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1. INSURANCE
INDUSTRIES
PRESENTED BY:
GROUP 5

2. Content that we cover in this
presentation
 Insurance definition
 Insurance history
 Insurance types
 Background
 Insurance companies in Pakistan
 Explanation of all companies

3. INSURANCE
Insurance is amen of protection from financial loss. It can be termed as
a agreement between the policy owner and the insurer, where for a
consideration agrees to pay a sum of money upon the occurrence of
the individuals death or other event such as terminal illness or maturity
of the policy.

17. INSURANCE HISTORY

18. INSURANCE INDUSTRY SCENARIO IN
PAKISTAN
 The insurance industry in Pakistan, which should be described as A business
rather than an industry – It has shown some rapid progress in recent years.
 When Pakistan was established in1947, there were 77 insurance
companies in all. Today there are 52.
 In 1947, 70 of those 77companies were foreign companies and/or their
branches. Today there are 10.

19. CONTINUE…
Pakistan has 52 companies conducting general business.
Insurance companies are monitored by the controller of insurance, administrative arm not of the
ministry of industries but of the ministry of commerce
And they are governed by a law - the insurance act of 1938

20. INSURANCE ACT

21. INSURANCE ACT 1938
Dictionary of business and finance defines “insurance as a form of contract
agreement under which one party agrees in return for a consideration to pay an
agreed amount of money to another party to make good a loss damaged or injury
to something of value in which the insured has a interest as a result of some
uncertain event
The insurance act of 1938 was the first legislation governing all forms of
insurance to provide strict state control over insurance business

22. Insurance penetration on CY2000
 The total size of insurance business in various country depends on the nature of
insurance market, accounting procedures and financial development.
The insurance market in developing countries are characterized as suppliers of
insurance
In Pakistan 67.5 percent of population lives in rural areas and give low per
capita income
So Pakistan industry has not been able to create sizeable demand for its services

24. Number of insurance companies
The insurance market in Pakistan is broadly categories in two main
classes
 Life insurance
 Non-life insurance

33. Policy claim
Life insurance claim can arise either:
 On the maturity of the policy __ maturity claim
 On the death of the policy holder _ death claim
 Survival up to specified period during the term- survival benefits

34. Background
Insurance as a concept is not a new thing in this world . It’s been in existence for
countries.
MetLife and Alico were two different insurance companies before 2010. MetLife's
acquisition of Alico is consistent with MetLife's international growth strategy. It
accelerates the company’s global growth As Alico operates in more then 60
countries.

35. Insurance companies in Pakistan

36. Insurance companies in Pakistan
There are list of insurance companies but few of them are following..
 Jubilee insurance
 Adamjee insurance
 EFU general insurance
TPL direct insurance

37.  United insurance
 State life insurance corporation (SLIC)

38. Jubilee insurance
Jubilee general insurance company limited runs on integrity, certainty,
and teamwork. Since its inception, it has launched new initiatives and
strives to innovate the products it offers. The main office is in Karachi,
coupled with a dynamic network of branches in all major cities of
Pakistan.

39. Adamjee insurance
This company has proved itself to be one of the leading insurance
companies of Pakistan since the 1960s. It now also has a regional
presence in the united Arab emirates. Adamjee insurance is dedicated
to its corporate philosophy of developing services and products in
ways that most suit their clients and provide high levels of satisfaction.

40. EFU general insurance
The company was founded in 1932 and entered the Pakistan market in
1947, with a Karachi based head office. It quickly became an advanced
company that set high standards for competitors not only in the region
but also in afro-Asian countries. The company’s most appreciated asset
is the fact that they work individually with every client to make sure
every policy is a unique fit to client expectations.

41. TPL direct insurance
TPL was incorporated in 1992 and is a subsidiary of green oaks global
holdings limited. The company’s vision is to evolve by using the best
combination of technology and human resource capital. This could
help them become the most dominant insurance company in Pakistan.
Likewise, the company’s financial reports back this vision showing
evident growth and progress

42. United insurance
United insurance has a rich history, starting from 1959. With several
transformations along the way, the company now operates all over
Pakistan, with more than 100 branches. They offer many insurance
products and do business in group health insurance, travel insurance,
travel bonds & guarantees, livestock and crop insurance.

45. History
 The life insurance business in Pakistan was nationalized in march 1975. Prior to
1972, 36 life insurance companies were involved in the life insurance business
 These companies were later merged and placed under three bema units
 Later, these bema units were merged on November 1, 1972 and state life
insurance corporation of Pakistan came into existence
 The state life head office located at Karachi.

46. CONTINUE…
The state life is headed by a chairman, currently Shoaib Mir
Memon. the chairman is assisted by four directors
 The chairman and directors of state life are all appointed by
the government of Pakistan.

47. State life insurance corporation of
Pakistan(SLIC)
 The state life insurance corporation of Pakistan, commonly known
as state life or SLIC, is the largest life insurance company of
Pakistan.
It maintains an agency network of around 200,000 sales personnel
and is one of the largest companies in Pakistan by assets

48. Chairman said…
Shoaib Mir memon said that state life insurance is a very profitable
government organization
“It has paid more than Rs 2billion profit and income tax to the
federal government,” Mr. Memon told the committee

49. Loan policy
State life may grant a loan to the policyholder on his/her written request, against
the net surrender value of the policy.
The amount of loan shall not accede 80% of the said net surrender value.
State life at the time of granting loan .Loans of less than rs.100/-will not be
given

50. Rank of posts in SLIC

51. Subsidiaries
State life has the following subsidiaries:
Alpha insurance company limited
State life (Abdullah Haroon road) properties (private) limited
State life (Leckie road) properties (private) limited
State assets management company limited (SAMCO)

52. Investments
State life insurance corporation of Pakistan invests its funds in accordance with the
provisions contained in insurance ordinance 2000, insurance rules 2002 and
SRO(309) K of 1970 as amended to date by the government of Pakistan

53. summary
 Insurance as a concept is not a new thing in this world . it’s been in existence for
countries.
 Provide protection against occurrence of uncertain event
 Device for eliminating risk and sharing losses
 Co-operating method of spreading risk
 Facilitate international trade

54. Continue…
 Serves as a agency of capital formation
 Medical support
 Financial support
 Source of employment

55. Thanks!