University Of Punjab

Jhelum Campus

Insurance Assignment
Syed Baqar Ali
B.com F16 44
Presented to Maam Tooba
 INSURANCE COMPANIES
Insurance company define as a company that provides and sells insurance.

INSURANCE COMPANIES IN PAKISTAN

Public sector
1 1: National Insurance Corporation
2 2: Pakistan Reinsurance Company Ltd.
3 3: Postal Life Insurance
4 4: State Life Insurance Corporation Ltd

Private sector
Incorporated in Pakistan
1 Adamjee Insurance Company Ltd.
2 Agro General Insurance Company Ltd.
3 Allianz EFU Health Insurance Company Ltd.
4 Alpha Insurance Company Ltd
5 Amercian Life Insurance Company Ltd.
6 Asia Insurance Company Ltd.
7 Asian Mutual Insurance Company Ltd.
8 Askari General Insurance Company Ltd.
9 Beema Insurance Company Ltd.
10 Business & Industrial Insurance Company Ltd.
11 Capital Insurance Company Ltd.
12 Central Insurance Company Ltd.
13 Century Insurance Company Ltd.
14 Commercial Union Life Assurance Company Ltd.
15 Co-operative Insurance Society of Pakistan Ltd.
16 Credit Insurance Company Ltd.
17 Crescent Star Insurance Company Ltd.
18 Dadabhoy Insurance Company Ltd.
19 Delta Insurance Company Ltd
20 E.F.U.General Insurance Company Ltd.
21 E.F.U.Life Insurance Company Ltd.
22 East West Insurance Company Ltd.
23 Excel Insurance Company Ltd.
24 Gulf Insurance Company Ltd.
25 Habib Insurance Company Ltd.
26 Indus International Insurance Company Ltd.
27 International General Insurance Co. of Pakistan Ltd.
28 Ittefaq General Insurance Company Ltd.
29 Jupiter Insurance Company Ltd.
30 Metropoliton Life Assurance Company Ltd.
31 Muslim Insurance Company Ltd.
32 National General Insurance Company Ltd.
33 New Jubilee Insurance Comapny Ltd.
34 North Star Insurance Company Ltd.
35 Orient Insurance Company Ltd.
36 Pakistan General Insurance Company Ltd.
37 Pakistan Guarantee Insurance Company Ltd.
38 Pakistan Mutual Insurance Company Ltd.
39 Platinum Insurance Company Ltd.
40 Premier Insurance Company Ltd.
41 Prime Insurance Company Ltd.
42 Raja Insurance Company Ltd.
43 Reliance Insurance Company Ltd.
44 Seafield Insurance Company Ltd.
45 Security General Insurance Company Ltd.
46 Shaheen Insurance Company Ltd.
47 Sliver Star Insurance Company Ltd.
48 Union Insurance Company of Pakistan Ltd.
49 United Insurance Company of Pakistan Ltd.
50 Universal Insurance Company Ltd.

Incorporated abroad

1 ACE Insurance Aid Pacific Ltd.

2 CGU Assurance Company Ltd

Insurances offered in Pakistan

1. Health Insurance
2. Motor Insurance
3. Travel Insurance
4. ASK Track
5. Aviation Insurance
6. Bond Insurance
7. FIRE Insurance
8. Marine Insurance
9. Engineering Insurance
 10. Personal Accident
11. Workmen’s Compensation
12. Liability Insurance
13. Money Insurance
14. Plate Glass Insurance
15. Burglary Insurance
16. Golfers Insurance
17. Credit Card Insurance
18. Computer Crime Insurance
19. Engineering Insurance
20. Aviation Insurance
21. Crop Insurance
22. Livestock Insurance
23. Micro Insurance
24. Corporate Insurance
25. Online Insurance
26. Family Takaful
27. Banc assurance
28. Property Insurance
29. Agriculture Insurance
30. Miscellaneous Insurance
31. Financial lines Insurance

These are the following top 5 insurance companies of Pakistan:

1. Askari General Insurance (AGICO)

Askari Insurance is one of the leading companies of Army Welfare Trust and is rapidly growing to
become a market leader in insurance sector of the country. It provides different health coverage’s like
Askari Student Health Advantages, Askari Group Health (employees), Askari Family, Askari Care in which
Askari covers dread diseases. Askari Health Insurance Cover is designed and sponsored by the biggest
insurance company.

