Adamjee Insurance Company Limited

Department of Business Administration and Management

Course: Financial Risk and Insurance Management
Project: Adamjee Insurance Company
Code: FINA 4122
BBA (2015-2019)
Section (A) Eve
8th Semester
UNDER THE GUIDANCE OF
Mam. Amna Aslam
SUBMITTED BY:
(Group Il)

1) Amna Hamid (BBA-15-2007)

2) Aqsa Tariq (BBA-15-2014)
3) Fiza Khan (BBA-15-2029)
4) Javeria Kaim (BBA-15-2041)
5) Kainat Javaid (BBA-15-2042)
6) Khadija Nasser (BBA-15-2046)

Date of Submission
May 16, 2019

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 Adamjee Insurance Company Limited

ACKNOWLEDGEMENT
We would like to express our special thanks of gratitude to our teacher Mam. Amna Aslam who
gave us the golden opportunity to do this wonderful project on the topic Adamjee Insurance
company, which helped us in doing a lot and we came to know about so many new things. We are
really thankful to her. Secondly, we would also like to thank my parents and friends who helped
me a lot in finalizing this project within the limited time frame.

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 Adamjee Insurance Company Limited

TABLE OF CONTENTS

1. Introduction Page
2. Governance
3. Quality Policy
4. Health and Safety Policy
5. Code of Conduct
6. Ethical Guidelines
7. Violation of ethical Guidelines
8. Compliance Procedures
9. Engineering Insurance
10. Fire and Property Insurance
11. Health Insurance
12. Marine Insurance
13. Motor Insurance
14. Travel Insurance
15. Agricultural Insurance
16. Miscellaneous Insurance
17. Financial Line Insurance
18. Liability Line Insurance
19. Personal Accident Insurance
20. Awards and Recognition
21. Memberships
22. Corporate Social Responsibility

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 Adamjee Insurance Company Limited

1. INTRODUCTION
Adamjee Insurance Company Limited (AICL) is the largest general insurance company in
Pakistan, incorporated as a Public Limited Company on September 28, 1960 and is listed on
Pakistan Stock Exchange Limited. AICL has a unique advantage of having regional presence in
United Arab Emirates (UAE) and maintains its standing through an unwavering commitment to
its corporate philosophy. AICL’s competitive advantage is achieved by a combination of having
the largest paid-up capital and reserves, and a well-diversified business portfolio.
A Truly Dynamic Business Setting
AICL aims to deliver innovative customer solutions, owing to its wide-ranging line of products.
Its employees are dedicated to performing their best for its valued customers, trained with all the
skills necessary for a truly outstanding customer service. The Company’s focus on strengthening
and expanding its global presence is reflected in its tapping the growth potential available in the
UAE market. AICL in collaboration with Hollard International, a South African company, has life
assurance operations under a separate entity namely, Adamjee Life Assurance Company Limited.
Delivering Value to Customers
Adamjee Insurance is broadly involved in underwriting the following classes of business:
 Fire and Property
 Marine Aviation and Transport
 Motor
 Accident & Health
 Miscellaneous Insurance
As a pioneer in the coverage of Oil & Gas (upstream & midstream), Wind and Thermal Energy
Risks, AICL has successfully assumed the role of the leading player in Pakistan’s insurance
industry. The Company has also managed to secure business being brought in by foreign investors
entering Pakistan to execute construction or infrastructure development projects. AICL’s
confidence lies in the large number of banking and financial sector clients that AICL insures. Some
of AICL’s high risk-value projects include risk-coverage provision to Petrochemical Factories and
Industrial Risk projects. AICL also specializes in insuring Engineering and Telecom concerns.
Alternatively, AICL serves Pakistan’s primary industry by providing coverage to the Textile and
Sugar sectors. AICL is proud to be the premier insurer of Kidnap & Ransom, Professional
Indemnity, Product Liability and other specialized lines in Pakistan.
A wide range of Shariah-compliant Takaful Products are also offered through AICL’s top-of-the-
line Window Takaful Operations, serving customers from all walks of life, on a much larger scale.
AICL’s customer-centric approach drives it forward in customer care. The Company’s financial
strength allows the timely remuneration and settlement of hefty claims. A competent team of
professionals works tirelessly to ensure comprehensive customer satisfaction and a 24/7 dedicated
customer care call center is always on call.

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 Adamjee Insurance Company Limited

Profile of the Company

Vision
“Our will is to Explore, Innovate and Differentiate.”
Mission
“Our passion is to provide leadership to insurance industry.”
Core Values
 Integrity
 Humility
 Fun at the Workplace
 Corporate Social Responsibility
Company Registration Number
0001190
National Tax Number
0709389-6
Registered Office
Adamjee Insurance Company Limited 4th Floor, Tanveer Building, 27 C-III, M M Alam Road,
Gulberg-III, Lahore. Phone: +92 42 35772960-79 Email: info@adamjeeinsurance.com
Associated Companies
1. MCB Bank Limited
2. Nishat Mills Limited
3. D.G. Khan Cement Company Limited

2. GOVERNANCE
Board of Directors
Board of Directors has elected in Extra Ordinary General Meeting
Umer Marsha-Chairman
Umer Mansha holds a bachelor’s degree in Business Administration from
USA. He has been serving on the Board of Directors of various listed
companies for more than 21 years. He also serves on the Board of MCB
Bank Limited, Adamjee Life Assurance Company Limited, Nishat Dairy
(Private) Limited, Nishat Hotels and Properties Limited, Nishat (Aziz
Avenue) Hotels and Properties Limited, Nishat (Raiwind) Hotels and Properties Limited, Nishat

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 Adamjee Insurance Company Limited

