Top Insurance Companies In Pakistan: Want to get insurance but don’t know which one is the best in Pakistan?
In this article, we will be exploring the top Insurance Companies In Pakistan currently operating in Pakistan.
If you are looking to get insurance right now or sho then, then you must know about these Companies. So, you make the right decision and informed decision.
Insurance companies in Pakistan offer the following insurance products:
- Life Insurance
- Car Insurance,
- Health Insurance
- Homeowner’s Insurance
There are many good insurance companies in Pakistan. But, the following Insurance Companies are highly recommended by our analysts:
Here is the list of the Top 10 insurance companies in Pakistan.
- EFU Life Assurance Ltd
- Adamjee Insurance Company Limited
- Jubilee Life Insurance
- National Insurance Company
- Askari General Insurance Company
- Alfalah Insurance Company Limited
Let’s discuss the Policy, features, benefits, and services offered by the Top Insurance Companies in Pakistan. Here we go!
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Best Insurance Companies In Pakistan | Top 5 Insurance Companies
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Table of Contents
- Best Insurance Companies In Pakistan | Top 5 Insurance Companies
- List Of Top Insurance Companies In Pakistan
- EFU Life Insurance Companies In Pakistan
- State Life Insurance Corporation Limited
- Pakistan Reinsurance Company Limited
- Adamjee Insurance Company Limited
- Postal Life Insurance Limited
- National Insurance Corporation Limited
- Askari General Insurance Company Limited
- Asia Insurance Company Limited
- FAQs | Insurance Companies In Pakistan
List Of Top Insurance Companies In Pakistan
This is the following list of top Insurance Companies In Pakistan.
- EFU Life Assurance Ltd
- Adamjee Insurance Company Limited
- Jubilee Life Insurance
- National Insurance Company
- Askari General Insurance Company
- Alfalah Insurance Company Limited
- EFU Life Insurance Companies In Pakistan
- State Life Insurance Corporation Limited
- Pakistan Reinsurance Company Limited
- Adamjee Insurance Company Limited
- Postal Life Insurance Limited
- National Insurance Corporation Limited
- Askari General Insurance Company Limited
- Asia Insurance Company Limited
- Habib Insurance Company Limited
- Dawood Family Takaful
- IGI General Insurance Limited
- Asia Insurance Co
- East West Insurance Co
- Askari General Insurance Company Limited
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EFU Life Insurance Companies In Pakistan
EFU Life Insurance Company stands as a beacon of innovation and reliability in Pakistan’s Insurance Companies landscape. Established as the country’s pioneering private sector life Insurance Company in November 1992.
Achievements
EFU Life has consistently been an industry in Pakistan, setting the bar high with its innovative offerings:
- Unit-Linked Products: EFU Life reshaped the insurance landscape by introducing unit-linked insurance products, which not only safeguard policyholders but also offer potential investment growth.
- Critical Illness Coverage: EFU Life stood at the forefront in introducing critical illness insurance, providing crucial financial support when policyholders face life-altering health challenges.
- Education Planning Solutions: Recognizing the significance of education, EFU Life crafted tailored plans to assist families in saving and strategizing for their children’s educational goals.
- Inflation Protection Benefit: EFU Life comprehends the impact of inflation on financial security, and thus introduced the Inflation Protection Benefit to ensure policy values remain resilient against rising costs.
- Pension Plans: EFU Life has led the way in offering pension plans, empowering individuals to secure their financial future and retirement, and providing peace of mind along the way.
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State Life Insurance Corporation Limited
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In March 1972, Pakistan nationalized the life insurance business, consolidating it under three Beema Units: “A,” “B,” and “C.”
Subsequently, these units merged, and on November 1, 1972, the management of the life insurance business was centralized under the State Life Insurance Companies Corporation of Pakistan.
Achievements
State Life Insurance Companies has emerged as a financially robust and influential organization, having made significant contributions to both the government and the economy since its inception in 1972.
