List of Insurance Companies in Pakistan | Insurance in Pakistan

By admin Last updated Nov 30, 2020

Table of Contents

List of Insurance Companies in Pakistan | Insurance in Pakistan

Insurance in Pakistan

In recent years, insurance in Pakistan has become a fast-growing industry. usually divided into three components: life insurance, general health insurance and health insurance. Insurance policy is regulated in Pakistan in 2000.In April, 1948, the government of Pakistan set up the Department of Insurance as the Department of Trade. which is aimed at handling insurance affairs. The insurers and shipping, storage, communications and finance make up 24% of Pakistan’s 54% service sector contributing to the national GDP.

Insurance in Pakistan

Compared to the region’s peers,Pakistan’s insurance sector is fairly weak. In contrast to other jurisdictions the penetration and density of insurance remained very modest, although the insurance market remained underdeveloped in terms of potential.In recent years, Pakistan ‘s insurance sector has undergone significant structural changes through mergers of companies that meet the increased statutory minimum paid-up capital requirement in compliance with Insurance ordinance 2000.

Some companies that could not collect this capital were asked to close their activities. In order to reinforce Pakistan’s insurance industry reputation by issuing guidelines on financial stability, accountability and good governance and the sound business practise the Security and Exchange Commission of Pakistan (SECP) division.

In 2015, overall economic indicators in Pakistan improved, including curbing current-account deficits due to continuously falling international oil prices and a rise in foreign remittances. Sukuk Bond ‘s successful issue on the international market has contributed to the growth of foreign currency reserves to unparalleled levels.

China and Pakistan have entered into agreements between the two countries to create Pakistan’s Economic Corridor (CPEC). Pakistan’s economy, trade and connectivity with regional nations is expected to increase in the corridor.

In the background of the CPEC, Pakistan also signed with China a number of energy projects that will be possible in the near future to solve the energy crisis.
In the 2015 fiscal year, the economy expanded by 4.24%, the highest result since 2008-2009. Inflation remained significantly low during the year and hit the lowest since 2003.

There was 5% growth in the services sector against the 5.2% target, but it remained higher compared to a 4.4% increase last year.

Insurance can be divided into four categories:

Non Life
Life
Reinsurer
Takaful

List of notable insurance companies in Pakistan