Hailey College of Banking and Finance,

University of the Punjab

Subject : Insurance Companies

Names: Namra Ahsan MH20BBA083

Hajra Hassan MH20BBA074
Narmeen Shafiq MH20BBA080
Rimsha Waheed MH20BBA089
Sadia Maqbool MH20BBA107

Session: 2020-2024 Morning (B)

 DEFINITIONS OF INSURANCE

According to Wikipedia,
Insurance is a means of protection from financial loss in which, in
exchange for a fee, a party agrees to compensate another party in the event of a
certain loss, damage, or injury. [1] 
According to Investopedia,
Insurance is a contract (policy) in which an insurer indemnifies another
against losses from specific contingencies or perils.[2]
According to GAO,
Definitions of insurance are developed for various purposes such as different
fields of study, categories of insurance, and state or federal statutes. While risk
transfer and risk spreading are key elements, these definitions often include other
elements, or parameters, commonly found in the definitions. These include
• indemnification, which is the payment for losses actually incurred;
• the ability to make reasonable estimates of future losses;
• the ability to express losses in definite monetary amounts; and
• the possibility of adverse, random events occurring outside the control of the
insured. [3]
In business,
Insurance is a contract, represented by a policy, in which a policyholder
receives financial protection or reimbursement against losses from an insurance
company.[4]
From CFPB,
Insurance is a way to manage your risk. When you buy insurance, you
purchase protection against unexpected financial losses. The insurance company
pays you or someone you choose if something bad happens to you.[5]
 INTRODUCTION OF INSURANCE COMPANY