- Dividend Payout: State Life has proven its profitability by disbursing a substantial Rs. 18.23 billion as dividends to the Government of Pakistan over the years.
- Economic Contribution: This institution has played a pivotal role in the country’s economy, offering employment opportunities, both as permanent employees and through its marketing force. Additionally, State Life has channeled substantial investments into various sectors, with an Investment Portfolio reaching Rs. 1,419.53 billion as of December 31, 2022.
- Real Estate Investments: State Life has strategically diversified its investment portfolio, including a book value of Rs. 3.573 billion in Real Estate. Remarkably, the fair value of these investments stands at approximately Rs. 109.85 billion during the same period.
- Capital and Premium Growth: State Life’s capital base has significantly expanded, growing from a humble Rs. 10 million in 1972 to an impressive Rs. 6.2 billion in 2022. Correspondingly, premium income has surged from Rs. 0.317 billion in 1972 to a substantial Rs. 243.211 billion in 2022.
- Investment Returns: The institution’s prudent investment strategies have yielded substantial returns. Investment income, inclusive of rental income, has swelled from Rs. 0.81 billion in 1972 to a noteworthy Rs. 140.059 billion in 2022.
- Statutory Fund: State Life’s total statutory fund has grown to an impressive Rs. 1,430.742 billion in 2022, marking substantial progress compared to Rs. 1.494 billion in 1972.
Pakistan Reinsurance Company Limited
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Established in 1952 as the Pakistan Insurance Companies Corporation, PRCL’s primary goal was to strengthen the local Insurance Companies.
Over time, it managed vital initiatives like the National Insurance Fund (NIF), National Coinsurance Scheme (NCS), War Risks Insurance (WRI), and the Export Credit Guarantee Scheme (ECGS), providing valuable support to the insurance and business sectors.
A significant transformation occurred in 2000 when the Pakistan Insurance Corporation became the public limited company known as Pakistan Reinsurance Company Limited (PRCL).
Achievements
Here are significant accomplishments and milestones in the history of Pakistan Reinsurance Company Limited (PRCL):
- PRCL’s $190 Million PAKSAT-1R Satellite Deal: PRCL played a pivotal role in securing a $190 million deal for the PAKSAT-1R Satellite of SUPARCO.
- Insurer Financial Strength (IFS) Rating: Pakistan Reinsurance Company Limited attained a notable Insurer Financial Strength (IFS) Rating, highlighting its financial stability and dependability.
- MAP Corporate Excellence Award 2011 for PAKRE: In 2011, PRCL’s subsidiary, PAKRE, received the Management Association of Pakistan’s (MAP) Corporate Excellence Award, acknowledging its exceptional performance and contributions to the corporate sector.
Adamjee Insurance Company Limited
Adamjee Insurance Company Limited (AICL) stands as a leading Insurance Company in Pakistan.
Established as a publicly listed Company on September 28, 1960, it remains a listed entity on the Pakistan Stock Exchange Limited.
AICL sets itself apart with its regional presence in the United Arab Emirates (UAE) and maintains its strong position through a steadfast dedication to its corporate ethos.
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Achievements
Adamjee Insurance Companies Limited (AICL) has achieved significant milestones, affirming its excellence and commitment to quality:
- IFS Rating of AA+ (Double A Plus) by PACRA: AICL’s financial strength and reliability have been recognized with an impressive IFS rating of AA+ by the Pakistan Credit Rating Agency Limited (PACRA).
- IFS Rating of B+ (‘B’ Plus) by AM Best: AICL’s consistent performance and stability have earned it an IFS rating of B+ by the reputable credit rating agency AM Best.
- ISO 9001:2008 Certification by Lloyd’s Register Quality Assurance: AICL has been awarded the prestigious ISO 9001:2008 certification, demonstrating its commitment to maintaining high-quality standards and services, as certified by Lloyd’s Register Quality Assurance.