(Gulberg) Hotels and Properties Limited, Nishat Developers (Private) Limited, Nishat Agriculture
Farming (Private) Limited, Hyundai Nishat Motor (Private) Limited, Nishat Agrotech Farm
(Private) Limited and Nishat Mills Limited.
Mohammad Arif Hameed-Director
Mohammad Arif Hameed is a former Managing Director of Sui Northern
Gas Pipelines Ltd., a company he served for 37 years. He has vast
managerial experience in Gas Distribution, Sales, Billing, Logistics
Support, Procurement, and Legal. He has served as Director on the
Boards of Sui Southern Gas Company Ltd., Inter State Gas System (Pvt.)
Ltd., Petroleum Institute of Pakistan and LUMS. Presently, he is serving
as Director on the Board of DG Khan Cement Limited. He is a
Mechanical Engineer by profession and is registered with the Pakistan Engineering Council (PEC).
He also holds a master’s in administrative sciences and is a Law Graduate from University of the
Punjab, Lahore.
Ibrahim Shamsi-Director
Ibrahim Shamsi is the Chief Executive of Joyland Limited and AA
Joyland (Pvt.) Ltd. and is the Chairman of Cotton Web (Pvt.) Ltd.
Ibrahim earned his MBA from the Lahore University of Management
Sciences (LUMS). He has done Advance Management Program from
Harvard University, USA. He serves as the Director of Dupak Group of
Companies involved in real estate development in Pakistan. He also
serves on the board of Siddiqsons Ltd., Siddiqsons Tin Plate Ltd.,
Siddiqsons Energy Ltd. and MCB Islamic Bank Ltd.
Imran Maqbool-Director
Imran Maqbool serves as President & Chief Executive Officer of MCB
Bank Limited. He is a seasoned professional with over three decades of
diverse, international banking experience. Prior to his current role, he
was the Head of Commercial Branch Banking Group, where he
successfully managed the largest group of the Bank in terms of market
diversity, size of the workforce, number of branches, on a countrywide
basis and diversified spectrum of products. His earlier, multi-faceted
assignments included heading Wholesale Banking Group–North, Special Assets Management and
Islamic Banking. He was also posted as Country Head, MCB Sri Lanka. Before joining MCB Bank
in 2002, Imran was associated with local banking operations of Bank of America and Citi Bank
for over seventeen years where he worked in various senior management roles in respective banks.
He holds an MBA degree from the Institute of Business Administration (IBA-Karachi) as well as
an MS in Management from Sloan School of Management (Massachusetts Institute of
Technology) in the USA. He also serves on the board of MNET Services (Pvt.) Limited, MCB
Financial Services Limited, MCB Employees Foundation, Pakistan Tobacco Company Limited
and Adamjee Life Assurance Company Limited.

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 Adamjee Insurance Company Limited

Muhammad Antes-Director
Muhammad Anees is a director in Mahmood Group. He has led the group
to grow manifolds which is now among the top 10 exporters of Pakistan.
Under his leadership the group has emerged as one of the 5 largest groups
in Pakistan and is rated as one of the most technologically efficient textile
house. He has been able to diversify the group into various other
businesses like food & fruits, hospitality, real estate, leather tanning and
energy. He is one of the largest private solar energy producers in
Pakistan. He completed his bachelors and master’s degree in Business
Administration from Bahauddin Zakariya University, Multan. He also attended Wharton Business
School, USA to study financial management & risk analysis and Harvard Business School, USA
for strategic management. He also attended London School of Economics, UK and London
Business School, UK for personal development and entrepreneurial growth. Previously, he served
as the President D.G.Khan Chamber, SVC APTMA, President APBUMA, Director MEPCO and
Director MIEB. Presently, he is serving as a Board member of MSWMC, Incharge South Punjab
for APTMA and APBF, Member of PBC and Director of Punjab Industrial Board.
Muhammad Umar Virk-Director
Muhammad Umar Virk is the Chairman of Hira Terry Mills Ltd. and also
holds the position as Director of Trade Development Authority of
Pakistan. He is a qualified and professional Textile Engineer and did his
graduation in Textile Engineering in 1976. Muhammad Umar Virk,
founded Hira Terry Mills in late 2006-early 2007 near Lahore. He has
over 30 years vast experience of Textile Industry and knowledge of Yarn
& Towels Manufacturing.
Shaikh Muhammad Jawed-Director
Shaikh Muhammad Jawed was the Director of Din Leather (Pvt.) Ltd.
and has a vast experience in running a modern tannery. Due to his
technical expertise, Din Leather has received several export performance
awards, merits as well as best export performance trophies for the export
of Finished Leather from Pakistan and the Company’s contribution is
earning valuable foreign exchange for the country. Due to excellence in
quality and supply, the Company has also received a Gold Medallion
Award from the International Export Association, UK. Shaikh Muhammad Jawed has received
technical education in Leather Technology from Leather Sellers College, UK. He also serves as a
Director of Adamjee Life Assurance Company Ltd.

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 Adamjee Insurance Company Limited

Muhammad Ali Zeb-Managing Director & Chief Executive Officer

Muhammad Ali Zeb is a fellow member of the Institute of Chartered
Accountants of Pakistan and has over 23 years of diverse experience in
the Manufacturing, Financial and Insurance sectors. He started his
professional career from Nishat Mills in 1995 and joined Adamjee
Insurance as Chief Financial Officer in 2005 where he was promoted to
Executive Director Finance. He was appointed as Chief Executive
Officer in 2008 and remained in this position until March 2011. He has
also served as the Chief Financial Officer at City School (Pvt.) Ltd. before rejoining Adamjee
Insurance as the Chief Executive Officer in June 2013. He has served as the Chairman, Insurance
Association of Pakistan in 2014. He also serves on the Boards of MCB Bank Ltd, Adamjee Life
Assurance Company Ltd and Nishat Chunian Ltd.

3. QUALITY POLICY
The management and employees of Adamjee Insurance
demonstrate commitment in satisfying customer needs
for managing the risk assessment in General Insurance.
In alignment with satisfaction of customer needs,
processes are established to support the vision and
values of the company. We y

4. HEALTH & SAFETY POLICY

At AICL Health, Safety and Environmental (HSE)
responsibilities are integral to the way the company
operates. In carrying out all its activities, Management
and all employees believe that good HSE performance
contributes to business success. To realize this vision,
employees work together to protect the quality of the
environment and the health and safety of their
colleagues, customers, and neighbors. The company
aims to protect peoples’ health and minimize any
environmental impact that can occur during the
performance of their job functions. The HSE policy
follows all existing laws, regulations and amendments.

