List Insurance Companies In Pakistan Law Company Business Partnership Essay

Published Date: 02 Nov 2017

Insurance is a risk transfer mechanism. It’s a processes in which specialist (insurance companies) who handle the risk by spreading it over a large number of people or firms take on accountability for losses. Number of individuals agree to pay certain sums of money for protection against loss called premiums.

Importance of Insurance?

In this modern age of technology the most sought out thin after assurance of wellbeing is economic security. Insurance would be the most important tool certifying security. In order to financially and economically protect themselves man came up with life and non-life insurance.

Life insurance subject is people and to provide financial security to the deceased family is its objective. While non-life or general insurance covers all goods and property, this is done to put an individual back at the same financial level as he was before the loss occurred. To protect oneself the horrendous effects of personal or property loss due to disastrous events insurance is the best way to protect oneself. Anything that has risk associated with it should be insured so that a person can do their work freely. Insurance is always there to protect and provide financial security. The progress of man and insurance is interrelated, as insurance is a great source revenue also it helps control inflation and capital formation for country’s development.

List of Insurance Companies in Pakistan

I. Public sector 

1. National Insurance Corporation                                                         

2. Pakistan Reinsurance Company Ltd.

3. Postal Life Insurance

4. State Life Insurance Corporation Ltd.

II. Private sector

a) Incorporated in Pakistan

1. Adamjee Insurance Company Ltd.

2. Agro General Insurance Company Ltd.

3. Allianz EFU Health Insurance Company Ltd.

4. Alpha Insurance Company Ltd.

5. Amercian Life Insurance Company Ltd.

6. Asia Insurance Company Ltd.

7. Asian Mutual Insurance Company Ltd.

8. Askari General Insurance Company Ltd.

9. Beema Insurance Company Ltd.

10. Business & Industrial Insurance Company Ltd.

11. Capital Insurance Company Ltd.

12. Central Insurance Company Ltd.

13. Century Insurance Company Ltd.

14. Commercial Union Life Assurance Company

15. Co-operative Insurance Society of Pakistan Ltd.

16. Credit Insurance Company Ltd.

17. Crescent Star Insurance Company Ltd.

18. Dadabhoy Insurance Company Ltd.

19. Delta Insurance Company Ltd.

20. E.F.U.General Insurance Company Ltd.

21. E.F.U.Life Insurance Company Ltd.

22. East West Insurance Company Ltd.

23. Excel Insurance Company Ltd.

24. Gulf Insurance Company Ltd.

25. Habib Insurance Company Ltd.

26. Indus International Insurance Company Ltd.

27. International General Insurance Co. of Pak

28. Ittefaq General Insurance Company Ltd.

29. Jupiter Insurance Company Ltd.

30. Metropoliton Life Assurance Company Ltd.

31. Muslim Insurance Company Ltd.

32. National General Insurance Company Ltd.

33. New Jubilee Insurance Comapny Ltd.

34. North Star Insurance Company Ltd.

35. Orient Insurance Company Ltd.

36. Pakistan General Insurance Company Ltd.

37. Pakistan Guarantee Insurance Company Ltd.

38. Pakistan Mutual Insurance Company Ltd.

39. Platinum Insurance Company Ltd.

40. Premier Insurance Company Ltd.

41. Prime Insurance Company Ltd.

42. Raja Insurance Company Ltd.

43. Reliance Insurance Company Ltd.

44. Seafield Insurance Company Ltd.

45. Security General Insurance Company Ltd.

46. Shaheen Insurance Company Ltd.

47. Sliver Star Insurance Company Ltd.

48. Union Insurance Company of Pakistan Ltd.

49. United Insurance Company of Pakistan Ltd.

50. Universal Insurance Company Ltd.

b) Incorporated abroad

1. ACE Insurance Aid Pacific Ltd.

2. CGU Assurance Company Ltd.

3. New Hampshire Insurance Company Ltd.

4. New Zealand Insurance Company Ltd.

5. Royal & Sun Alliance Assurance plc.

Insurance association Pakistan

The Insurance Association of Pakistan is a place where members can exchange their information, knowledge, experience and statistics.

By August 2012 the composition of Membership of the Insurance Association of Pakistan was 38 and they are as follows:

30 Non-life insurance companies (28 Pakistani and 2 foreign).

7 Life Insurance Companies (5 Pakistani & 1 Foreign) and a state-owned Re-insurer (PRCL) in Pakistan.

The job of the association is to encourage, provide backing and safeguard the status, mutual interest and prosperity of insurance Companies in Pakistan. IAP can act on the behalf of the members whenever their interest is affected.

IAP has set a road map, 5 year plan to achieve its objective which are as follows:

To develop strict code of conduct that all IAP members have to follow strictly.

Making sure that IAP members comprehend the regulatory requirements. So that they can better manage their business.

To launch an insurance campaign to tell the public about the benefits of different products and customer service quality.

Making sure that in the future Insurance industry are satisfactorily met.

Putting a stop to fraudulent or unrecognized insurance representatives.