For the first time, the Securities and Exchange Commission of Pakistan (SECP) has forwarded suggestions to provincial governments to introduce fiscal measures to promote the insurance sector.
MC Islamic Bank, Hyundai Nishat Motors, and Adamjee Insurance have signed an agreement to provide Shariah compliant car financing and family takaful coverage.
Adamjee Insurance has a history of solid profitability, with profits before tax ranging from PKR1.9bn ($10.2bn) to PKR4.1bn between 2016 and 2020, notes AM Best.
In a move aimed at speeding up the processing of claims by heirs of life insurance policyholders, the Securities and Exchange Commission of Pakistan (SECP) has instructed provincial governments to digitalise the death certificate system.
The Securities and Exchange Commission of Pakistan (SECP) has approached provincial governments to digitalise the death certificate system so that heirs of life insurance policyholders can access insurance claims easily.
The Securities and Exchange Commission of Pakistan (SECP) has decided to introduce new conditions for the appointment of the chief executive or principal officers or directors. of insurance companies.
The wholly government-owned insurer National Insurance Company Ltd (NICL) has posted GWP of over PKR20bn ($115m) in 2021, compared to PKR15bn in 2020 and PKR10.6bn in 2019.
The Securities and Exchange Commission of Pakistan (SECP) has issued a master circular containing the compilation of existing applicable circulars and directives for the regulation of insurance sector.
State Life Insurance Corporation (SLIC) and the federal and Punjab governments signed a memorandum of understanding (MoU) last month to provide health insurance coverage for the population of Islamabad and Punjab. This is part of the universal health insurance scheme known as the Sehat Sahulat Programme.
Jubilee General Insurance Company, which is among Pakistan's biggest non-life insurers, has a track record of strong operating profitability, with a five-year (2016-2020) weighted average return on equity of 15.4% and return on premium of 32.9%, supported by positive underwriting and investment results, notes AM Best.