5. CODE OF CONDUCT
Scope

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 Adamjee Insurance Company Limited

This Code of Conduct applies to all employees of Adamjee Insurance Company Ltd. The Company
hereby requires the
Directors and its entire staff:
1. Management Employees (Permanent & Contractual)
2. Development Employees (Permanent & Contractual)
3. Third party Employees
The observance of high standards in the conducting of its business activities. All employees must
well understand and meet the standards of professional and personal Ethics/Integrity expected of
them to protect and safeguard the reputation of the Company. Contravention of “COC” will be
regarded as misconduct.
Purpose
The Company is proud of the values with which it conducts business. It has and will continue to
uphold the highest levels of business ethics and personal integrity in all types of Business activities,
transactions and interactions.
The ‘COC’ defines acceptable and unacceptable behaviors and It shall be disseminated throughout
the Company. This Code of Business Conduct serves to:
1. Emphasize the Company’s commitment to ethics and compliance with the law;
2. Set forth basic standards of ethical and legal behavior;
3. Provide reporting mechanisms for known or suspected ethical or legal violations;
4. Help prevent and detect wrongdoing.
This COC serves only as an Ethical Guide. If employees confront an ethically ambiguous situation,
they should remember the Company’s commitment to the highest ethical standards and seek advice
following the given hierarchy to ensure that all actions they take on behalf of the Company honors
this commitment.

7. ETHICAL GUIDELINES
Conflict of Interest:
A conflict can arise when an employee takes actions or has interests that may make it difficult to
perform his or her work for the Company objectively and effectively. Conflicts of interest may
also arise when an employee or members of his or her family, receives improper personal benefits
as a result of his or her position at the Company.
1. An employee has a prime responsibility to the company and is expected to avoid any
activity that could interfere with that responsibility.
2. The company purchases equipment, material and services for various aspect of its
operations. The employees are forbidden from holding any personal financial interest,
directly or indirectly in any deal of supplying goods or services to the company.

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3. Employees should not engage in any outside business or activity that might interfere with
their duties and responsibilities to the company.
Protection and Proper Use of Company Assets:
All employees should endeavor to protect the company’s assets and ensure their efficient use.
Theft, carelessness and waste have a direct impact on the company’s profitability. Any suspected
incident of fraud or theft should be immediately reported for investigation.
1. The company’s equipment should not be used for non-company business.
2. The obligation of employees to protect the company’s assets includes its proprietary
information which includes intellectual property such as trade secrets, patents, trademarks,
copyrights as well as business marketing and service plans, designs, databases, records,
salary information and any unpublished financial data and reports.
3. Funds and assets received or disbursed should be fully and accurately reflected in the books
and the records of the company. No false or fictitious entries should be made or misleading
reports pertaining to the company or its operations should be issued.
4. No funds or assets of the company should be contributed directly or indirectly to any
political party or organization or to any individual who either holds public office or is a
candidate for public office.
5. Unauthorized use or distribution of company’s information/funds/assets would violate
company policy. It could also be illegal and result in civil or criminal penalties.
6. Staff should not tamper with or misuse any item provided by the company to secure the
safety, health and welfare of its staff and for the protection of the environment.
Fair Dealing:
All Employees shall behave honestly and ethically at all times and with all people. They shall act
in good faith, with due care, and shall engage only in fair and open competition, by treating
competitors, suppliers, customers, and colleagues ethically. Stealing proprietary information,
possessing trade secret information that was obtained without the owner’s consent, or inducing
such disclosures by past or present employees of other companies is prohibited.
1. No employee should take unfair advantage of anyone through manipulation, concealment,
abuse of privileged information, misrepresentation of material facts, or any other unfair
practice.
2. The purpose of business entertainment and gifts in a commercial setting is to create good
will and sound working relationships, not to gain unfair advantage with customers. No gift
or entertainment should ever be offered or accepted by an employee or any family member
of an employee unless it
 is consistent with customary business practices
 is not excessive in value
 cannot be construed as a bribe or payoff
 does not violate any laws or regulations.
3. The offer or acceptance of cash gifts by any employee is prohibited.

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4. Employees should Seek Guidance for any gifts or proposed gifts which they think may be
inappropriate.
5. Employees should neither give nor receive payments that are intended to influence a
business decision or to compromise independent judgment nor should any staff member
receive money for having given Company business to an outside agency.
6. No employee shall seek, accept or permit him/her to accept any gift or favor, the receipt of
which will place him/her under any form of official obligation to the donor. As part of
building relationship with customers, suppliers, etc. staff members may receive occasional
gifts, provided that the gift is of nominal value (e.g. pens, notepads, calendars, diaries, key
chains or such promotional material) and the gift is neither intended nor perceived by others
to be intended to improperly influence business decisions
7. Employees should exercise good judgment so as to act in a manner that will reflect
favorably on the Company and the individual.
8. Employees should take reasonable care to ensure the health and safety of him/her and
others who may be affected by his/her acts or omissions at work.
9. All employees work towards achievement of corporate objectives, individually and
collectively as a team and conduct themselves at work and in society as respectable
employees and responsible citizens.
10. Employees will maintain an environment that is free from harassment and in which
everyone is equally respected. Workplace harassment is defined as any action that creates
an intimidating, hostile or offensive work environment. Such actions include, but are not
limited to, sexual harassment, disparaging comments based on gender, race or religion.
11. A customer, whether coming to us directly or through some agent, is the most important
visitor on our premises. He is not dependent on us - we are dependent on him. He is not an
outsider in our business - he is a part of it. We are not doing him favor by serving him, he
is doing us a favor by giving us the opportunity to do so. If we don’t take care of our
customers, somebody else will.
Confidentiality:
Employees must maintain the confidentiality of the confidential information entrusted to them,
except when disclosure is authorized. Confidential information includes all non-public information
that might be of use to competitors or harmful to the company or its customers if disclosed. It also
includes information that suppliers and customers have entrusted to the company. The obligation
to preserve confidential information continues even after employment ends.
1. In a personal capacity also, due care should be taken by employees while discussing the
company’s performance or plans with outsiders. In case of doubt, Seek Guidance.
2. Staff should not keep or make copies of correspondence, documents, papers and records,
list of clients or customers without the consent of the company and all such information
should be surrendered to the company when the individual leaves the company’s
employment.

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 Adamjee Insurance Company Limited

3. Company information and records should be kept on company premises only and
unpublished information may be disclosed to external organizations/individuals only on
“need to know” basis. In case of doubt in this regard, Seek Guidance.
Compliance with Laws, Rules and Regulations:
Obeying the law, both in letter and in spirit, is the foundation on which the company’s ethical
standards are built. In conducting business, the employees shall comply with applicable
governmental laws, rules and regulations at all levels. Although not all employees are expected to
know the details of these laws, it is important to know enough about the applicable local and
national laws to determine when to Seek Guidance.
1. All employees and management personnel should strictly adhere to the Company rules and
regulations, observe the best codes of conduct and abide by all laws of Pakistan.
2. The use of alcohol in any form is prohibited on all company locations/premises. Similarly,
the use of drugs except under medical advice is prohibited on all company
locations/premises. Any staff member arriving at a work place under the influence of
alcohol or drugs will not be permitted to enter the premises and will be liable to disciplinary
action.
3. All forms of gambling/betting on the company’s premises are forbidden.

