Life Insurance in Pakistan, Key Trends and Opportunities to 2019

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Published: June 10, 2016 Report Code: GD-IS1223MR-ST

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In terms of real GDP, Pakistan’s economy is expected to register an annual growth rate of 2.7% by 2019, which is anticipated to attract higher foreign capital inflows and support business and consumer confidence. This will impact the country’s financial services. Consequently, the life segment is expected to record a substantial forecast-period CAGR. What are the two key factors that are driving growth in the Pakistan life segment?
The life segment recorded a growth in investment income during the review period. What are life insurers doing to secure a regular return? What proportion of the life segment’s total investment income at the end of the review period was accounted for by government securities?
Pakistan’s aging population was a significant growth driver for the life insurance segment during the review period; a trend which is expected to persist. The percentage of population aged over 65 is anticipated to increase from 4.3% in 2014 to 5.4% by 2025. The aging population supported the strong performance of individual whole life and pension insurance products. What are life insurers doing to cater to this age group?
The average life expectancy increased from 65.6 years in 2010 to 67.1 years in 2014, and is expected to reach 68.7 years in 2019. Life expectancy is one of the most influential factors used by insurance companies to calculate life insurance premium, and premium increase significantly as life expectancy rises. The rising aging population and life expectancy are expected to increase the demand for retirement and pension-related products. What are life insurers in Pakistan more likely to sell as a result of this?

Scope

• An analysis of the various distribution channels in the Pakistan life insurance segment

• An overview of the competitive landscape of the life insurance segment

• An examination of the key developments in the Pakistan life insurance segment

• The highlighting of new products launched by life insurance participants

• The key trends, drivers and challenges for the life insurance segment

• An exhaustive list of parameters in the life insurance industry in Pakistan, including: written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions

• Profiles of the leading life insurance companies operating in the Pakistan life insurance segment

• A comprehensive overview of Pakistan’s economy and associated demographics

• Historical values for the life insurance segment for the report’s 2010 to 2014 review period, and projected figures up to 2019

• A detailed analysis of the key categories in the Pakistan life insurance segment, and market forecasts to 2019

Key Highlights

What share of the Pakistan insurance industry is held by the life segment?

What percentage of the industry’s gross written premium was accounted for by the life segment at the end of the review period?

What is the key category in the Pakistan life insurance segment? How much of the total gross written premium in the segment does this category account for?

How concentrated is the Pakistani life insurance segment? What proportion of the segment’s total gross written premium is accounted for by the three leading companies?

Which factors ensured that the life segment recorded a growth in investment income during the review period?

How does the penetration of life insurance in Pakistan compare to that in other Asian countries?

Reasons to Buy

• Gain a deeper understanding of the Pakistan life insurance market

• Assess the market dynamics; ensure you are best positioned to gain a competitive advantage

• Identify the growth opportunities in key product categories and align your value proposition accordingly to increase your share of the market

• Investigate key regulations governing the Pakistan life insurance industry to ensure your compliance to any legislative changes

• Evaluate the performance of key market drivers and current distribution channels to identify opportunities to drive your revenue growth

Jubilee Life Insurance Company Ltd,East West Life,Adamjee Life,EFU Life,IGI Life,Asia Care Health,State Life Insurance Corporation of Pakistan

