Pakistan’s growing economy sees a steady rise in insurance companies.
The Insurance Ordinance of 2000 and the Insurance Companies (Nationalization) Act of 1974 both govern this sector.
There are currently 34 registered insurance companies in Pakistan, and the Securities and Exchange Commission of Pakistan (SECP) supervises the insurance industry.
Life insurance, health insurance, auto insurance, and fire insurance are just a few of the items that these businesses provide.
Things You Should Know About Life Insurance companies Investing:
You cannot afford to invest in life insurance in the incorrect place because it is a long-term investment.
It’s crucial to pick an accredited and reliable provider when selecting a life insurance coverage.
In Pakistan, there are a few different insurance providers, but picking the best one might be challenging.
Your choice should take into account your needs and financial constraints as well as the legitimacy of the provider.
Prior to actually purchasing a policy or entering into any arrangement, it is crucial to research the insurance company’s track record.
Research is crucial and will undoubtedly be advantageous in the long run
Read the terms and conditions carefully before purchasing any insurance, whether it is for a vehicle or for personal or medical use.
Pakistan’s top five insurance companies, ranked on assets:
Depending on your needs and preferences, several insurance firms offer a variety of insurance.
As per assets, the top five insurance providers in Pakistan are:
- Jubilee Life Insurance
- EFU Life Insurance
- Adamjee Insurance Company
- Alfalah Insurance Company
- Pakistan’s State Life Insurance Company
Jubilee Life Insurance:
Jubilee began as a public limited company in 1995 and is currently one of Pakistan’s well-known insurance providers of various plans.
Via its brand, Jubilee wants to bring joy to its clients
The business provides numerous insurance plans, including those for marriage, children’s schooling, and family insurance.
Jubilee additionally offers personalize plans based on consumers’ objectives and finances.
To meet their customers’ needs, Jubilee provides a range of insurance packages.
They can provide you with either comprehensive coverage or something more specialize.
– The following insurance plans are available to Jubilee’s clients:
- Individual life insurance helps in your financial planning for your child’s necessities, such as his or her education, healthcare, and marriage.
- Bancassurance is your one-stop shop for all of your financial, insurance, and banking needs.
- Micro-insurance is a type of insurance build specifically to meet the needs of those who are less fortunate.
- Online insurance allows you to purchase a policy online.
- Business insurance is a type of insurance geared for businesses.
- Family takaful is an insurance contract that complies with Islamic law.
EFU Life Insurance:
Throughout 1992, EFU has offered the best-value goods and services in Pakistan as the nation’s first private life insurance firm, making it a key player in the insurance sector of the nation.
They make it possible for you to lead a stress-free existence by taking care of the financial obligations associate with your life, family, and kids.
In Pakistan, EFU is among the most reputable and established insurance providers.
With a financial foundation and capital of over $1 billion, it is also one of the largest.
With a long history that dates back to 1932, the company is known for its top-notch customer service and for being among the best insurers in the nation.
– EFU provides a variety of important products, such as:
- Unit-related Products
- Severe illness Products
- Education Planning Product
- Inflation Prevention Advantage
- Pension Schemes
EFU offers its customers a wide range of high-quality items
EFU Life Plant is a mobile application that the business also provides, and you can easily track your data and information using this software.
The first life insurance company in Pakistan with an ISO certification is EFU Life Insurance.
Adamjee Insurance Company:
One of Pakistan’s biggest private general insurance businesses is Adamjee Insurance Company.
AICL is a well-known brand on a global scale, with operations in countries along with the United Arab Emirates.
It was establish in Pakistan on February 20 and begin operations on April 1 of that same year.
Almost 3,000 people work for the organization, which also has over 500 offices across the country.
The company provides a variety of insurance products, such as travel, vehicle, fire, and marine insurance.
Also, a variety of health insurance plans are available, such as family and group health insurance.
The business engages in the following types of business:
- Engineering insurance
- Fire & property insurance
- Health insurance
- Marine insurance
- Motor insurance
- Travel insurance
- Agriculture insurance
- Miscellaneous insurance
- Financial lines insurance
- Liability lines insurance
- Personal accident insurance
For its quality management system, Adamjee Insurance Company receives the ISO 9001:2008 accreditation.
Alfalah Insurance Company:
In the UAE, Alfalah Insurance Company is a prominent supplier of insurance goods and services.
For people, families, and businesses, the organization provides a comprehensive range of insurance products and services.
Alfalah Insurance is dedicated to offering top-notch goods and services that satisfy the needs of its clients.
The company offers a variety of insurance policies, along with:
- Health Insurance
- Motor Insurance
- Property Insurance
- Marine Cargo Insurance
- Energy Insurance
- Engineering Insurance
- Miscellaneous Insurance
Alfalah Insurance places a high priority on providing excellent customer service.
A team of trained and skilled employees is on hand at all times to respond to questions or address problems.
The business also has a 24-hour call center staff by actual experts
The company’s rating was recently raised by the Pakistan Credit Rating Agency (PACRA), which gave it the “AA” category.
This group represents sound financial standing and excellent services.
Pakistan’s State Life Insurance Company:
With more than 50 years of expertise in the field, the State Life Insurance Company of Pakistan (SLIC) is one of Pakistan’s top life insurance providers.
The business provides its clients with a comprehensive selection of life insurance products and services, such as term life insurance, whole life insurance, and universal life insurance.
– The foregoing are a few of the individual plans that the corporations offer:
- Whole Life Assurance.
- Endowment Assurance.
- Shad Abad Assurance.
- Anticipated Endowment Assurance
– Other types of insurance involve:
- Jeevan Sathi Assurance
- Child Protection Assurance
- Wealth Builder Plan
- Supplementary Covers
- Health Care Plans
SLIC is establish in Karachi, Pakistan, and has a network of more than 200 branches there.
The company oversees more over 320 billion rupees in assets and more than 2 million policyholders.