8. VOILATION OF ETHICAL GUIDELINES

Reporting Known or Suspected Violations:
The Company’s directors, CEO, senior financial and legal executives shall promptly report any
known or suspected violations of this Code to HR at voice@adamjeeinsurance.com
All other employees should Seek Guidance (following the Hierarchy defined above in
“PURPOSE”) about known or suspected illegal or unethical behavior. The employees may also
report questionable behavior by sending an email to voice@adamjeeinsurance.com
(confidentiality will be ensured). No retaliatory action of any kind will be permitted against anyone
making such a report in good faith, and the Company will strictly enforce this prohibition.
Accountability for Violations:
If the management or its designee determines that this Code has been violated, either directly, by
failure to report a violation, or by withholding information related to a violation, the offending
employee may be disciplined for noncompliance with penalties up to and including removal from
office or dismissal. Such penalties may include written warnings to the individual involved that a
violation has been determined, censure by the management, demotion or re-assignment of the
individual involved and suspension with or without pay or benefits. Violations of this Code may
also constitute violations of law and may result in criminal penalties and civil liabilities for the
offending employee and the Company. All employees are expected to cooperate in internal
investigations of misconduct.

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9. COMPLIANCE PROCEDURES
We must all work together to ensure prompt and consistent action against violations of this code.
In some situations, however, it is difficult to know if a violation has occurred. Because we cannot
anticipate every situation that will arise, it is important that we have a way to approach a new
question or problem. These are the steps to keep in mind:
 Make sure you have all the facts - In order to reach the right solutions, we must be as
informed as Possible.
 Ask yourself - What specifically am I being asked to do? Does it seem unethical or
improper? Use your judgment and common sense. If something seems unethical or
improper, it probably is.
 Clarify your responsibility and role - In most situations, there is a shared responsibility.
Are your colleagues informed? It may help to get others involved and discuss the problem.
 Discuss the problem with your manager - This is the basic guidance for all situations. In
many cases, your manager will be more knowledgeable about the questions and he or she
will appreciate being consulted as part of the decision-making process.
 Seek help from Company resources – In cases where it would be inappropriate or
uncomfortable to discuss an issue with your manager or where you believe your manger
has given you an inappropriate answer raise your concerns to HR
(Voice@adamjeeinsurance.com).
 You may report ethical violations in confidence without fear of retaliation – If your
situation requires that your identity be kept secret, your anonymity will be protected to the
maximum extent consistent with the Company’s legal obligations. The Company in all
circumstances prohibits retaliation of any kind against those who report ethical violations
in good faith.
 Ask first, act later - If you are unsure of what to do in any situation, seek guidance before
you act.

10. ENGINEERING INSURANCE

 Machinery Insurance
This Insurance has been developed to grant industry effective insurance to the insured plant and
machinery necessitating their repair or replacement due to sudden and unforeseen loss or damage
to machinery
Risk covered
The most important causes of loss or damage indemnifiable under this insurance are electrical or
machinery Breakdown, faulty design, faults at workshop or in erection, defects in casting and
material, bad workmanship, negligence, lack of skill, physical explosion.
Main exclusions
War or like operations, terrorism, riot, strike, civil commotion, nuclear reaction, radioactive
contamination, wear and tear, exchangeable tools, fire, chemical explosion, acts of God, willful
negligence, theft, consequential loss.

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 Adamjee Insurance Company Limited

Other related products available

 Loss of contents following machinery breakdown
 Contamination of contents following machinery breakdown

 Electronic Equipment Insurance

This Insurance has been developed to grant industry effective insurance provides cover against
unforeseen and sudden physical loss of or damage to Electronic Equipment necessitating their
repair or replacements which generally have only low to moderate power requirement.
Risk covered
The most important causes of loss or damage indemnifiable under this insurance are short circuit
and other electrical causes, fire, lightening, explosion, negligence, lack of skill and Burglary.
Main Exclusions
War or like operations, terrorism, riot, strike, civil commotion, nuclear reaction, radioactive
contamination, wear and tear, exchangeable tools or items, acts of God, willful negligence, theft,
consequential loss.

 Broiler& pressure vessel insurance

This insurance has been developed to grant industry effective insurance cover for plant under
steam, air or other pressure, such as boilers, economizers, super-heaters and miscellaneous
pressure vessels and containers having valid inspection certificate issued by the competent
authority. This insurance policy can be extended to cover third party property damage and bodily
injury.
Risk covered
The causes of loss or damage indemnifiable covered under this insurance are explosion and
collapse damage (other than fire damage) to boilers or pressure vessels.
Main Exclusions
War or like operations, terrorism, riot, strike, civil commotion, nuclear reaction, radioactive
contamination, wear and tear, failure of individual tubes, property belonging to insured, acts of
God, willful negligence, consequential loss.

 Contractors all risk insurance

This insurance has been developed to grant industry effective insurance cover against material
damage to contract works and legal liability to third Party in respect of bodily injury and property
damage in connection with the execution of a construction project.
Risk covered
The most important causes of loss or damage indemnifiable under this insurance are Fire,
Lightning, Explosion, Flood, Inundation, Windstorm, Earthquake, Theft and burglary.
Main Exclusions

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 Adamjee Insurance Company Limited

War or like operations, terrorism, riot, strike, civil commotion, nuclear reaction, radioactive
contamination, cessation of work, wear and tear, defective material/workmanship/design,
electrical or mechanical breakdown, willful negligence, consequential loss.
Other related products available
 Contractor's Plant and Equipment Insurance
 Delay in Startup following CAR Insurance