A company or a corporation who involves in the business of creating insurance

products to take on risks in return of the payments of premium is known as
Insurance Company. [6]
An entity which provides insurance is known as an insurer, insurance carrier,
or underwriter.
A person or entity who buys insurance is known as a policyholder, while a person
or entity covered under the policy is called an insured.
The insurance transaction involves the policyholder assuming a guaranteed,
known, and relatively small loss in the form of a payment to the insurer (a
premium) in exchange for the insurer's promise to compensate the insured in the
event of a covered loss. The loss may or may not be financial, but it must be
reducible to financial terms.
The insured receives a contract, called the insurance policy, which details the
conditions and circumstances under which the insurer will compensate the insured,
or their designated beneficiary or assignee.
The amount of money charged by the insurer to the policyholder for the coverage
set forth in the insurance policy is called the premium (mostly the monthly cost).
If the insured experiences a loss which is potentially covered by the insurance
policy, the insured submits a claim to the insurer for processing by a claims
adjuster (person who investigates insurance claims by interviewing the claimant
and witnesses, consulting police and hospital records, and inspecting property
damage to determine the extent of the insurance company's liability). A
mandatory out-of-pocket expense required by an insurance policy before an insurer
will pay a claim is called a deductible (or if required by a health insurance policy,
a copayment).
The insurer may hedge its own risk by taking out reinsurance (insurance that
an insurance company purchases from another insurance company to insulate itself
(at least in part) from the risk of a major claims event). With reinsurance, the
company passes on some part of its own insurance liabilities to the other insurance
company, whereby another insurance company agrees to carry some of the risks,
especially if the primary insurer deems the risk too large for it to carry.[7]
 HISTORY
At the time of independence, the country had 5 domestic and 77 foreign insurance
companies. These companies were regulated under the Insurance Act of 1938. The
government in 1948 established the Department of Insurance within the domain of
Ministry of Commerce to supervise the affairs of insurance industry. The Act was
amended in 1958 for the first time to have effective control over the insurance
premium rates. The Department of Insurance further created the Controller of
Insurance for the same purpose. Since the business of insurance companies is to
spread the risk, therefore, the need for establishment of a domestic reinsurance
company was felt that would eventually boost the profitability of national
insurance companies and to allow companies to handle growing insurance demand.
It was also aimed to reduce the outflow of foreign exchange that was earlier used
as reinsurance premiums made to reinsurance companies mainly in the U.K. The
Pakistan Reinsurance Corporation (presently called as Pakistan Reinsurance
Company Limited) was established in 1953. In 1955, National Coinsurance
Scheme (NCS) was initiated to promote insurance culture in Pakistan and to assist
small insurance companies in meeting financial requirements. Moreover, it aimed
to have checks and balances on government expenditure on insurance and to assist
in settlement of claims in which the government was the beneficiary. The
formation of NCS yielded favorable results, Moreover, economic growth in 1960s
further promoted the insurance business in the country and the number of Pakistani
insurance companies increased to 26 and reached to 47 by 1971. However, the
number of foreign companies decreased from 77 in 1947 to 25 in 1972 due to
political uncertainty and separation of East Pakistan. The life insurance business
was nationalized in 1972. In 1973, the government created State Life Insurance
Corporation with a purpose of encouraging life insurance business and to safeguard
the interests of policyholders. The initial benefits were the reduction in premium
rates by 33 percent and resolution of various outstanding disputes between the
policyholders and the insurers. Moreover in 1973, the government replaced NCS
with National Insurance Fund (NIF) for the purpose to manage insurance of
government and semi government property. The NIF reduced the premium rates
for insuring government property, moreover it shifted all the profits of insurance
companies to the government exchequer. In addition to provide government a more
conducive environment for undertaking insurance and to reduce its cost, National
Insurance Corporation (presently National Insurance Company Limited) was
established in 1976. Since then, it has been the sole insurer to the government and
semi-government bodies. In 1980s no significant development took place in the
insurance industry until the financial sector reforms were initiated by the
government in early 1990s that also encouraged investments in insurance business.
The number of domestic insurance companies increased to 62 in 1995 while
foreign participation was reduced to 9 insurance companies.[8]
The new Insurance ordinance was promulgated in August 19, 2000 by the SECP
that increased the minimum paid-up capital of non-life insurance companies to Rs.
80 million and for life insurance companies to Rs. 150 million.
In 2008, 47 insurance companies were transacting business, out of which 40 and 7
belong to non-life and life sectors, respectively. To strengthen SECP’s role as an
effective facilitator, commitments were made to the Asian Development Bank and
other international donor agencies with regard to certain policy actions in the
insurance sector. The office of Insurance Ombudsman has been functional since
mid-2006, which is attending to any mal-administration on the part of any insurer
in dealing with the policyholders. Later in 2006, establishment of Insurance
Tribunals with civil and criminal jurisdictions and Small Dispute Resolution
Committee were also notified by the Federal Government. Through the Finance
Act, 2007 has been empowered to conduct on-site inspections of insurance
companies. Raise in Minimum Paid-Up Capital Protection of policyholders’
interests and sound development of insurance industry are directly linked with the
financial soundness of insurance companies. Minimum paid-up capital
requirements, in March 2007, were increased to three hundred million rupees for
nonlife insurance and five hundred million rupees for life assurance. [9]
Due to financial crisis of 2007-2010, leading insurance companies with a global
presence faced severe financial distress and reduced the real premium growth rates.
In 2020 and 2021, the pandemic has brought about a change in the behavior of life
insurance consumers, making them more interested in insurance protection rather
than savings, causing a tremendous increase in the growth rate of the life insurance
segment.[10]
 Operations
Insurance companies operate on the principle of shared risk. All the customers
pay small amounts and share the risk that way. A fire or other covered event only
happens rarely. The insurance company has to calculate the premiums so the total
premiums it receives from its many customers cover the few damage claims, with
some money left over for administration and profit.
Insurance companies pass on some of the risk to other large financial firms that
offer re-insurance, meaning they may be protected in a worst case scenario.
The large firms take over the extra risk from the insurance company that holds the
policies, and it pays for this service. For major natural disasters, the re-insurance
companies pay for some of the damages through the local insurance companies
that sold the policies.
Over time, insurance companies receive lots of small amounts in premiums and
have to occasionally pay out large amounts. Before paying out the damages, they
may have large surpluses which they invest. Because they don't want to take much
additional risk, they typically place this money in safe investments, but it still
generates a substantial income. This income increases the revenue of the insurance
companies, and they can use it to reduce the premiums they charge or to increase
their profits. [11]

Types of Insurance:
1. Life Insurance
2. Health Insurance
3. Auto Insurance
4. Home Insurance
5. Travel Insurance
6. Property Insurance
7. Whole Life Insurance
8. Disability Insurance
 1. Life Insurance:
Life insurance is a contract between an insurer and a policy owner. A life insurance policy
guarantees that the insurer pays a sum of money to named beneficiaries when the insured dies
in exchange for the premiums paid by the policyholder during their lifetime. It starts from
minimum age of 18 years to maxi. Age of 60-65 years.

