Sindh third-party motor insurance policies climb to 452,515
SECP says the count rose from 11,200 in March after the province made third-party cover mandatory for vehicles registered in Sindh.
The Securities and Exchange Commission of Pakistan said on Friday that 452,515 third-party motor insurance policies were issued in Sindh by November, against 11,200 in March, a rise of about 3,940 percent in eight months.
The growth follows amendments to the province's motor vehicle legislation in March that made third-party motor insurance mandatory for vehicles registered in Sindh. The Sindh government introduced the reform with the SECP's support, Business Recorder reported.
Third-party cover pays for injury, death or property damage caused to other people by the insured vehicle, as distinct from cover for the vehicle itself.
Business Recorder reported that the SECP set up the Motor Insurance Repository, a digital system, to support the requirement's implementation.
TechJuice reported that the commission issued its statement on Friday. The Associated Press of Pakistan, in a report filed from Islamabad, attributed the figures to a news release without naming its issuer in the text it published. Business Recorder and TechJuice attributed the numbers to the SECP.
The figures cover vehicles registered in Sindh, which the March amendment brought under the mandatory cover. The policy count ran from 11,200 at the March baseline to 452,515 by November, the eight-month span the regulator compared.
The reports gave no figure for the number of vehicles registered in the province, and did not say how compliance with the requirement is being checked.
The SECP regulates the insurance sector at the federal level and issued the policy count itself.
How the reports differ
Business Recorder and TechJuice attributed the figures to a Friday statement by the SECP, and Business Recorder alone named the Motor Insurance Repository as the digital system set up to support the requirement. The Associated Press of Pakistan's report, filed from Islamabad, described the numbers as coming from a news release whose issuer it did not name in the portion published. Investify and Pakwheels carried the headline figure without added detail.
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