 Erection all risk insurance

This Insurance has been developed to grant industry effective insurance cover against material
damage to machinery, plant and steel structures of any kind, as well as third-party claims in respect
of property damage or bodily injury arising in connection with the execution of an erection project.
Risk Covered
The most important causes of loss or damage indemnifiable covered under this insurance are Fire,
Lightning, Explosion, Flood, Inundation, Windstorm, Earthquake, Theft, burglary, Negligence,
Short-circuit and Testing.
Main Exclusions
War or like operations, terrorism, riot, strike, civil commotion, nuclear reaction, radioactive
contamination, cessation of work, wear and tear, defective material/workmanship/design,
electrical or mechanical breakdown, willful negligence, consequential loss.
Other related products available
Contractor's Plant and Equipment Insurance
Delay in Startup following EAR Insurance

11. FIRE AND PROPERTY INSURANCE

Fire Insurance policy provides compensation to the insured person or firm in the event of damage
to the property insured (i.e. buildings, stock, machinery and other contents) caused by fire,
lightning)
Coverage
The insurance policy broadly covers losses due to: Fire, Lightning and Explosion (due to domestic
boiler only).
Additional Coverage
Riot and Strike, Malicious Damage, Explosion, Atmospheric Disturbance (Flood, inundation,
etc.), Earthquake, Fire & Shock, Aircraft Damage, Impact Damage, Burglary and Housebreaking,
Electrical Clause B, Removal of Debris and Loss of Rent.
Main Exclusions
Theft / Burglary House Breaking, Willful Act, Gross negligence, Loss to bullion, documents,
currency etc., Loss of earnings/ Business Interruption, Losses arising out of War and War like
situations, Terrorism, Civil Commotion, Popular / Military Rising, Insurrection etc., Nuclear
Fission/ Biological etc., Spontaneous Combustion, Loss or damage to the property insured by order
of public authority and Misrepresentation.

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Other Products Available

 Property All Risks
 Comprehensive Machinery Insurance
 Consequential Loss due to Fire / Business Interruption
 Terrorism
 Hotel Owner’s All Risk Insurance
 Home Insurance
 Shop Owner’s Comprehensive Insurance

12. HEALTH INSURANCE

Adamjee Insurance is one of the leading Health Insurance providers catering to the health and
medical needs of the Corporate and SME sectors for their employees with customized benefits
structure and value-added services. We guarantee you the best quality services that not only give
you peace of mind for being insured by a leading and dependable insurer but also ensures fast and
speedy access to medical services when the need arises. We offer customized health insurance
plans to cater your needs.
Benefits & Coverages
 Hospitalization Benefit
 Major Medical Benefit (Optional)
 Maternity Coverage (Optional)
 Out Patient Coverage (Optional)
Additional Benefits
 Terrorism Cover i.e. insured is injured due to terrorist attack.
 International Cover** (subjected to additional terms)
 Complimentary Accidental Coverage** (Coverage limits may vary)

13. MARINE INSURANCE

Marine Insurance covers damages to the shell and machinery of the vessel, cargo carried on the
vessel, and offers protection against liabilities to shipping and transport related companies.

 Marine Hull
This policy covers losses / damages to the shell and machinery of the vessel caused by maritime
perils.

Benefits and Coverage:

This insurance policy covers the following perils, losses and damages including Perils of the seas,
rivers, lakes or other navigable waters, Fire and explosion, Violent theft by outside persons:

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Jettison or Piracy, Contact with land conveyance, Earthquake, volcanic eruption or lightning,
Accidents in loading, discharging or shifting cargo or fuel, Crew or Pilots, Negligence of repairers
or charter, Crew Contact with aircrafts, helicopters or similar objects, or objects falling there from
and charges when general average is declared.

 Marine Cargo
Marine Cargo caters to losses /damages pertaining to cargo / freight carried on the vessels. We
provide all risks coverage as well as policies covering limited risks depending upon the needs of
our valued clients.

Benefits and Coverage:

Our marine cargo insurance covers different risks depending upon the type of coverage sought by
our customers. The policy provides: Protection against "All Risk" for loss and damage to cargo
resulting from a fortuity during transit by sea, air, road and rail, Restricted coverage depending
upon customer need other then All Risk for transit by sea, air, road and rail.

 Marine Umbrella
Marine Cargo caters to losses /damages pertaining to cargo / freight carried on the vessels. We
provide all risks coverage as well as policies covering limited risks depending upon the needs of
our valued clients.

Benefits and Coverage:

This insurance could be of substantial benefit to: Ship or vessel operators, Freight forwarders, road
transport operators, NVOC, railway operators, carriers by air, ware house depot operators, Ship
agents, brokers and the services associated with shipping transportation, Terminal operators,
operators of container/trailer and storage and repairers

14. MOTOR INSURANCE

Motor Insurance policy is mandatory under the Motor Vehicle Act. Owing Adamjee Insurance
Company Limited Motor Insurance ensures that the owner of vehicle is protected from financial
losses, caused by damage or theft to the vehicle and third-party liability.

 For Individuals (Retail Auto Insurance)

Adamjee Insurance in the year 2008 launched Online Policy Issuance in alliance with the leading
manufacturer in Auto Sector- Pak Suzuki. This launch was on pan Pakistan basis. Since then the
alliance has gained & shown significant growth over time. Presently, “Suzuki Insurance” Program
is running successfully.

Retail Insurance has entered in the Toyota & Honda Market. Retail department made alliances
with the Vehicle Tracking Companies to provide their customers complete package of "Insurance

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plus Tracker". The target market of the department is strictly Retail customers who are purchasing
vehicles from 3S Authorized Dealerships.

Retail is also providing same facilities to the Used cars customer in collaboration with the 24/7
Call Centre (Toll Free Number 0800-00242) & providing best services to their customers

14. TRAVEL INSURANCE – “GO-SECURE”

Designed to fulfill your traveling needs and to make your journey stress free in event of any
unforeseen event, Go Secure gives you 24/7 unmatched coverage against travelling
inconveniences whether you are travelling for business or leisure. Partnering with the world
renowned International SOS, we are just a call away to help in gaining health care services at your
destination. Besides medical assistance, our customer care services also excel in providing
concierge, travel, cash emergency and a wide range of hotline services, with the facility of direct
settlement of medical claims in the Schengen States.

Adamjee Insurance is broadly involved in underwriting the following Plans for Travel Insurance
– “Go Secure”

1. All Schengen insurance policies cover an amount of 30,000 Euros for any medical,
hospitalization & repatriation costs during any single trip into the Schengen states.
2. Pre-existing medical conditions and any treatment related to cancer & pregnancy is not
covered.
3. Change in policy date is only acceptable before starting date of policy.