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Life Insurance Outlook

4.1 Key Drivers

4.2 Key Trends

4.3 Challenges

4.4 Life Insurance Growth Prospects by Category

4.5 Individual Life Insurance

4.5.1 Individual whole life insurance

4.5.2 Individual pension insurance

4.5.3 Other individual life insurance

4.6 Group Life Insurance

4.6.1 Group whole life insurance

4.6.2 Group superannuation insurance

4.6.3 Other group life insurance

4.7 Life Insurance Growth Prospects by Product Type

4.7.1 Individual single-premium insurance

4.7.2 Individual non-single-premium insurance

4.7.3 Total linked insurance business

4.7.4 Total non-linked insurance business

5 Analysis by Distribution Channel

6 Competitive Landscape and Strategic Insights

6.1 Overview

6.2 Leading Companies in the Pakistani Life Insurance Segment

6.2.1 Jubilee Life Insurance Company Ltd – company overview

6.2.2 East West Life Assurance Company Ltd – company overview

6.2.3 Adamjee Life Assurance Co. Ltd – company overview

6.2.4 EFU Life Assurance Ltd – company overview

6.2.5 IGI Life Insurance Ltd – company overview

6.2.6 AsiaCare Health & Life Insurance Company Ltd – company overview

7 Governance, Risk and Compliance

7.1 Legislation Overview and Historical Evolution

7.2 Latest Changes in Regulations

7.3 Legislation and Market Practice by Type of Insurance

7.3.1 Life insurance

7.3.2 Property insurance

7.3.3 Motor insurance

7.3.4 Liability insurance

7.3.5 Marine, aviation and transit insurance

7.3.6 Personal accident and health insurance

7.4 Compulsory Insurance

7.4.1 Motor third-party liability insurance

7.4.2 Workmen’s compensation insurance

7.5 Supervision and Control

7.5.1 International Association of Insurance Supervisors (IAIS)

7.5.2 Securities and Exchange Commission of Pakistan

7.5.3 Insurance Association of Pakistan (IAP)

7.6 Non-Admitted Insurance Regulations

7.6.1 Overview

7.6.2 Intermediaries

7.6.3 Market practices

7.6.4 Fines and penalties

7.7 Company Registration and Operations

7.7.1 Types of insurance organization

7.7.2 Establishing a local company

7.7.3 Foreign ownership

7.7.4 Types of license

7.7.5 Capital requirements

7.7.6 Solvency margins

7.7.7 Reserve requirements

7.7.8 Investment regulations

7.7.9 Statutory return requirements

7.7.10 Fee structure

7.8 Taxation

7.8.1 Insurance premium or policy taxation

7.8.2 Withholding taxes on premium paid overseas

7.8.3 Corporate tax

7.8.4 VAT

7.8.5 Captives

7.9 Legal System

7.9.1 Introduction

7.9.2 Access to court

7.9.3 Alternative dispute resolution (ADR)

8 Definitions and Methodology

8.1 Definitions

8.2 Methodology

9 About GlobalData

9.1 Contact GlobalData

9.2 About GlobalData

9.3 GlobalData’s Services

9.4 Disclaimer

Table

Table 1: Pakistani Life Insurance – Key Facts, 2014

Table 2: Pakistani Life Insurance – Segment Shares of the Top Insurers, 2014

Table 3: Pakistani Government Credit Ratings

Table 4: Pakistani Life Insurance – Gross Written Premium by Category (PKR Billion), 2010–2014

Table 5: Pakistani Life Insurance – Gross Written Premium by Category (US$ Million), 2010–2014

Table 6: Pakistani Life Insurance – Gross Written Premium by Category (PKR Billion), 2014–2019

Table 7: Pakistani Life Insurance – Gross Written Premium by Category (US$ Million), 2014–2019

Table 8: Pakistani Life Insurance – New Business Direct Written Premium (PKR Billion), 2010–2014

Table 9: Pakistani Life Insurance – New Business Direct Written Premium (PKR Billion), 2014–2019

Table 10: Pakistani Life Insurance – Net Earned Premium (PKR Billion), 2010–2014

Table 11: Pakistani Life Insurance – Net Earned Premium (PKR Billion), 2014–2019

Table 12: Pakistani Life Insurance – Sum Assured (PKR Trillion), 2010–2014

Table 13: Pakistani Life Insurance – Sum Assured (PKR Trillion), 2014–2019

Table 14: Pakistani Life Insurance – Paid Claims (PKR Billion), 2010–2014

Table 15: Pakistani Life Insurance – Paid Claims (PKR Billion), 2014–2019

Table 16: Pakistani Life Insurance – Incurred Loss (PKR Billion), 2010–2014

Table 17: Pakistani Life Insurance – Incurred Loss (PKR Billion), 2014–2019

Table 18: Pakistani Life Insurance – Commissions and Expenses (PKR Billion), 2010–2014

Table 19: Pakistani Life Insurance – Commissions and Expenses (PKR Billion), 2014–2019

