List of Insurance Companies in Pakistan | Insurance in Pakistan

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List of Insurance Companies in Pakistan | Insurance in Pakistan

 

List-of-Insurance-Companies

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

 

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

  1. State Life Insurance Corporation of Pakistan
  2. Jubilee Life
  3. EFU Life
  4. UBL Insurers Limited
  5. IGI Insurance
  6. Adamjee Insurance
  7. Adamjee Insurance Co. Ltd.
  8. Alfalah Insurance Company Ltd.
  9. Allianz EFU Health Insurance Limited
  10. Alpha Insurance Co. Ltd.
  11. Asia Insurance Company Limited
  12. Pak Qatar Takaful Ltd.
  13. Takaful Pakistan Ltd.
  14. Askari Gen. Ins. Co. Ltd.
  15. Atlas Insurance Limited,
  16. Century Insurance Co.Ltd.
  17. Chubb Insurance Pakistan Ltd.
  18. Cooperative Ins. Society of Pak. Ltd.
  19. Crescent Star Insurance Ltd.
  20. East West Insurance Co. Ltd.
  21. EFU General Ins. Ltd.
  22. Excel Insurance Co. Ltd.
  23. Habib Insurance. Co. Ltd.
  24. IGI General Insurance Limited
  25. Jubilee General Insurance Company Limited
  26. New Hampshire Insurance Company.
  27. Premier Insurance Limited
  28. Reliance Insurance Co. Ltd.
  29. Security Gen. Ins. Co. Ltd.
  30. Shaheen Ins. Co. Ltd.
  31. Sindh Insurance Limited
  32. SPI Insurance Company Ltd
  33. The Pakistan Gen. Ins. Co. Ltd.
  34. TPL Insurance Limited
  35. UBL Insurers Limited
  36. United Ins. Co. of Pak. Ltd.
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