Travel Insurance
1. Direct Settlement of Medical Claims in Schengen States
2. Worldwide Travel and Medical Assistance Services
3. 24/7 international SOS Hotline 00971 4601 8823

 International Plans
1) Maximum 90 days trip is coved in annual multi trip plans of Elite, Bliss & Schengen delight
2) Maximum 60 days trip is coved in annual multi trip plans of Schengen Basic & Care.
3) Medical treatment related to any pre-existing condition, cancer or pregnancy fall under
exclusion and is not covered.
4) Family policy includes on insured person, spouse aged up to 65 there in birthday and
unlimited children below the age of 18 there in birthday
5) Please refer to the terms & condition for details provided in the policy wording.
6) Premium amount is inclusive of all applicable taxes and stamp duty.

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BENEFITS & SUM INSURED TABLE

Description of Cover Schengen Insurance Policies

Elite Bliss Schengen Delight Schengen Basic Care

Section 1 - Medical Benefits
Emergency Medical $150,000 $100,000 $50,000 $50,000 $10,000
Expenses
Emergency Dental $1,000 $500 $300 $300 -
Care*
Deductible on $100 $100 $100 $100 $100
Medical & Dental
Emergency Medical Included Included Included Included Included
Evacuation
Compassionate Visit Included Included - - -

Repatriation of Included Included Included Included Included

Mortal Remains
Return of Dependent Included Included Included Included Included
Child
Delivery of Included Included Included - Included
Medicines
24/7 Worldwide Included Included Included Included Included
Assistance Services
Section 2 - Personal Accident Benefits
Accidental Death $30,000 $20,000 $15,000 $5,000 $10,000

Accidental Death $30,000 $20,000 $15,000 $5,000 -

(Common Carrier)
Permanent Total Disability
Section 3 - Travel Inconvenience Benefits
Baggage Loss - $1,000 $1,000 $500 - $200
Checked In (Limit of
10% per item)
Baggage Delay - $400 $150 $75 - $50
Checked In (Excess
First 8 Hours)
Flight Delay (Excess $500 $300 $200 - $100
First 12 Hours)

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Passport Loss (Excess $500 $300 $200 - $100

$25 EEL*)
Credit Card Loss - $600 $500 $300 - -
Cash Advance
Trip Cancellation & $500 $400 $300 - -
Curtailment
Personal Liability $200,000 $100,000 $25,000 - $15,000
(Excess $1,000 for
TPPD

 Student Plans
1) Emergency Medical Expenses are limited to hospitalization only.
2) Optional cover of Tuition Fee is only applicable "with Tuition Fee Cover" plans
3) Age Limit in all Student Plans is 16 to 45 years
4) All plan types fulfill Schengen Visa requirements
5) A Valid copy of university acceptance letter/admission letter is required for issuance of
student Travel insurance policy.
6) Student Policies are covered for the entire period of insurance (180 & 365 consecutive
days) according to the selected plan.

STUDENT POLICY PREMIUM TABLE FOR TAX FILERS

Premium Rates in PKR Without Tuition Fee (Optional Cover)
DURATION Student Delight Student Basic
Six months 25,000 8500
One Year 48,000 17,500
Premium Rates in PKR With Tuition
Fee (Optional Cover)
Duration 30,000 12,500
Six Months 54,000 22,500

STUDENT POLICY PREMIUM TABLE FOR NON-TAX FILERS

Premium Rates in PKR Without Tuition Fee (Optional Cover)
DURATION Student Delight Student Basic
Six months 25,875
One Year 49,682

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Premium Rates in PKR With Tuition

Fee (Optional Cover)
Duration
Six Months 31,051 12,937
One year 55,839 23,288

 Hajj or Umrah Plans

1) Maximum 60 days per trip is covered in Annual Multi-Trip Plan
2) Family policy includes on insured person, spouse aged up to 65 there in birthday and
unlimited children below the age of 18 there in birthday
3) Premium amounts are inclusive of all applicable taxes and stamp duty.
4) Medical treatment related to any pre-existing condition, cancer or pregnancy fall under
exclusion and is not covered.

Hajj, Umrah & Ziarat Plan

PREMIUM TABLE FOR TAX FILERS (All Amounts in Pak Rupees)
Duration up to Premium
Individual Family
7 days 500 800
10 days 600 900
15 days 800 1,000
21days 1,000 13,00
31days 11,00 15,50
62 days 19,00 27,00
92 days 27,00 4,400
122 days 35,00 5,000
152 days 4,000 6,500
180 days 45,00 8,200
Annual Multi Trip 1 year 62,00 9,300
Senior Age Extension for 100% increase -
those aged 65-85

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Hajj, Umrah & Ziarat Plan

PREMIUM TABLE FOR NON-TAX FILERS (All Amounts in Pak
Rupees)
Duration up to Premium
Individual Family
7 days 516 826
10 days 619 930
15 days 826 1,137
21days 1,033 1,344
31days 11,37 1,603
62 days 1,965 2,793
92 days 2,793 4,553
122 days 3,621 5174
152 days 4,193 6726
180 days 4,656 8486
Annual Multi Trip 1 year 5,416 9625
Senior Age Extension for 100% increase -
those aged 65-85

Benefit & Sum Insured Table

Section 1- Medical Benefits
Emergency Medical Expenses - Accident & $10,000
Sickness
Emergency Dental Care $300
Deductible on Medical & Dental $100
Emergency Medical Evacuation INCLUDED
Repatriation of Mortal Remains INCLUDED
Return of Dependent Child INCLUDED
Delivery of Medicines INCLUDED
24/7 Worldwide Assistance Services INCLUDED
Section 2 - Personal Accident Benefits
Accidental Death $10,000
Accidental Death (Common Carrier) As per compensation table Limits
Permanent Total Disability As per compensation table Limits
Section 3 - Travel Inconvenience Benefits
Baggage Loss - Checked In (Limit of 10 % per $150
item)

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Baggage Delay -Checked In (Excess First 8 $50

Hours)
Flight Delay (Excess First 12 Hours) $100
Passport Loss (Deductible @ $25 EEL*) $100
Credit Card Loss - Cash Advance $100

 Domestic Travel Insurance

1) Maximum 30 days per trip covered in annual Multi-Trip Plan.
2) Customers between ages 6 months and up to their 65 birthday.
3) Family policy Includes Insured Person, spouses and 4 children limit age for children is 6
months and up to their 18 birthday.
4) Premium amount is inclusive of all applicable taxes and stamp duty