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Postal Life Insurance Limited
In 1884, its origins harken to the protection of the lives of postal mail runners. Over time, its services extended to include other government employees.
Postal Insurance’s independence in 1947, Postal Life Insurance evolved into a prominent player within the life insurance industry.
It broadened its offerings to encompass the general public, establishing a widespread presence through the network of Post Offices under Pakistan Post.
Recognizing its significance, the Government of Pakistan (GoP) decided to create a distinct legal entity named “Postal Life Insurance Company Limited” (PLICL), separate from the Pakistan Post agency.
This transformation culminated in the incorporation of PLICL as a limited company on March 10, 2020, under the Companies Act, 2017. Following this, it was registered under the Securities and Exchange Commission of Pakistan Insurance Companies Division on August 26, 2020.
Today, PLICL offers a diverse range of individual, group life, and savings solutions through an extensive network of over 10,000 Post Offices and 47 field offices that cover the entire expanse of Pakistan.
National Insurance Corporation Limited
National Insurance Company Limited was founded in Pakistan on March 31, 2000, and was officially incorporated as an unquoted public limited company under the Companies Ordinance 1984, as per the NIC (Reorganization) Ordinance 2000.
The company is committed to providing comprehensive general insurance coverage for the movable and immovable assets owned by the Federal & Provincial Governments, Local Authorities, and Statutory Corporations.
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Achievements
- Dedication to Client Satisfaction:
- The company’s primary commitment revolves around offering clients advanced analysis, top-tier advice, and creative solutions.
- Their focus remains on risk transfer to globally acclaimed ‘A’ rated Re-insurers, ensuring comprehensive protection.
- Skilled Professional Team:
- The company places its trust in a team of technically adept professionals, ensuring efficient service delivery.
- They underscore the value of collaborative teamwork, integrity, and knowledge-sharing within their operational framework.
- Client-Focused Approach:
- At its core, the company adheres to a client-centric philosophy, prioritizing the best interests of its clients.
- Every decision and action taken is driven by the goal of serving their client’s needs and preferences.
- Competitive Strength through Expertise:
- The company’s competitive advantage centers on the quality of professionalism and expertise it offers.
Askari General Insurance Company Limited
Askari General Insurance Company Limited was founded in 1995 with a visionary mission to assume a leading position within the market.
AGICO operates as a Public Limited Company (PLC) and is actively traded on the Pakistan Stock Exchange. Furthermore, it is duly registered and subject to regulatory oversight by the Securities and Exchange Commission of Pakistan (SECP).
Achievements
- Perfect Policy Completion:
- Our consistent 100% policy completion rate showcases our exceptional efficiency and unwavering dedication to fulfilling our clients’ insurance requirements.
- Trusted and Satisfied Clients:
- Building a strong foundation of trust and satisfaction among our clients stands as a significant achievement, underscoring the high-quality service we provide.
- Wide range Branch Network:
- Our extensive branch network signifies remarkable growth and enhanced accessibility, ensuring our services are readily available to a diverse clientele.
- 100% Client Satisfaction:
- Achieving 100% client satisfaction is a remarkable feat, emphasizing our steadfast commitment to not only meeting but exceeding our clients’ expectations.
Asia Insurance Company Limited
Established in 1979, Asia Insurance is a publicly traded company specializing in a diverse range of property and casualty insurance solutions.
Asia Insurance has gained the trust and confidence of esteemed institutions, including the German development bank KFW.
Through their InsuResilience Investment Fund, which boasts an AAA rating from Fitch and an AA+ rating from Standard & Poor’s, and is expertly managed by the Swiss-based firm BlueOrchard Finance, KFW has made a substantial investment of Rs 350 million.
This strategic move has secured KFW a 25.4% stake in Asia Insurance Company Ltd, elevating the company’s total equity to over Rs one billion.