“Askari” General insurance co. ltd of Army Welfare Trust which is further strengthened and backed by
worlds leading reinsurers of repute namely Munich Reinsurance Co. Germany , Hannover Reinsurance
Co., Mitsui Sumitomo Reinsurance Co. Japan . Askari insurance provides an advantage to enlist good
hospitals and C.M.H in the particular town/city.

This policy shall by pass all laid down pressure building/time consuming procedures in hospitals by
simply producing the membership card. This insurance company also has the capacity to offer
specialized coverage on various engineering risks. It is a pioneer and a market leader in its own right in
health insurance and offer protection in areas that is not covered by other companies. Types of
Insurance.

Askari Offers:

 Health Insurance
 Motor Insurance
 Travel Insurance
 ASK Track
 Aviation Insurance
 Bond Insurance
 FIRE Insurance
 Marine Insurance
 Misc Insurance
 Engineering Insurance

Contact Information:

Phone no: (051) 111 444 687

Email address: info@agico.com.pk

Website: http://www.agico.com.pk

2. EFU Insurance:

EFU Life Assurance Ltd started operations in November 1992 as the private sector life insurance
company. However In early 1993, EFU Life commenced its Group life insurance business. EFU also
worked with Allianz and give health insurance coverage’s and plan. Company has also appointed an
independent Actuary, who reviews a ‘Financial Conditions Report’ on a regular basis. This health
insurance covers Life insurance, Savings plans and Education plans, Doctor connect plans, Critical illness
plans, Inflation Protection benefits, Pension plans.In March 1994, the company began writing its
individual life business also. The Company has a growing branch network of over 200 branches
throughout the country. For Bancassurance, the Company has a relationship with over 16 major Banks
for insurance products and 7 Banks for BancaTakaful offering various life insurance products. Types of
Insurance

EFU Offers:

 Personal Accident
 Workmen’s Compensation
 Travel Insurance
 Liability Insurance
  Money Insurance
 Plate Glass Insurance
 Burglary Insurance
 Golfers Insurance
 Credit Card Insurance
 Computer Crime Insurance
 Engineering Insurance
 Marine Insurance
 Aviation Insurance

Contact Information

Phone no: (021) 111 338 111

Email address: marketing@efulife.com

Website: http://www.efulife.com

3. United Insurance Company:

United Insurance Company started in 1959 The company faces seen fewer highs and lows until it got
stability and expansion across Pakistan, United Insurance has over 100 branches in everywhere in
Pakistan. It is a public limited company listed in Pakistan Stock Exchange Limited (Formerly Karachi Stock
Exchange Limited). It is comprehensive branded scheme offering value added features and complete
solution for all health worries. Company cover conceived and customized plan which is designed to
address all health exipencies requiring hospitalization. UIC covered corporate sector employees up to
the age of 65. This company also covered OPD benefits, Hospitalization, Dread disease, Dental cover and
Maternity benefits. United Insurance Company is the first class Insurance Company to provide cost
effective risk management solutions to its policy-holders/participants through highest level of quality.