2. Health Insurance:
This is purchased for covering medical expenses revolving around various health issues,
including hospitalization, treatments and so on. These insurance plans come in handy in case of
medical emergencies; you can also avail of cashless facility across network hospitals of the
insurer.

3. Auto Insurance:
These are insurance plans for vehicles, including cars and bikes. These offer protection against
natural calamities, damages to third parties (people who have incurred losses or been hurt in
an accident with the policyholder’s vehicle) and also damages to the vehicle along with mishaps
and accidents.

4. Home Insurance:
These insurance plans cover any damages to the home on account of accidents, mishaps and
natural calamities, among other such events.

5. Travel Insurance:

Travel insurance is a type of insurance that covers the costs and losses associated with
traveling. It is useful protection for those traveling domestically or abroad. According to a 2021
survey by insurance company Battleface, almost half of Americans have faced fees or had to
absorb the cost of losses when traveling without travel insurance. [12]

6. Property Insurance:
Property insurance provides protection against most risks to property, such as fire, theft and
some weather damage. This includes specialized forms of insurance such as fire insurance,
flood insurance, earthquake insurance, home insurance, or boiler insurance.

7. Whole Life Insurance:

Whole life insurance is a permanent life plan that provides coverage throughout your entire
life. The premiums tend to cost more than a term plan would, but getting this insurance plan
may be beneficial in the long run. It has no Age limit.

8. Disability Insurance:
Disability Insurance, often called DI or disability income insurance, or income protection, is a
form of insurance that insures the beneficiary's earned income against the risk that a disability
creates a barrier for completion of core work functions.[13]

Objectives of Insurance:
⮚ Getting Security To People
⮚ Minimization Of loss
⮚ Diversifying the risk
⮚ Reduces the anxiety and fear
⮚ Mobiliser the saving
⮚ Generation of capital [14]

Purpose:
⮚ Providing safety and security
⮚ Generates Financial resources
⮚ Life Insurance Encourages Savings
⮚ Promotes economic health
⮚ Medical Support
⮚ Spreading of risk
⮚ Sources of collecting fund

Purpose of Insurance:
Its aim is to reduce financial uncertainty and make accidental loss manageable. It does this
substituting payment of a small, known fee—an insurance premium—to a professional insurer
in exchange for the assumption of the risk a large loss, and a promise to pay in the event of
such a loss.[15]

Role of insurance companies

1. Provide safety and security:

Insurance provide financial support and reduce uncertainties in business
and human life. It provides safety and security against particular event.
There is always a fear of sudden loss. Insurance provides a cover against
any sudden loss.

2. Generates financial resources:

Insurance generate funds by collecting premium. These funds are
invested in government securities and stock. These funds are gainfully
employed in industrial development of a country for generating more
funds and utilised for the economic development of the country. 

3. Life insurance encourages savings:

Life insurance enables systematic savings due to payment of regular
premium. Life insurance provides a mode of investment. It develops a
habit of saving money by paying premium. The insured get the lump
sum amount at the maturity of the contract.
4.Promote Economic Growth:
Insurance generates significant impact on the economy by mobilizing
domestic savings. Insurance turn accumulated capital into productive
investments. Insurance enables to mitigate loss, financial stability and
promotes trade and commerce activities those results into economic
growth and development.
5. Medical support:
A medical insurance considered essential in managing risk in health.
Anyone can be a victim of critical illness unexpectedly. The insured
gets a medical support in case of medical insurance policy.
6. Spreading of risk:
Insurance facilitates spreading of risk from the insured to the insurer.
The basic principle of insurance is to spread risk among a large number
of people. A large number of persons get insurance policies and pay
premium to the insurer. Whenever a loss occurs, it is compensated out of
funds of the insurer.

7. Source of collecting funds:

Large funds are collected by the way of premium. These funds are
utilised in the industrial development of a country, which accelerates the
economic growth. Employment opportunities are increased by such big
investments. Thus, insurance has become an important source of capital
formation.[16]

Functions of insurance company

1] Provides Reliability
The main function of insurance is that eliminates the uncertainty of an
unexpected and sudden financial loss. This is one of the biggest worries
of a business. Instead of this uncertainty, it provides the certainty of
regular payment i.e. the premium to be paid.

2] Protection
Insurance does not reduce the risk of loss or damage that a company
may suffer. But it provides a protection against such loss that a company
may suffer. So at least the organisation does not suffer financial losses
that debilitate their daily functioning.

