Pakistan – Fostering Collaboration, Engagement & Innovation,” took place on 12th February in Karachi. The launch marks a significant milestone in addressing the challenges highlighted in SECP’s 2023 report on Motor Third Party (MTP) Insurance, which recommended the establishment of a motor insurance repository.
Addressing Low Insurance Coverage in Pakistan
According to the SECP’s 2023 report, motor vehicle insurance coverage in Pakistan remains alarmingly low, with less than 3% of vehicles insured. This figure starkly contrasts with neighboring countries like Bangladesh (36%) and Sri Lanka (73%), where insurance coverage rates are significantly higher. The repository aims to bridge this gap by providing a robust platform for data sharing and regulatory oversight.
Phased Implementation of the Motor Insurance Repository
The repository will be rolled out in three phases:
- Phase 1: Establishment of a centralized data repository for cross-industry data sharing and regulatory oversight.
- Phase 2: Integration with vehicle registration authorities to enable real-time insurance status verification, enhancing transparency and compliance.
- Phase 3: Incorporation of claims-related data, integration with other authorities (e.g., motorway and licensing), and the addition of value-added features for insurers and policyholders.
Insurance Partners Onboarded
The initiative has garnered support from leading insurance companies in Pakistan, including:
- Adamjee Insurance Company Limited
- Alfalah Insurance Company Limited
- Asia Insurance
- Atlas Insurance Limited
- Century Insurance Company Limited
- East West Insurance Co., Ltd.
- EFU General Insurance Limited
- Habib Insurance Limited
- IGI General Insurance Limited
- Jubilee General Insurance Limited
- Premier Insurance
- Salaam Takaful Limited
- Shaheen Insurance Company Limited
- TPL Insurance Limited
- United Insurance Company of Pakistan Limited
CDC’s Commitment to Innovation and Economic Growth
With a proven track record in delivering innovative financial solutions, CDC remains dedicated to fostering trust and driving innovation in the insurance sector. By making motor insurance more accessible, secure, and data-driven, CDC is not only transforming the financial landscape but also contributing to broader economic growth in Pakistan.