Types of Insurance UIC Offers:

 Fire Insurance
 Motor Insurance
 Crop Insurance
 Marine Insurance
 Health Insurance
 Livestock Insurance
 Travel Insurance

Contact Information

Phone no: 0311 1000014

Email address: info@theunitedinsurance.com

Website: http://www.theunitedinsurance.com

4. Jubilee Insurance:

Jubilee Life Insurance Company Limited, formerly known as New Jubilee Life Insurance Company
Limited (NJI Life), bring global experience to Pakistan. For over 15 years, providing you with a better life;
a life of security and safety. The company provides you the end of life security, plans that secure your
children future like education and marriage. They also safeguard you from the sudden financial shocks
and ensure your worry free post retirement life. Jubliee life insurance provides you best Child Education
Plan, Marriage, Retirement, Wealth Accumulation, Saving, Women and Rural Health plans. Jubilee Life
Insurance, we’re not just about life insurance, but about insurance for life.Jubilee Life is a subsidiary of
the Aga Khan Fund for Economic Development (AKFED), Switzerland. AKFED is the economic
development arm of the Aga Khan Development Network (AKDN), a group of private, non-
denominational development agencies seeking to improve opportunities and living conditions in specific
regions of the developing world.

Types of Insurance Jubilee Offers:

 Individual Life Insurance

 Micro Insurance
 Corporate Insurance
 Online Insurance
 Family Takaful
 Bancassurance

Contact Information

Phone no: 051-4602900

Email address: info@jubileelife.com

Website: http://www.jubileelife.com

5. Adamjee Insurance:

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.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. This company provides you best quality services that keeps
your mind relax as being insured by the best and fast services provider company. The company give
benefits on Hospitalization, Major Medical benefits, Maternity coverage’s, Out patient coverage’s,
Terrorism cover, International cover and Complimentary accident coverage’s.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.

Types of Insurance Adamjee Offers:

 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

Contact Information

Phone no: 0800 002 42

Email address: info@adamjeeinsurance.com

Website: http://www.adamjeeinsurance.com

Comparison
Health Insurance
Sex : Male
Age : 40
Area : Islamabad

Features Jubilee EFU TPLL

Premium Rs 17400 Rs 19475 Rs 16246
Annual Hospitalization Limit Rs 550,000 Rs 500,000 Rs 500,000
Room Entitlement Private Private Private
Policy Duration 1 year 1 year 1 year
Waiting Period Not cover first 30 Not cover first 15 Not cover first 30
Days Days Days
According to this comparison TPL Life insurance is giving edge in charging less premium.
 Life Insurance
Sex : Male
Age : 40

Features Jubilee EFU Statelife

Premium Rs 1610 Rs 1199 Rs 25000
Year Period 1 year 1 year 10 year
Benefits 2,000,000 1,500,000 6,500,000
Free Look up ---- 14 days ----

According to this comparison Jubilee insurance is top because of its features in this condition.

Vehicle Insurance
Brand : Honda Civic
Model : 2019
Price : 3.5 Million

Features Jubilee TPLL Askari Adamje UIC Premium

e
Premium Rs 78750 Rs 94185 Rs 96250 Rs 87500 Rs 84000 Rs 87500
Claim Settlement 7-10 Days 7 Days 14 Days 7 Days 20 Days 2 Days
Period
Operations Since 1953 2005 1995 1960 1959 1952
PACRA Rating AA+ A+ AA- AA+ AA- A

According to this comparison Jubilee Insurance is on top because of its features for this car.

Travel Insurance Plans

Country : United State of America
Purpose : Visit
Duration : 3 Months

Features Jubilee TPLL EFU Adamjee Premium UIC

Premium Rs 6550 Rs 4779 Rs 6500 Rs 5200 Rs 9800 Rs 4400
Emergency medical USD 10000 USD 10000 USD 10000 USD 10000 USD 50000 USD 15000
expenses
Accidental Death USD 10000 USD 10000 Rs 200000 USD 5000 USD 10000 USD 5000
PACRA Rating AA+ A+ AA+ AA+ AA- A

According to this comparison TPL Life insurance is on top because of its features in this condition.
References
https://www.mednise.com/article/top-health-insurance-companies-2019/

http://www.sbp.org.pk/departments/stats/funds_flow/appendix%20v.pdf

Tools
https://easyinsurance.com.pk/

https://smartchoice.pk