Table 20: Pakistani Life Insurance – Net Written Premium (% of GWP), 2010–2014

Table 21: Pakistani Life Insurance – Net Written Premium (% of GWP), 2014–2019

Table 22: Pakistani Life Insurance – Renewal Business Direct Written Premium (PKR Billion), 2010–2014

Table 23: Pakistani Life Insurance – Renewal Business Direct Written Premium (PKR Billion), 2014–2019

Table 24: Pakistani Life Insurance – Total Assets (PKR Billion), 2010–2014

Table 25: Pakistani Life Insurance – Total Assets (PKR Billion), 2014–2019

Table 26: Pakistani Life Insurance – Total Investment Income (PKR Billion), 2010–2014

Table 27: Pakistani Life Insurance – Total Investment Income (PKR Billion), 2014–2019

Table 28: Pakistani Life Insurance – Net Written Premium (PKR Billion), 2010–2014

Table 29: Pakistani Life Insurance – Net Written Premium (PKR Billion), 2014–2019

Table 30: Pakistani Individual Life Insurance – Gross Written Premium by Category (PKR Billion), 2010–2014

Table 31: Pakistani Individual Life Insurance – Gross Written Premium by Category (US$ Million), 2010–2014

Table 32: Pakistani Individual Life Insurance – Gross Written Premium by Category (PKR Billion), 2014–2019

Table 33: Pakistani Individual Life Insurance – Gross Written Premium by Category (US$ Million), 2014–2019

Table 34: Pakistani Individual Life Insurance – Direct Written Premium by Category (PKR Billion), 2010–2014

Table 35: Pakistani Individual Life Insurance – Direct Written Premium by Category (US$ Million), 2010–2014

Table 36: Pakistani Individual Life Insurance – Direct Written Premium by Category (PKR Billion), 2014–2019

Table 37: Pakistani Individual Life Insurance – Direct Written Premium by Category (US$ Million), 2014–2019

Table 38: Pakistani Individual Whole Life Insurance – Direct Written Premium (PKR Billion), 2010–2014

Table 39: Pakistani Individual Whole Life Insurance – Direct Written Premium (PKR Billion), 2014–2019

Table 40: Pakistani Individual Pension Insurance – Direct Written Premium (PKR Million), 2010–2014

Table 41: Pakistani Individual Pension Insurance – Direct Written Premium (PKR Million), 2014–2019

Table 42: Pakistani Other Individual Life Insurance – Direct Written Premium (PKR Billion), 2010–2014

Table 43: Pakistani Other Individual Life Insurance – Direct Written Premium (PKR Billion), 2014–2019

Table 44: Pakistani Group Life Insurance – Gross Written Premium by Category (PKR Million), 2010–2014

Table 45: Pakistani Group Life Insurance – Gross Written Premium by Category (US$ Million), 2010–2014

Table 46: Pakistani Group Life Insurance – Gross Written Premium by Category (PKR Million), 2014–2019

Table 47: Pakistani Group Life Insurance – Gross Written Premium by Category (US$ Million), 2014–2019

Table 48: Pakistani Group Life Insurance – Direct Written Premium by Category (PKR Million), 2010–2014

Table 49: Pakistani Group Life Insurance – Direct Written Premium by Category (US$ Million), 2010–2014

Table 50: Pakistani Group Life Insurance – Direct Written Premium by Category (PKR Million), 2014–2019

Table 51: Pakistani Group Life Insurance – Direct Written Premium by Category (US$ Million), 2014–2019

Table 52: Pakistani Group Whole Life Insurance – Direct Written Premium (PKR Billion), 2010–2014

Table 53: Pakistani Group Whole Life Insurance – Direct Written Premium (PKR Billion), 2014–2019

Table 54: Pakistani Group Superannuation Insurance – Direct Written Premium (PKR Million), 2010–2014

Table 55: Pakistani Group Superannuation Insurance – Direct Written Premium (PKR Million), 2014–2019

Table 56: Pakistani Other Group Life Insurance – Direct Written Premium (PKR Million), 2010–2014

Table 57: Pakistani Other Group Life Insurance – Direct Written Premium (PKR Million), 2014–2019

Table 58: Pakistani Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2010–2014

Table 59: Pakistani Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2014–2019

