Pakistan is the sixth most populous country in the world with an estimated population of 190 million in 2015. Approximately 40% are poor according to the Multidimensional Poverty Index. The proportion of people identified as multidimensionality poor in urban areas is significantly lower than in rural areas – 10% and 55% respectively. Although the outlook for microinsurance in Pakistan is highly favorable, there are still major challenges, such as raising consumer awareness of mass market products among low-income households; developing sustainable low-cost operation models and leveraging innovative distribution channels and administrative procedures; modifying regulations that can help to facilitate microinsurance market development; among others.
Securities and Exchange Commission of Pakistan, EFU Life and GIZ-RFPI Asia for the MEFIN Network.