The Security and Exchange Commission of Pakistan (SECP) has registered a 1,374 percent increase in third-party motor insurance during the last three months in Sindh.
In a statement issued on Tuesday, the SECP stated that during the last three months, the number of third-party insurance cases has enhanced from 11,200 to 165,064.
The Sindh government has already declared third-party insurance mandatory for all the registered vehicles.
Transfer of vehicle, registration, and payment of token tax are not possible without third-party insurance.
In case of accident, Rs700,000 will be paid to the victim’s family, and on permanent disability, Rs500,000. Timely financial assistance will be provided to the victims under the no-fault compensation policy.
In Pakistan, more than 9,000 to 10,000 traffic accidents are reported every year. The third-party motor insurance policy will play a vital role in providing financial relief to the victim’s family.
In Sindh, 26,00,000 registered vehicles will be insured phase-wise.