Table 60: Pakistani Individual Single-Premium Insurance – Gross Written Premium (PKR Billion), 2010–2014

Table 61: Pakistani Individual Single-Premium Insurance – Gross Written Premium (PKR Billion), 2014–2019

Table 62: Pakistani Individual Single-Premium Insurance – Direct Written Premium (PKR Billion), 2010–2014

Table 63: Pakistani Individual Single-Premium Insurance – Direct Written Premium (PKR Billion), 2014–2019

Table 64: Pakistani Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2010–2014

Table 65: Pakistani Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2014–2019

Table 66: Pakistani Individual Non-Single-Premium Insurance – Gross Written Premium (PKR Billion), 2010–2014

Table 67: Pakistani Individual Non-Single-Premium Insurance – Gross Written Premium (PKR Billion), 2014–2019

Table 68: Pakistani Individual Non-Single-Premium Insurance – Direct Written Premium (PKR Billion), 2010–2014

Table 69: Pakistani Individual Non-Single-Premium Insurance – Direct Written Premium (PKR Billion), 2014–2019

Table 70: Pakistani Linked Insurance Business – Gross Written Premium (PKR Billion), 2010–2014

Table 71: Pakistani Linked Insurance Business – Gross Written Premium (PKR Billion), 2014–2019

Table 72: Pakistani Linked Insurance Business – Direct Written Premium (PKR Billion), 2010–2014

Table 73: Pakistani Linked Insurance Business – Direct Written Premium (PKR Billion), 2014–2019

Table 74: Pakistani Non-Linked Insurance Business – Gross Written Premium (PKR Billion), 2010–2014

Table 75: Pakistani Non-Linked Insurance Business – Gross Written Premium (PKR Billion), 2014–2019

Table 76: Pakistani Non-Linked Insurance Business – Direct Written Premium (PKR Billion), 2010–2014

Table 77: Pakistani Non-Linked Insurance Business – Direct Written Premium (PKR Billion), 2014–2019

Table 78: Pakistani Life Insurance – Segment Shares (%), 2014

Table 79: Jubilee Life Insurance Company Ltd – Key Facts

Table 80: Jubilee Life Insurance Company Ltd – Key Financials (PKR Billion), 2010–2014

Table 81: East West Life Assurance Company Ltd – Key Facts

Table 82: East West Life Assurance Company Ltd – Key Financials (PKR Million), 2010–2014

Table 83: Adamjee Life Assurance Co. Ltd – Key Facts

Table 84: Adamjee Life Assurance Co. Ltd – Key Financials (PKR Million), 2010–2014

Table 85: EFU Life Assurance Ltd – Key Facts

Table 86: EFU Life Assurance Ltd – Key Financials (PKR Billion), 2010–2014

Table 87: IGI Life Insurance Ltd – Key Facts

Table 88: IGI Life Insurance Ltd – Key Financials (PKR Million), 2010–2014

Table 89: AsiaCare Health & Life Insurance Company Ltd – Key Facts

Table 90: AsiaCare Health & Life Insurance Company Ltd – Key Financials (PKR Million), 2010–2014

Table 91: Pakistan – Insurance Regulatory Framework Key Features

Table 92: Pakistan – Life Insurance Regulatory Framework

Table 93: Pakistan – Minimum Financial Protection for Unit-linked insurance Products

Table 94: Pakistan – Property Insurance Regulatory Framework

Table 95: Pakistan – Motor Insurance Regulatory Framework

Table 96: Pakistan – Liability Insurance Regulatory Framework

Table 97: Pakistan – Corporate Tax Rates for the Financial Year 2016

Table 98: Insurance Industry Definitions

Figures

Figure 1: Pakistani Real GDP (PKR Trillion), 2010–2019

Figure 2: PKR – US$ Exchange Rate, 2010–2019

Figure 3: Pakistani Consumer Price Inflation, 2010–2019

Figure 4: Pakistani Current Account Balance as Percentage of GDP (%), 2010–2014

Figure 5: Pakistani Unemployment Rate, 2010–2019

Figure 6: Pakistani Population by Age Group, 1991–2025

Figure 7: Pakistani Life Insurance – Gross Written Premium by Category (PKR Billion), 2010–2019