3] Pooling of Risk
In insurance, all the policyholders pool their risks together. They all pay
their premiums and if one of them suffers financial losses, then the
payout comes from this fund. So the risk is shared between all of them.
4] Legal Requirements
In a lot of cases getting some form of insurance is actually required by
the law of the land. Like for example when goods are in freight, or when
you open a public space getting fire insurance may be a mandatory
requirement. So an insurance company will help us fulfil these
requirements.

5] Capital Formation
The pooled premiums of the policyholders help create a capital for the
insurance company. This capital can then be invested in productive
purposes that generate income for the company.[17]

Insurance Companies Registered Insurers In Pakistan

Pakistan’s insurance sector has been growing at a healthy pace in recent
years, with the country’s economy expanding and a growing middle
class. The insurance sector is regulated by the Securities and Exchange
Commission of Pakistan (SECP), and there are currently 34 registered
insurance companies in Pakistan. The insurance sector in Pakistan is
bifurcated into two distinct businesses based on significant difference in
the nature of the two businesses i.e. life insurance and non-life
insurance. Pakistan Reinsurance Company is playing its part in the
insurance industry of Pakistan as the only reinsurance company, offering
reinsurance to the general insurance sector.

Life insurance is about insurance against death, sickness or disability of

natural persons whereas non-life insurance is more inclined towards
insurance of assets and liabilities. Individuals and corporates both
procure life and non-life insurance.
 List of Insurance Companies in Pakistan
According to the Security and Exchange Commission of Pakistan
(SECP) , there are the list of insurance companies operating in Pakistan.
Non-Life Insurance Companies
1. Adamjee Insurance Company Limited 17. Chubb Insurance Pakistan Limited
2. National Insurance Company Limited 18. Salaam Takaful Ltd (Formerly Takaful
3. Alfalah Insurance Company Limited Pakistan limited)
4. Pak Qatar General Takaful Limited 19. Crescent Star Insurance Limited
5. Allianz EFU Health Insurance Limited 20. The Co. Operative Insurance Society
6. Premier Insurance Limited 21. EFU General Insurance Limited
7. Alpha Insurance Company Limited 22. The United Insurance Company of Pakistan
8. Reliance Insurance Company Limited Limited
9. Asia Insurance Company Limited 23. East West Insurance Co, Limited
10. Security General Insurance Company 24. The Universal Insurance Company Limited
Limited 25. Habib Insurance Company Limited
11. Askari General Insurance Company Limited 26. TPL Insurance Limited
 12. Shaheen Insurance Company Limited 27. IGI General Insurance Limited
13. Atlas Insurance Limited 28. Trafco Insurance Company Limited
14. Sindh Insurance Limited 29. Jubilee General Insurance Company Limited
15. Century Insurance Company Limited 30. UBL Insurers Limited
16. SPI Insurance Company Limited

Life Insurance Companies

1. Adamjee Life Assurance Company
Limited
2. Askari Life Assurance Company Limited
3. Dawood Family Takaful Limited
4. EFU Life Assurance Limited
5. IGI Life Insurance Company
6. Jubilee Life Insurance Company Limited
7. Pak Qatar Family Takaful Limited
8. Postal Life Insurance Company Limited
(Partial Submission)
9. State Life Insurance Corporation of
Pakistan
10. TPL Life Insurance Company Limited

[18]

Insurance Companies Performance

● The top-line growth in the market premium was 31% which resulted
in the GWP of PKR51 Billion in the first half of 2022.
● All the major lines of businesses experienced an increase in Global
Warming Potential (GWP).
● The Conventional and Takaful both businesses have experienced an
exceptional year on year increase in their market share and has
supported the overall increase in market GWP.
● The market gross loss ratio increased to 51% in 2022-H1 which was
due to higher loss activity in the Motor segment.
● The market net loss ratio also stood at 51% which shows the
importance of reinsurance in absorbing the large gross losses which
the Fire line experienced in 2020. This is because Fire is the line with
the lowest retention ratio.
● The combined ratio for the market slightly increased to 90%.
● The investment income for the market has decreased by 23% to the
2021-H1 level and values at PKR 3.7 billion and is a significant
driver of deterioration of company's net earnings.
● The profit before tax for the market fell by 14% which values at
PKR 7.4 billion.[19]

