Non-Life Insurance in Pakistan, Key Trends and Opportunities to 2019

All the vital news, analysis, and commentary curated by our industry experts.

$1450

Buy Report Download FREE Resources

Published: June 10, 2016 Report Code: GD-IS1224MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

Pakistan is a rapidly developing, middle-income South Asian country. The country demonstrates high levels of trade freedom in the 2015 Index of Economic Freedom while the level of investment freedom is lower. Pakistan’s economy has shifted from heavy dependence on agriculture towards services. Pakistan’s GDP has grown every year since 1951 and the country has demonstrated steady growth from 2010 to present. The economy is forecast to continue this growth as it recovers from high inflation in 2007, and increases foreign investment through economic liberalization. As a result of which, Pakistan’s real GDP growth rate is expected to increase from 4.7% in 2014 to 5.8% in 2019.
Pakistan has liberalized its insurance industry, with 100% foreign ownership and control of insurance companies permitted. A stable elected government is expected to encourage foreign companies to enter the segment over the forecast period. What is the current capital requirement for a non-life insurer operating in Pakistan? The increase in capital requirements will be gradual, and will be increased by how much every six months until December 2017? The regulations were introduced to provide a strong capital base. However, the new solvency regime is expected to be a barrier for new entrants to the segment. How could this affect insurers over the forecast period?

Scope

• An analysis of the key trends, drivers and challenges for the non-life insurance segment in Pakistan

• An overview of the competitive landscape in the non-life insurance segment

• The key regulatory policies affecting the non-life insurance industry

• An exhaustive list of key performance indicators in the non-life insurance industry in Pakistan including: written premium, incurred loss, loss ratio, claims and expenses, combined ratio, total assets, total investment income and retentions

• Detailed analyses of the various distribution channels for non-life insurance products

• Profiles of the leading non-life insurance companies

• Detailed analysis of natural hazards and their impact on the Pakistan insurance industry

• A comparison of the Pakistani insurance industry with its regional counterparts

• The outlook for non-life insurance by product category

• A detailed overview of the Pakistan economy and demographics

Key Highlights

What is responsible for driving the growth of the Pakistani non-life insurance segment?

Which is the largest category in terms of gross written premium? What share of the non-life segment’s gross written premium does this category account for?

Why is public awareness of the benefits of insurance cover increasing?

What is expected to increase demand for motor insurance policies over the forecast period?

What is the leading distribution channel for the sale of general insurance in Pakistan? Is this predominance set to continue?

How concentrated is the non-life segment in Pakistan? What proportion of the segment’s gross written premium do the top ten companies collectively account for?

Reasons to Buy

• Make more informed business decisions in the Pakistani non-life insurance segment utilizing GlobalData’s historic and forecast market data

• Assess the overall market dynamics to better position yourself to maintain a competitive advantage

• Evaluate your key competitors in the segment and assess how their performances might impact on key business objectives

• Identify the growth opportunities and market dynamics in key product categories and better align your value proposition to ensure maximum returns on your investment

• Investigate key regulations governing the Pakistani insurance industry and their potential impact on the industry’s future, to ensure you continue to satisfy changing standards of conduct and compliance

EFU General Insurance Ltd,Adamjee Insurance,Jubilee General Insurance Company Ltd,The United Insurance Company of Pakistan Ltd,IGI Insurance,Security General Insurance Company Ltd,New Hampshire Insurance Company,Askari General Insurance company Ltd,Atlas Insurance,East West Insurance Company Ltd

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Claims

4.2.3 Profitability

4.2.4 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Claims

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Claims

5.2.4 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Claims

5.3.4 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Claims

5.4.4 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

7 Natural and man-made Hazards

7.1 Floods

7.2 Earthquakes

7.3 Cyclones and Storms

7.4 Droughts

7.5 Terrorism

7.6 Exposure

8 Competitive Landscape

8.1 Leading Companies in the Pakistani Non-Life Insurance Segment

8.1.1 EFU General Insurance Ltd – company overview

8.1.2 Adamjee Insurance Company Ltd – company overview

8.1.3 Jubilee General Insurance Company Ltd – company overview

8.1.4 The United Insurance Company of Pakistan Ltd – company overview

8.1.5 IGI Insurance Ltd – company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulations

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Workmen’s compensation insurance