Figure 8: Pakistani Life Insurance – Gross Written Premium by Category (Percentage Share), 2014 and 2019

Figure 9: Pakistani Life Insurance – Gross Written Premium Dynamics by Segment (2010–2019)

Figure 10: Pakistani Life Insurance – New Business Direct Written Premium (PKR Billion), 2010–2014

Figure 11: Pakistani Life Insurance – New Business Direct Written Premium (PKR Billion), 2014–2019

Figure 12: Pakistani Life Insurance – Net Earned Premium (PKR Billion), 2010–2014

Figure 13: Pakistani Life Insurance – Net Earned Premium (PKR Billion), 2014–2019

Figure 14: Pakistani Life Insurance – Sum Assured (PKR Trillion), 2010–2014

Figure 15: Pakistani Life Insurance – Sum Assured (PKR Trillion), 2014–2019

Figure 16: Pakistani Life Insurance – Paid Claims (PKR Billion), 2010–2014

Figure 17: Pakistani Life Insurance – Paid Claims (PKR Billion), 2014–2019

Figure 18: Pakistani Life Insurance – Incurred Loss (PKR Billion), 2010–2014

Figure 19: Pakistani Life Insurance – Incurred Loss (PKR Billion), 2014–2019

Figure 20: Pakistani Life Insurance – Commissions and Expenses (PKR Billion), 2010–2014

Figure 21: Pakistani Life Insurance – Commissions and Expenses (PKR Billion), 2014–2019

Figure 22: Pakistani Life Insurance – Net Written Premium (% of GWP), 2010–2014

Figure 23: Pakistani Life Insurance – Net Written Premium (% of GWP), 2014–2019

Figure 24: Pakistani Life Insurance – Renewal Business Direct Written Premium (PKR Billion), 2010–2014

Figure 25: Pakistani Life Insurance – Renewal Business Direct Written Premium (PKR Billion), 2014–2019

Figure 26: Pakistani Life Insurance – Total Assets (PKR Billion), 2010–2014

Figure 27: Pakistani Life Insurance – Total Assets (PKR Billion), 2014–2019

Figure 28: Pakistani Life Insurance – Total Investment Income (PKR Billion), 2010–2014

Figure 29: Pakistani Life Insurance – Total Investment Income (PKR Billion), 2014–2019

Figure 30: Pakistani Life Insurance – Net Written Premium (PKR Billion), 2010–2014

Figure 31: Pakistani Life Insurance – Net Written Premium (PKR Billion), 2014–2019

Figure 32: Pakistani Life Insurance – Investment Portfolio (PKR Billion), 2010–2014

Figure 33: Pakistani Life Insurance – Investment Portfolio, 2010 and 2014

Figure 34: Pakistani Life Insurance – Penetration (Ratio of Direct Premium to GDP), 2010–2014

Figure 35: Pakistani Life Insurance – Density (Direct Premium per Capita), 2010–2014

Figure 36: Pakistani Life Insurance – Number of New Policies Sold (Thousand), 2010–2014

Figure 37: Pakistani Life Insurance – Number of New Policies Sold (Thousand), 2014–2019

Figure 38: Pakistani Life Insurance – Total Investments (PKR Billion), 2010–2014

Figure 39: Pakistani Individual Life Insurance – Gross Written Premium by Category (PKR Billion), 2010–2019

Figure 40: Pakistani Individual Life Insurance – Gross Written Premium by Category (Percentage Share), 2014 and 2019

Figure 41: Pakistani Individual Life Insurance – Gross Written Premium Dynamics by Category, 2010–2019

Figure 42: Pakistani Individual Life Insurance – Direct Written Premium by Category (PKR Billion), 2010–2019

Figure 43: Pakistani Individual Life Insurance – Direct Written Premium by Category (Percentage Share), 2014 and 2019

Figure 44: Pakistani Individual Life Insurance – Direct Written Premium Dynamics by Category, 2010–2019

Figure 45: Pakistani Individual Whole Life Insurance – Direct Written Premium (PKR Billion), 2010–2014

Figure 46: Pakistani Individual Whole Life Insurance – Direct Written Premium (PKR Billion), 2014–2019