Insurance Companies Structure

1. Board of Directors must have goal and objective, knowledge and
understanding of the business and related risks of the company.
2. Audit Committee is responsible for monitoring the management and
the Board of Directors by reviewing the internal audit report.
3. Risk Management Committee establishes a policy framework and
risk management guidelines in line with the company’s strategy to
propose to the Board of Directors to consider risk management.
4. Investment Committee is responsible for overseeing the company’s
investment to comply with the investment policy framework and the
risk management policy.
5. Risk Management Agency establishes a framework and guidelines
for risk management and provides guidance on risk control and
mitigation.
6. Internal Audit Department has an important role in assessing
effectiveness. The company is responsible for reviewing and testing
the control system and risk management system.
7. Regulatory Compliances responsible for monitoring and supervising
the operations of all departments within the company comply with the
regulations and other laws associated.[20]

ADVANTAGES OF INSURANCE COMPANIES

1. Financial Support
A family member may be eligible to receive financial support from
Insurance in the event of death. In the event of a loss to a business,
Insurance offers financial support to aid in the company's recovery and
reconstruction. If they have health insurance, they can be qualified for
financial support for medical care.

There is no such thing as a guarantee in life. There can be a fatality as

well as some commercial mishaps. In both of these circumstances, the
loss is painful to accept. Therefore, Insurance offers financial security
against such an unforeseen loss.

2. Insurance Decreases Risks

Individuals pay an insurance firm a predetermined sum up to a
predetermined time limit or lifetime and are reimbursed in the event of a
loss. There is no way to eliminate risk in life or business, but it is
possible to decrease, disperse, or share it. In this instance, insurance
companies take on risk to share company and individual risk among
insurance companies.

3. The Stability of the Living Standard

When there is a possibility of unanticipated losses, Insurance offers
financial help to ensure that people can maintain their living standards.

4. Motivation for Savings

People pay a specific amount for Insurance based on an agreement for a
specific amount of time or for the rest of their life, which motivates them
to develop a saving habit. After discovering how important saving is,
people start doing it in several ways.

5. Jobs Opportunities
The business model for Insurance is successful, just like any other firm.
It is directed at numerous business owners and entrepreneurs. The
business has a lot of cash flow as a result. As they need employees to
manage and maintain cash flow and run the business, they publish job
openings based on qualifications and provide employment opportunities.
The idea that "the harder you work, the more money you make" may be
used to determine how much an employee is paid. Insurance firms and
agencies make significant profits from selling and providing insurance
services.

6. International/foreign Trades
Because of the potential for mishaps when carrying commodities by
ships, roads, or other means of transportation in the past, individuals
were reluctant to engage in international trade. However, insurance
companies take on all those risks and pay for losses in today's global
market. Additionally, they shield an exporter of products and services
from a foreign buyer who refuses to pay.

There are numerous business trade insurance options, such as Export

Credit.

7. Loan Facilities
Banks are more like to extend credit to an organization if it has acquired
Insurance. No, it's challenging for big businesses to obtain a loan from a
bank, but if you have a small business or startup and have secured
business insurance, your chances of doing so increase.
For newly established firms that depend on them, banks almost often
require Insurance against the demise of one or more of the principal
founders to decrease risk. The fine print also specifies that the bank must
be paid first to repay the debt when the payment on death is made.

The likelihood that you will be approved for a loan from a financial
institution is also increased by obtaining your own life and health
insurance.

8. Stability of Business
Insurance can aid in loss management even if your business has
unforeseen losses. Your employees will be more inclined to come to
work if you provide them with Insurance. Insurance, therefore, helps the
office run more efficiently. Also, the economy will improve in stability.

9. Specialization
The use of Insurance is limited, just like that of other financial
instruments. Consequently, you can spend the money towards your
original goal.

10. Tax-Free Funds

The fact that insurance proceeds are frequently tax-delayed is another
benefit. The policy's benefits and any other income you may receive are
tax-free, except for employment insurance plans, where the benefits are
treated like other forms of taxable income.

For instance, life insurance reduces the possibility that, even if you have
enough money saved to pay off your remaining debt, your family won't
be able to cover the normal expenditures in the event of your sudden
death. If you pass away while covered by lifetime insurance, the payoff
to your beneficiary is tax-free.

DISADVANTAGES OF INSURANCE COMPANIES

 1. Insurance Has Many Terms and Conditions
Insurance covers not all losses in a person's life or business situation.
Insurance plans' terms and conditions give consumers financial
assistance solely in accordance with those conditions. Therefore, one
must carefully study and comprehend the terms and circumstances
before purchasing any insurance.

