Insurance in Pakistan is regulated under the Insurance Ordinance, 2000. In the past few years, it has transformed into a developing and fast growing market that is generally divided into three components: life insurance, general insurance and health insurance. The Government of Pakistan established the Department of Insurance in April 1948 as a department of the Ministry of Commerce the aim of this department is to take care of affairs related to the insurance industry. Out of the 54% that Pakistan’s service sector contributes to the national GDP, insurance, along with transport, storage, communications and finance occupy 24% of the sector.
The insurance industry in Pakistan is relatively small compared to its peers in the region. The insurance penetration and density remained very modest as compared to other jurisdictions while the insurance sector remained underdeveloped relative to its potential. The Pakistani insurance market has undergone major structural changes in last few years through mergers of companies to meet the increased statutory requirement of minimum paid up capital as per Insurance Ordinance 2000. Some companies who were unable to raise this capital have been asked to close down their operations. The Security and Exchange Commission of Pakistan(SECP), Insurance Division, is trying to improve the image of Pakistan Insurance Industry by issuing directives on financial security and transparency, code of good governance and sound market practice.
Insurance companies in Pakistan
List of notable insurance companies in Pakistan:
- TPL Insurance Limited
- State Life Insurance Corporation of Pakistan
- Salaam Takaful Limited
- Jubilee Life
- EFU Life
- UBL Insurers Limited
- IGI Insurance
- Adamjee Insurance
- Adamjee Insurance Co. Ltd.
- Alfalah Insurance Company Ltd.
- Allianz EFU Health Insurance Limited
- Alpha Insurance Co. Ltd.
- Asia Insurance Company Limited
- Pak Qatar Takaful Ltd.
- Askari Gen. Ins. Co. Ltd.
- Atlas Insurance Limited,
- Century Insurance Co.Ltd.
- Chubb Insurance Pakistan Ltd.
- Cooperative Ins. Society of Pak. Ltd.
- Crescent Star Insurance Ltd.
- East West Insurance Co. Ltd.
- EFU General Ins. Ltd.
- Excel Insurance Co. Ltd.
- Habib Insurance. Co. Ltd.
- IGI General Insurance Limited
- Jubilee General Insurance Company Limited
- New Hampshire Insurance Company.
- Premier Insurance Limited
- Reliance Insurance Co. Ltd.
- Security Gen. Ins. Co. Ltd.
- Shaheen Ins. Co. Ltd.
- Sindh Insurance Limited
- SPI Insurance Company Ltd
- The Pakistan Gen. Ins. Co. Ltd.
- UBL Insurers Limited
- United Ins. Co. of Pak. Ltd.