Achievements
- Wide-ranging Insurance Solutions: Asia Insurance offers a comprehensive selection of insurance products to address a variety of needs, including life, health, property, and more, ensuring clients have access to a broad spectrum of coverage.
- Tailored Policy Solutions: The company specializes in crafting personalized insurance policies that are tailored to individual customer requirements.
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FAQs | Insurance Companies In Pakistan
Write the name of the Top 5 Insurance Companies In Pakistan.
The name of Top 5 Insurance Companies In Pakistan are:
1. EFU Life Assurance Ltd
2. Adamjee Insurance Company Limited
3. Jubilee Life Insurance
4. National Insurance Company
5. Askari General Insurance Company
6. Alfalah Insurance Company Limited
What types of insurance do Insurance Companies offer?
Insurance Companies offer a wide range of insurance types, including life insurance, health insurance, auto insurance, home insurance, business insurance, and more.
How do Insurance Companies determine insurance premiums?
Insurance premiums are determined based on several factors, including the type of coverage, the insured person’s age, health, lifestyle, and the level of risk associated with the policy.
What types of insurance products does EFU Life offer?
EFU Life offers a range of insurance products, including life insurance, health insurance, and investment-linked plans.
What are the key insurance products offered by State Life Insurance?
State Life offers a variety of insurance products, including life insurance, pension plans, and endowment policies.
Is State Life Insurance backed by the government?
Yes, State Life Insurance is a government-owned insurance corporation, that provides policyholders with government-backed security.
What types of insurance coverage does Adamjee Insurance offer?
Adamjee Insurance provides a wide range of insurance solutions, including auto insurance, health insurance, and travel insurance.
What are some notable achievements of EFU Life Insurance Company in Pakistan?
EFU Life Insurance Company has achieved several milestones, including introducing unit-linked products, critical illness coverage, education planning solutions, inflation protection benefits, and pension plans.
What is the total statutory fund of State Life Insurance Corporation Limited as of 2024?
As of 2022, the total statutory fund of State Life Insurance Corporation Limited is Rs. 1,430.742 billion, marking substantial progress compared to Rs. 1.494 billion in 1972.
When did Pakistan Reinsurance Company Limited transform from Pakistan Insurance Corporation?
Pakistan Reinsurance Company Limited (PRCL) transformed from Pakistan Insurance Corporation in 2000. It has managed initiatives such as the National Insurance Fund, National Coinsurance Scheme, War Risks Insurance, and the Export Credit Guarantee Scheme.
Which insurance company in Pakistan has been recognized with an IFS rating of AA+ by PACRA?
Adamjee Insurance Company Limited (AICL) has been recognized with an Insurer Financial Strength (IFS) rating of AA+ by the Pakistan Credit Rating Agency Limited (PACRA).
When was Postal Life Insurance Company Limited incorporated, and what is its extensive network for providing insurance solutions?
Postal Life Insurance Company Limited was incorporated on March 10, 2020, and is registered under the Securities and Exchange Commission of Pakistan Insurance Companies Division. It provides insurance solutions through an extensive network of over 10,000 Post Offices and 47 field offices.
In which year was Asia Insurance Company Limited established?
Asia Insurance Company Limited was established in 1979. It received a significant investment of Rs 350 million from the German development bank KFW through its InsuResilience Investment Fund, securing a 25.4% stake in the company.
What specific initiatives has Pakistan Reinsurance Company Limited undertaken to support the insurance and business sectors?
Pakistan Reinsurance Company Limited has undertaken vital initiatives such as the National Insurance Fund (NIF), National Coinsurance Scheme (NCS), War Risks Insurance (WRI), and the Export Credit Guarantee Scheme (ECGS), providing valuable support to the insurance and business sectors.
What are the features of the Postal Life Insurance Company Limited through its extensive network of Post Offices?
Postal Life Insurance Company Limited offers a diverse range of individual, group life, and savings solutions through its extensive network of over 10,000 Post Offices and 47 field offices, ensuring accessibility and coverage for the entire population.
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