Premium Table for Tax Filer (All Amounts in Pak Rupees)

Duration Up to Individual Rates Family Rates
Delight Basic Delight Basic
7 days 440 350 820 550
15 days 880 700 1,640 1,100
21 days 1,320 1,050 2,460 1,6502
30 days 1,760 1,400 3280 2,200
365 Days Annual Multi Trip 6,000 4,500 11,730 8,000

Premium Table for Non- Tax Filer (All Amounts In Pak Rupees)
Duration Up to Individual Rates Family Rates
Delight Basic Delight Basic
7 days 454 361 847 568
15 days 909 7231 1,696 1,137
21 days 1,365 1,085 2,545 1,706
30 days 1,760 1,447 3,393 2,275
365 Days Annual Multi Trip 6,000 4,656 12,140 8,279

Benefits Delight Basic

Sum Insured Per Person (All Amount Are In PKR)
Section 1 – Medical Benefits
Emergency Medical Expense 50,000 25,000

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Emergency Medical 30,000 15,000

evaluation
Repatriation of mortal 15,000 15,000
remains
Section 2- Personal Accident Benefits
Accidental Death 1,000,000 500,000
Section 3 – Travel Inconvenience Benefit
Loss of Baggage 7500 3500
Loss of CNIC 2000 1500

Benefits
 Emergency Medical Expenses Benefit
 Personal Accident Benefit
 Travel Inconvenience Benefit
 24/7 International SOS. Hotline Number: 00971 4601 8823

Salient Features
1. All Schengen insurance policies cover an amount of 30,000 Euro for medical,
hospitalization & repatriation costs during any single trip into the Schengen states.
2. Direct settlement of hospitalization medical claims in Schengen States

15. AGRICULTURE INSURANCE

 Crop Insurance
Pakistan's agricultural sector is being the largest sector yet still widely disregarded in terms of
insurance, Adamjee Insurance took an initiative to introduce the concept of Crop Insurance. The
time from crop sowing to harvest is extremely crucial for the farmers. The field of agriculture is
always exposed to hazards of floods, droughts, rains, and hail storms.

Why Adamjee Insurance?

Farmer's assets are secured, brings stability to farmer's income, in case of crop damage, insurance
company covers loan taken from bank, Farmers get financial aid for re-cropping, Gives a secured
and peaceful life.

Benefits and Coverage

The scheme shall cover the production loans provided by the Banks to the farmers. Under this
policy is against unavoidable loss of crops or resulting directly from Flood, Drought, Excessive
rain, Hailstorm, Frost, Locust attack, Disease and Insect attack.

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 Livestock Insurance
Pakistan has an agrarian economy and its livestock component being more than 50%. To meet the
growing needs of our farmers, Adamjee Insurance Company has introduced Livestock Insurance.

Why Adamjee Insurance?

Protection of Livestock, Payment to the owner in case of death of livestock as per policy
guidelines, Guidance in case of illness of your livestock, State-of-art methods of livestock care
and Professionally qualified veterinary doctors.

Benefits and Coverage

The core emphasis of Adamjee Livestock Insurance is to provide peace of mind and secure
necessities related to livestock. The policy coverage includes: Death coverage of cattle due to
natural causes, disease, injury, or accident, Specialized doctors assigned task of providing farmers
with latest farming procedures and practices.

16. MISCELLANEOUS INSURANCE

Miscellaneous class of business offers various kinds of insurance products that include Public
liability, Group Health, Personal Accident, liabilities associated with employers, insurance to
financial institutions and Aviation industry and many more.

Range of miscellaneous Product

The range of miscellaneous product is:
 Group Health Insurance
 Personal Accident Insurance
 Bankers Blanket Bond
 Plastic Card Insurance
 Public Liability Insurance
 Professional Indemnity Insurance
 Event Insurance
 Workmen's Compensation
 Employers Liability Insurance
 Aviation Hull and Liability Insurance

17. MICRO INSURANCE

Adamjee insurance Company (AICL) is the pioneer in offering Micro Insurance (MI) Program in
Pakistan. We started MI program in 2005, since then it is one of the fastest growing class of
business providing insurance coverage to the chronically poor and destitute people of our society.
The fundamental basis of AICL MI insurance is to alleviate poverty by providing a social safety
net to the chronically poor and to make the whole concept commercially viable to be undertaken.

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AICL through MI offer hospitalization, personal accident, maternity and child birth coverage. MI
Policy provides accidental death and dismemberment insurance, with the full amount payable in
the event of the policyholder’s accidental death and a specified fraction of such amount in the
event of the loss of a limb or eye.
MI has a huge market of Households in the rural areas and it is tapped through low cost insurance
plan with Low Premiums. AICL MI is insuring almost 4 Million people all over Pakistan.
Currently, Micro insurance Program is running in 96 districts of Pakistan out of 114.

18. FINANCIAL LINES INSURANCE

Financial Lines insurance covers financial institutions against infidelity, professional indemnity
and directors' and officers' liability.
The Banker's Blanket Bond is a "blanket cover" protecting financial institute in question against
variety of different perils:
 Infidelity of Employees: financial loss due to dishonest or fraudulent acts of employees
 On Premises: Loss of property resulting from theft, burglary etc.
 In Transit: Loss or damage to property whilst in transit anywhere in Pakistan in the
custody of employees, Forged cheques, Counterfeited currency, Damage to office and
contents arising from burglary, theft, hold-up and other criminal act and Securities.

Salient Features:
Easy to administer, Electronic & Computer Crime liability can be included in the cover if required
and Claims made policy.
Main Exclusions
Infidelity of directors, contractual employees / armed guards, Errors & omissions on part of
employee(s), Losses due to terrorism, Losses due to fire and allied perils, Areas of insurgency,
hostilities, rebellion, insurrection, civil war, war (whether declared or undeclared) and / or warlike
situations.
Other Products Available
 Plastic Card Insurance
 Foreign Exchange Dealers Policy
 Directors & Officers Liability
 Safe Deposit Box / Lockers Insurance
 Electronic & Computer Crime Insurance

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19. LIABILITIES LINE INSURANCE

 Workmen Compensation/Employer Liability Insurance

This policy provides coverage for any legal liabilities of the employers arising out of and in the
course of employment as per Workmen Compensation Act, Fatal Accident Act, or at Common
Law.
 Public Liability Insurance/Third party Liability Insurance

This policy provides coverage against legal liability to pay for death and/or bodily injury to any
person and/or direct damage to the property arising due to accident.
 Products Liability Policy

Adamjee Insurance offer a legal liability policy, which provides financial compensation to insured
for his legal liability towards illness, injury, loss and damage to third party caused by anything
harmful or defective in goods supplied by the insured. This policy is most suitable for manufacturer
of consumer goods.

