The Pakistani takaful sector chalked up contributions of PKR48bn ($173m) in the family takaful segment in 2023, 17% higher compared to 2022, according to the Securities and Exchange Commission of Pakistan (SECP).
In its report, “Insurance Industry Statistics 2023”, the SECP also says that general takaful posted contributions of PKR25bn in 2023, 19% higher than in 2022.
Contributions from family takaful accounted for 12% of total life insurance premiums in 2023, while general takaful contributions made up 11% of total general insurance premiums.
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Family takaful
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General takaful
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2023
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2022
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2023
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2022
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Contributions
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PKR48bn
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PKR41bn
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PKR25bn
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PKR21bn
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Growth rate 2023/2022
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17%
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19%
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Contribution as % of total premiums of life/non-life branch
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12%
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11%
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11%
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12%
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Source: SECP
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The report shows that private-sector insurance companies dominated the sector, commanding 97.7% of the family takaful market and 100% of general takaful business.
In the private sector, contributions from takaful constitutes 35% of total private sector premiums. In the public sector, takaful contributions constitute 0.4% of total public sector premiums.
There were two general takaful companies, 20 general takaful windows, three family takaful companies and seven family takaful windows in Pakistan as of 31 December 2023.