2. Long and Costly Legal Procedures

The legal process to receive a claim submitted by an individual may be
drawn out. As a result, it occasionally may become problematic in an
emergency. The cost of an insurance plan can frequently fluctuate based
on the type of policy a person chooses as well as other considerations;
occasionally, this cost may be higher than the Insurance guaranteed.
Therefore, people need to be conscious of the price.

3. Fraud Agency
The market is filled with a variety of fraud agencies. People who choose
to purchase Insurance before purchasing it must be capable of handling
themselves and the issue or seek professional assistance when choosing
insurance firms.

4. Not for all People

It might be an issue for certain people that some insurance, such as life
and health insurance, typically does not provide coverage for sick and
elderly folks.

5. Potential Criminal Activity

Policyholders may be persuaded to engage in fraud or other criminal
activity to receive the promised insurance money, which may result in
civil offenses.
6. Increases Cost
Business owners are continuously looking for methods to cut costs and
reviewing budgets. Insurance can be pricey, particularly in sectors
workers' compensation injuries are frequent. Insurance for the
construction industry is more expensive than Insurance for accountancy
firms. A company should examine its rules as it expands to ensure they
continue meeting market demands. Otherwise, the policy might only
partially insure a loss, leaving the company inadequately covered.

7. Additional Fees
One could have to pay additional fees in addition to the premium. This
additional cost covers the broker fee.

8. Professionalism Gap
Insurance brokers occasionally display a professionalism gap. They can
think they're pretending to be experts while looking to defraud people
and gain financial gain. They might even carry out their duties while
utilizing a phony insurance broker license or without a current license.
As a result, one should request proof of an insurance broker license
before employing an intermediate service.
10. Limited Offers
It's important to remember that not all insurance brokers interact with all
insurance companies. Therefore there can be certain offers that are
restricted.

9. Lack of Experience
A rookie broker just getting started in this industry might need to be
more familiar with all the discounts. It can make the buyer confused and
bewildered.

10. Premiums Differs Based on Age

Low premiums are regarded as a perk of term insurance, but since they
change with age, your current rates would be considerably lower than
those you would pay later in life.

After assessing the advantages and downsides and learning how and
when to acquire Insurance, you can make a wise decision now that you
have all the facts.[21]

REFERENCES
[1] https://en.wikipedia.org/wiki/Insurance
[2] [4] https://www.investopedia.com/terms/i/insurance.asp#toc-what-is-insurance
[3] https://www.gao.gov/assets/gao-06-424r.pdf
[5]https://files.consumerfinance.gov/f/documents/
cfpb_building_block_activities_what-is-insurance_handout.pdf
[6] https://www.abi.org.uk/data-and-resources/tools-and-resources/glossary/
insurance-company/#:~:text=A%20company%20that%20creates
%20insurance,known%20as%20insurer%20or%20provider).
[7] https://en.wikipedia.org/wiki/Insurance
[8][10] https://www.sbp.org.pk/
[9] https://www.secp.gov.pk/wp-content/uploads/2016/05/nl_nov_08.pdf
[11] https://smallbusiness.chron.com/insurance-companies-work-60269.html
[12] https://www.creditmantri.com/article-what-is-the-purpose-of-insurance/
[13] https://www.investopedia.com/terms/i/insurance.asp
[14] http://www.nou.ac.in/Online%20Resourses/27-7/bba4.pdf
[15] https://www.iii.org/article/insurance-101#:~:text=Purpose%20of%20insurance,-Technically%2C
%20the%20basic&text=Its%20aim%20is%20to%20reduce,event%20of%20such%20a%20loss .

[16] https://www.yourarticlelibrary.com/insurance/the-role-and-
importance-of-insurance-explained/7540

[17] https://www.toppr.com/guides/business-studies/business-
services/insurance/

[18] file:///C:/Users/Al%20hafiz%20computers/Downloads/199507.pdf

[19]
https://www.pacificcrosshealth.com/en/company-information/organizati
on-structure/
[20] file:///C:/Users/Al%20hafiz%20computers/Downloads/BADRI-
Pakistan-Listed-General-Insurance-Companies-Performance-Analysis-
for-Period-Ended-2022-H1.pdf
[21] https://www.javatpoint.com/advantages-and-disadvantages-
of-