Figure 47: Pakistani Individual Pension Insurance – Direct Written Premium (PKR Million), 2010–2014

Figure 48: Pakistani Individual Pension Insurance – Direct Written Premium (PKR Million), 2014–2019

Figure 49: Pakistani Other Individual Life Insurance – Direct Written Premium (PKR Billion), 2010–2014

Figure 50: Pakistani Other Individual Life Insurance – Direct Written Premium (PKR Billion), 2014–2019

Figure 51: Pakistani Group Life Insurance – Gross Written Premium by Category (PKR Billion), 2010–2019

Figure 52: Pakistani Group Life Insurance – Gross Written Premium by Category (Percentage Share), 2014 and 2019

Figure 53: Pakistani Group Life Insurance – Gross Written Premium Dynamics by Category, 2010–2019

Figure 54: Pakistani Group Life Insurance – Direct Written Premium by Category (PKR Billion), 2010–2019

Figure 55: Pakistani Group Life Insurance – Direct Written Premium by Category (Percentage Share), 2014 and 2019

Figure 56: Pakistani Group Life Insurance – Direct Written Premium Dynamics by Category, 2010–2019

Figure 57: Pakistani Group Whole Life Insurance – Direct Written Premium (PKR Billion), 2010–2014

Figure 58: Pakistani Group Whole Life Insurance – Direct Written Premium (PKR Billion), 2014–2019

Figure 59: Pakistani Group Superannuation Insurance – Direct Written Premium (PKR Million), 2010–2014

Figure 60: Pakistani Group Superannuation Insurance – Direct Written Premium (PKR Million), 2014–2019

Figure 61: Pakistani Other Group Life Insurance – Direct Written Premium (PKR Million), 2010–2014

Figure 62: Pakistani Other Group Life Insurance – Direct Written Premium (PKR Million), 2014–2019

Figure 63: Pakistani Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2010–2014

Figure 64: Pakistani Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2014–2019

Figure 65: Pakistani Individual Single-Premium Insurance – Gross Written Premium (PKR Billion), 2010–2014

Figure 66: Pakistani Individual Single-Premium Insurance – Gross Written Premium (PKR Billion), 2014–2019

Figure 67: Pakistani Individual Single-Premium Insurance – Direct Written Premium (PKR Billion), 2010–2014

Figure 68: Pakistani Individual Single-Premium Insurance – Direct Written Premium (PKR Billion), 2014–2019

Figure 69: Pakistani Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2010–2014

Figure 70: Pakistani Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2014–2019

Figure 71: Pakistani Individual Non-Single-Premium Insurance – Gross Written Premium (PKR Billion), 2010–2014

Figure 72: Pakistani Individual Non-Single-Premium Insurance – Gross Written Premium (PKR Billion), 2014–2019

Figure 73: Pakistani Individual Non-Single-Premium Insurance – Direct Written Premium (PKR Billion), 2010–2014

Figure 74: Pakistani Individual Non-Single-Premium Insurance – Direct Written Premium (PKR Billion), 2014–2019

Figure 75: Pakistani Linked Insurance Business – Gross Written Premium (PKR Billion), 2010–2014

Figure 76: Pakistani Linked Insurance Business – Gross Written Premium (PKR Billion), 2014–2019

Figure 77: Pakistani Linked Insurance Business – Direct Written Premium (PKR Billion), 2010–2014

Figure 78: Pakistani Linked Insurance Business – Direct Written Premium (PKR Billion), 2014–2019

Figure 79: Pakistani Non-Linked Insurance Business – Gross Written Premium (PKR Billion), 2010–2014

Figure 80: Pakistani Non-Linked Insurance Business – Gross Written Premium (PKR Billion), 2014–2019

Figure 81: Pakistani Non-Linked Insurance Business – Direct Written Premium (PKR Billion), 2010–2014

Figure 82: Pakistani Non-Linked Insurance Business – Direct Written Premium (PKR Billion), 2014–2019

Figure 83: Pakistani Life Insurance – Segment Shares (%), 2014

Figure 84: Pakistan – Insurance Supervision and Control at Various Levels

Figure 85: Pakistan – Insurance Regulatory Frameworks for Company Registration and Operation

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