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors (IAIS)

9.5.2 Securities and Exchange Commission of Pakistan

9.5.3 Insurance Association of Pakistan (IAP)

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Types of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margins

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution (ADR)

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Property Insurance

10.5 Motor Insurance

10.6 Liability Insurance

10.7 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About GlobalData

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

Table 1: Pakistani Non-Life Insurance – Key Facts, 2014

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

Table 3: Pakistani Government Credit Ratings

Table 4: Pakistani Non-Life Insurance – Gross Written Premium (PKR Billion and US$ Million), 2010–2014

Table 5: Pakistani Non-Life Insurance – Penetration (%), 2010–2014

Table 6: Pakistani Non-Life Insurance – Gross Written Premium (PKR Billion and US$ Million), 2014–2019

Table 7: Pakistani Non-Life Insurance – Penetration (%), 2014–2019

Table 8: Pakistani Non-Life Insurance – Premium per Capita (PKR and US$), 2010–2014

Table 9: Pakistani Non-Life Insurance – Premium per Capita (PKR and US$), 2014–2019

Table 10: Pakistani Non-Life Insurance – Paid Claims (PKR Billion and US$ Million), 2010–2014

Table 11: Pakistani Non-Life Insurance – Paid Claims (PKR Billion and US$ Million), 2014–2019

Table 12: Pakistani Non-Life Insurance – Profitability Ratio (%), 2010–2014

Table 13: Pakistani Non-Life Insurance – Profitability Ratio (%), 2014–2019

Table 14: Pakistani Non-Life Insurance – Total Assets (PKR Billion and US$ Billion), 2010–2014

Table 15: Pakistani Non-Life Insurance – Total Assets (PKR Billion and US$ Billion), 2014–2019

Table 16: Pakistani Non-Life Insurance – Total Investment Income (PKR Billion and US$ Million), 2010–2014

Table 17: Pakistani Non-Life Insurance – Total Investment Income (PKR Billion and US$ Billion), 2014–2019

Table 18: Pakistani Non-Life Insurance – Investment Portfolio (PKR Billion), 2010–2014

Table 19: Pakistani Non-Life Insurance – Investment Portfolio (PKR Billion), 2014–2019

Table 20: Pakistani Non-Life Insurance – Gross Written Premium by Category (PKR Billion), 2010–2014

Table 21: Pakistani Non-Life Insurance – Gross Written Premium by Category (PKR Billion), 2014–2019

Table 22: Pakistani Property Insurance – Gross Written Premium (PKR Billion), 2010–2014

Table 23: Pakistani Property Insurance – Gross Written Premium (PKR Billion), 2014–2019

Table 24: Pakistani Property Insurance – Paid Claims (PKR Billion and US$ Million), 2010–2014

Table 25: Pakistani Property Insurance – Paid Claims (PKR Billion and US$ Million), 2014–2019

Table 26: Pakistani Property Insurance – Loss Ratio (%), 2010–2014

Table 27: Pakistani Property Insurance – Loss Ratio (%), 2014–2019

Table 28: Pakistani Motor Insurance – Gross Written Premium (PKR Billion), 2010–2014

Table 29: Pakistani Motor Insurance – Gross Written Premium (PKR Billion), 2014–2019

Table 30: Pakistani Motor Insurance – Paid Claims (PKR Billion and US$ Million), 2010–2014

Table 31: Pakistani Motor Insurance – Paid Claims (PKR Billion and US$ Million), 2014–2019

Table 32: Pakistani Motor Insurance – Loss Ratio (%), 2010–2014

Table 33: Pakistani Motor Insurance – Loss Ratio (%), 2014–2019

Table 34: Pakistani Liability Insurance – Gross Written Premium (PKR Billion), 2010–2014

Table 35: Pakistani Liability Insurance – Gross Written Premium (PKR Billion), 2014–2019

Table 36: Pakistani Liability Insurance – Paid Claims (PKR Billion and US$ Billion), 2010–2014

Table 37: Pakistani Liability Insurance – Paid Claims (PKR Billion and US$ Billion), 2014–2019

