Pakistan's non-life insurance market estimated at USD 1 billion, TPL Insurance CEO says

Pakistan's non-life insurance market is estimated at approximately USD 1 billion, with the broader market opportunity estimated at around USD 90 billion, according to Muhammad Aminuddin, CEO of TPL Insurance.

Aminuddin made the remarks at the Securities and Exchange Commission of Pakistan's (SECP) Talk Series on the future of the insurance sector, where JazzWorld highlighted the role of digitalization and artificial intelligence in expanding insurance access in Pakistan. JazzWorld acquired a controlling stake in TPL Insurance in July 2026 as part of its strategy to expand digital insurance and protection services across the country.

Aminuddin said millions of individuals, vehicles and emerging assets in Pakistan remain uninsured, with around 97% of registered vehicles lacking coverage. The rapid adoption of residential solar systems has also created another largely uninsured asset class, while changing lifestyles, employment, mobility and consumption patterns are opening up opportunities for new products in health, income protection and other emerging risks.

Capturing this opportunity, he said, would require insurers to develop products around evolving consumer and business risks while moving beyond conventional distribution models. He pointed to embedded insurance, usage-based pricing and digital distribution as ways to integrate protection directly into products and services consumers already use, alongside AI, smart wearables and connected technologies that could improve risk assessment, pricing, customer engagement and product personalization.

Aminuddin stressed that technology alone would not be enough, calling for an evolving regulatory framework to address data ownership, access, liability and information sharing. He added that greater transparency, simpler processes and confidence in fair and timely claims settlement would be critical to strengthening consumer trust and expanding Pakistan's formal insurance system.

The session also brought together Dr. Kabir Ahmed Sidhu, Chairman of SECP; Shoaib Javed Hussain, CEO of State Life Insurance Corporation of Pakistan; and Mohammed Ali Ahmed, CEO of EFU Life Assurance, to discuss the growth and digitalization of Pakistan's insurance sector, including digital insurance products, claims settlement, third-party motor insurance, AI adoption, retirement solutions and technology-driven products aimed at expanding coverage and strengthening consumer protection.

As part of JazzWorld's digital ecosystem, TPL Insurance adds insurance capabilities to a portfolio spanning connectivity, fintech and digital platforms, supporting JazzWorld's stated purpose of enabling "a Better Life For All" through technology, digital distribution and scale.