Sindh: Compensation for Accident Victims Increased from Rs20,000 to Rs700,000
Sindh: Compensation for Accident Victims Increased from Rs20,000 to Rs700,000
According to the Securities and Exchange Commission of Pakistan (SECP), compensation for accident victims has been significantly increased from Rs20,000 to Rs700,000. The Commission stated that the revised compensation framework is intended to provide greater financial support to eligible accident victims. According to the SECP, the enhanced compensation amount reflects a substantial increase compared to the previous limit.
The SECP further stated that compensation will be provided immediately through an automated system without the need for court proceedings. According to the Commission, the automated process has been designed to facilitate quicker payments and eliminate the requirement for beneficiaries to pursue legal proceedings before receiving compensation. The Commission emphasized that the objective is to ensure a faster and more efficient compensation mechanism.
According to the SECP, the introduction of the automated system represents an important step in streamlining the compensation process. The Commission stated that eligible accident victims will receive compensation without the delays that may arise from court procedures. The SECP said that the revised mechanism is aimed at simplifying the overall process while ensuring timely financial assistance.
The Commission also shared details regarding commercial vehicle insurance. According to the SECP, commercial vehicle insurance policies have recorded a 1,300 percent increase. The Commission stated that this represents substantial growth in the number of insured commercial vehicles under the relevant insurance framework.
According to the figures released by the SECP, the number of commercial vehicle insurance policies has increased from approximately 11,000 to more than 165,000. The Commission stated that this increase reflects significant expansion in the coverage of commercial vehicle insurance policies. The reported figures indicate a considerable rise compared with the earlier number of policies.
The SECP reiterated that compensation for accident victims has now been raised from Rs20,000 to Rs700,000. According to the Commission, compensation will be disbursed immediately through an automated system, removing the need for court proceedings. The Commission stated that the revised process is intended to improve efficiency and provide timely support to eligible beneficiaries.
The Commission further emphasized that the increase in commercial vehicle insurance policies demonstrates substantial growth in insurance coverage. According to the SECP, the number of policies has risen from 11,000 to more than 165,000, representing an increase of approximately 1,300 percent. These figures were presented by the Commission as part of its update on the insurance sector.
According to the SECP, the enhanced compensation mechanism and the automated payment process are designed to improve service delivery for accident victims. The Commission stated that eligible individuals will no longer be required to undergo court proceedings before receiving compensation, allowing payments to be processed more efficiently through the automated system.
Concluding its statement, the Securities and Exchange Commission of Pakistan reiterated that accident compensation has been increased from Rs20,000 to Rs700,000 and that payments will be made immediately through an automated system without court proceedings. The Commission also reaffirmed that commercial vehicle insurance policies have recorded a 1,300 percent increase, with the number of policies rising from 11,000 to more than 165,000.
**Reported by Azad News HD.**