Table 38: Pakistani Liability Insurance – Loss Ratio (%), 2010–2014

Table 39: Pakistani Liability Insurance – Loss Ratio (%), 2014–2019

Table 40: Pakistani Transport Network – Global Rankings

Table 41: Pakistani Marine, Aviation and Transit Insurance – Gross Written Premium (PKR Billion), 2010–2014

Table 42: Pakistani Marine, Aviation and Transit Insurance – Gross Written Premium (PKR Billion), 2014–2019

Table 43: Pakistani Marine, Aviation and Transit Insurance – Paid Claims (PKR Billion and US$ Million), 2010–2014

Table 44: Pakistani Marine, Aviation and Transit Insurance – Paid Claims (PKR Billion and US$ Million), 2014–2019

Table 45: Pakistani Marine, Aviation and Transit Insurance – Loss Ratio (%), 2010–2014

Table 46: Pakistani Marine, Aviation and Transit Insurance – Loss Ratio (%), 2014–2019

Table 47: Pakistani Average Annual Loss by Hazard, 1990–2014

Table 48: Pakistani Non-Life Insurance – Segment Shares (%), 2014

Table 49: EFU General Insurance Ltd – Key Facts

Table 50: EFU General Insurance Ltd – Key Financials (PKR Million), 2010–2014

Table 51: Adamjee Insurance Company Ltd – Key Facts

Table 52: Adamjee Insurance Company Ltd – Key Financials (PKR Million), 2010–2014

Table 53: Jubilee General Insurance Company Ltd – Key Facts

Table 54: Jubilee General Insurance Company Ltd – Key Financials (PKR Million), 2010–2014

Table 55: The United Insurance Company of Pakistan Ltd – Key Facts

Table 56: The United Insurance Company of Pakistan Ltd – Key Financials (PKR Million), 2010–2014

Table 57: IGI Insurance Ltd – Key Facts

Table 58: IGI Insurance Ltd – Key Financials (PKR Million), 2010–2014

Table 59: Pakistan – Insurance Regulatory Framework Key Features

Table 60: Pakistan – Life Insurance Regulatory Framework

Table 61: Pakistan – Minimum Financial Protection for Unit-linked insurance Products

Table 62: Pakistan – Property Insurance Regulatory Framework

Table 63: Pakistan – Motor Insurance Regulatory Framework

Table 64: Pakistan – Liability Insurance Regulatory Framework

Table 65: Pakistan – Corporate Tax Rates for the Financial Year 2016

Table 66: Pakistani Insurance Industry – Policies and Premium, 2010–2014

Table 67: Pakistani Insurance Industry – Policies and Premium, 2014–2019

Table 68: Pakistani Non-Life Insurance – Claims and Expenses, 2010–2014

Table 69: Pakistani Non-Life Insurance – Claims and Expenses, 2014–2019

Table 70: Pakistani Non-Life Insurance – Assets and Investments, 2010–2014

Table 71: Pakistani Non-Life Insurance – Assets and Investments, 2014–2019

Table 72: Pakistani Non-Life Insurance – Property Insurance, 2010–2014

Table 73: Pakistani Non-Life Insurance – Property Insurance, 2014–2019

Table 74: Pakistani Non-Life Insurance – Motor Insurance, 2010–2014

Table 75: Pakistani Non-Life Insurance – Motor Insurance, 2014–2019

Table 76: Pakistani Non-Life Insurance – Liability Insurance, 2010–2014

Table 77: Pakistani Non-Life Insurance – Liability Insurance, 2014–2019

Table 78: Pakistani Non-Life Insurance – Marine, Aviation and Transit Insurance, 2010–2014

Table 79: Pakistani Non-Life Insurance – Marine, Aviation and Transit Insurance, 2014–2019

Table 80: 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 Non-Life Insurance Penetration – Regional Comparison (%), 2014

Figure 8: Pakistani Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2014

Figure 9: Pakistani Non-Life Insurance – Gross Written Premium (PKR Billion), 2010–2019