20. PERSONAL ACCIDENT INSURANCE

This cover operates 24 hours and on worldwide basis. It provides for payment of specified capital
benefits following accidental death, bodily injury, permanent total disablement, permanent partial
disablement, temporary total and temporary partial disablement caused by an accident. This cover
operates 24 hours and on worldwide basis. It provides for payment of specified capital benefits
following accidental death, bodily injury, permanent total disablement, permanent partial
disablement, temporary total and temporary partial disablement caused by an accident.
In addition, the cover also provides reimbursement of emergency transportation to the nearest
Hospital and also expenses incurred for preparation and transportation of the mortal remains of the
insured person from the place of death to home and can also be extended to cover medical
expenses.
Other products available for compensation to employees and individual against injuries resulting
from work related incidences or on leisure trips.
 Personal Accident Insurance for the crew and passengers of the aircraft
 Group Personal Accident for employees of firms/organizations
 Travel Insurance (Go-Secure)

AWARDS AND RECOGNITION

An ISO 9001:2015 Quality Management System Certified Company
AICL has been approved by Lloyd's Register Quality Assurance. The Quality Management
Systems is applicable to:

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1. Underwriting and Claim settlement in the Classes of Health, Engineering, Marine, Non-
Marine, Motor, Crop Travel & Live Stock.
2. Marketing, Sales and Associated activities of Risk Assessment, Reinsurance, Human
Resources, Information Technology, Finance, Administration, Legal and Quality
Assurance.

PACRA Updated Insurer Financial Strength Rating of Adamjee Insurance Company

Limited
The Pakistan Credit Rating Agency (PACRA) has Updated the Insurer Financial Strength (IFS)
rating of Adamjee Insurance Company Limited (AICL) at 'AA+' (Double A Plus).
A. M. Best Company
Adamjee Insurance Company Limited has a Best Financial Strength Rating of B+.
Adamjee Insurance wins “Consumers Choice Award 2013”
AICL has once again received Consumer Choice Award 2013 category for "Best General
Insurance Company".
Adamjee Insurance wins “Brands Icon & Brands of the Year Award 2013”
AICL has once again received Brands Icon & Brands of the Year Award 2013 in the category of
"Fire and Property Insurance".
Adamjee Insurance wins “Brands Scientist Awards 2014”
AICL has received Brands Scientist Awards 2014.
Adamjee Insurance wins “Fire & Safety Award 2014”
AICL has once again received Fire & Safety Award 2014.
Adamjee Insurance wins “Corporate Social Responsibility - CSR Award 2015”
AICL has once again received Corporate Social Responsibility - CSR Award 2015 in the category
of "Business Excellence Award."
Adamjee Insurance wins “Environment Excellence Award 2015”
AICL has received Environment Excellence Award 2015.
Adamjee Insurance wins “Quality Standard Award 2015”
AICL has received Quality Standard Award 2015.
Adamjee Insurance wins “Environment, Health, Safety & Security Award 2016”
AICL has received Environment, Health, Safety & Security Award 2016.

MEMBERSHIPS

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1. Member of Chamber of Commerce and Industry

2. Member of Management Association of Pakistan
3. Member of Insurance Association of Pakistan
4. Member of Pakistan German Business Forum

CORPORATE SOCIAL RESPONSIBILITY

Adamjee Insurance’s Corporate Social Responsibility (CSR) Program aims to address key
concerns in society, such as health and education. The Company also stresses on reassuring its
chief stakeholders of overall sustainability through compliance, ethics and corporate citizenship.
These elements combined form the basis of AICL’s corporate philosophy and CSR.
AICL’s CSR is primarily focused on achieving compliance, upholding ethical standards, actively
participating in corporate citizenship and maintaining overall sustainability. AICL has undertaken
an array of initiatives, including improved communication and extensive training, to cultivate these
aspects of its operations.
Compliance and Ethics
Regulations are becoming increasingly complex in light of high transparency prerequisites being
enforced globally. AICL has continually striven to develop its capabilities until it can be at par
with international players in the global insurance industry, meeting all necessary standards and
checks. AICL’s edge in the market at home lies in its strict and efficient compliance of international
standards.
AICL has incessantly reiterated that its Compliance Performance Standards are applied to all areas
of business. AICL ensures to increase compliance and ethical understanding throughout its
management hierarchy. Initiatives taken include internal awareness campaigns, specific trainings
in detailed regulatory areas and focused efforts on sensitive areas such as conflict of interest.
Health, Safety & Environment
Health, Safety and Environmental (HSE) responsibilities constitute an essential part of Adamjee
Insurance’s operations. These become the core of the Company’s activities. Adamjee Insurance’s
management and employees share the belief that good HSE contributes positively and productively
to business development and success.
It is this belief that urges Adamjee Insurance to increase team efforts, endeavor for better HSE for
employees, customers and neighbors. The Company also hopes to safeguard people’s health and
minimize the environmental impact of their jobs. AICL’s HSE policy observes all existing laws,
regulations and amendments.
Committed to Excellence
In an era of intense hectic competition, AICL stays afloat with its unwavering commitment to
operational and financial discipline in producing unparalleled results; keeping its promises and
continually fulfilling its customers’ needs.

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During the year, Adamjee Insurance was engaged in various activities with organizations including
Rehman Keyani Memorial Foundation, Rehman Medical Institute, Hussaini Haematology and
Oncology Trust, SAFCO Support Foundation, Noor Medical Center, Pakistan Agricultural
Coalition, Special Olympics Pakistan and others.
Adamjee Insurance Re-Creational Club organized extra-curricular activities including cricket
tournaments, badminton, and tennis competition for the promotion of healthy activities among
Employees and also take active participation in the insurance associations events. Annual Picnics
in Pakistan & United Arab Emirates were also arranged.
The company has implemented green office initiative across its offices in Karachi and Lahore in
the year 2018 and successfully conducted its first audit.

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