Figure 10: Pakistani Non-Life Insurance – Penetration (%), 2010–2019

Figure 11: Pakistani Non-Life Insurance – Premium per Capita (PKR), 2010–2019

Figure 12: Pakistani Non-Life Insurance – Paid Claims (PKR Billion), 2010–2019

Figure 13: Pakistani Non-Life Insurance – Profitability Ratio (%), 2010–2019

Figure 14: Pakistani Non-Life Insurance – Total Assets (PKR Billion), 2010–2019

Figure 15: Pakistani Non-Life Insurance – Total Investment Income (PKR Billion), 2010–2019

Figure 16: Pakistani Non-Life Insurance – Investment Portfolio (PKR Billion), 2010–2019

Figure 17: Pakistani Non-Life Insurance – Investment Portfolio Dynamics by Category, 2010–2019

Figure 18: Pakistani Non-Life Insurance – Gross Written Premium by Category (PKR Billion and US$ Billion), 2010–2019

Figure 19: Pakistani Non-Life Insurance – Gross Written Premium Dynamics by Category, 2010–2019

Figure 20: Pakistani Property Insurance – Gross Written Premium (PKR Billion), 2010–2019

Figure 21: Pakistani Property Insurance – Paid Claims (PKR Billion), 2010–2019

Figure 22: Pakistani Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (PKR Billion and %), 2010–2019

Figure 23: Pakistan – Total Vehicle Sales, 2011–2015

Figure 24: Pakistan – Vehicle Sales By Type (Percentage Share), 2014

Figure 25: Pakistani Motor Insurance – Gross Written Premium (PKR Billion), 2010–2019

Figure 26: Pakistani Motor Insurance – Paid Claims (PKR Billion), 2010–2019

Figure 27: Pakistani Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (PKR Billion and %), 2010–2019

Figure 28: Pakistani Liability Insurance – Gross Written Premium (PKR Billion), 2010–2019

Figure 29: Pakistani Liability Insurance – Paid Claims (PKR Billion), 2010–2019

Figure 30: Pakistani Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (PKR Billion and %), 2010–2019

Figure 31: Pakistani Goods Exports and Imports (PKR Trillion), 2010–2014

Figure 32: Pakistani Marine, Aviation and Transit Insurance – Gross Written Premium (PKR Billion), 2010–2019

Figure 33: Pakistani Marine, Aviation and Transit Insurance – Paid Claims (PKR Billion), 2010–2019

Figure 34: Pakistani Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (PKR Billion and %), 2010–2019

Figure 35: Pakistani Frequency of Hazards by Type, 1990–2014

Figure 36: Pakistani Mortality of Hazards by Type, 1990–2014

Figure 37: Pakistani Economic issues of Hazards by Type, 1990–2014

Figure 38: Pakistani Non-Life Insurance – Segment Shares (%), 2014

Figure 39: Pakistan – Insurance Supervision and Control at Various Levels

Figure 40: Pakistan – Insurance Regulatory Frameworks for Company Registration and Operation

Frequently asked questions

Non-Life Insurance in Pakistan, Key Trends and Opportunities to 2019 standard reports

Currency USD

Single User

$1,450

Can be used by individual purchaser only

Undecided about purchasing this report?

Enquire Before Buying Download FREE Resources

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Sample Report

Non-Life Insurance in Pakistan, Key Trends and Opportunities to 2019 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

Assess the relevance of the report
Evaluate the quality of the report
Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise. The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS

Related reports

View more Financial Services reports

Financial Services

New

Global Cyber Insurance Market 2026

Financial Services

New

Norway Cards and Payments: Opportunities and Risks to 2030

Financial Services

New

Argentina Cards and Payments: Opportunities and Risks to 2030

Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Non-Life Insurance in Pakistan, Key Trends and Opportunities to 2019 in real time.

Access a live Non-Life Insurance in Pakistan, Key Trends and Opportunities to 2019 dashboard for 12 months, with up-to-the-minute insights.
Fuel your decision making with real-time deal coverage and media activity.
Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.

Tell me more

Reports

Reports by Sector

Report Type

Non-Life Insurance in Pakistan, Key Trends and Opportunities to 2019

Scope

Key Highlights

Reasons to Buy

Table of Contents

Table

Figures

Frequently asked questions

Undecided about purchasing this report?

Get in touch to find out about multi-purchase discounts

Sample Report

Below is a sample report to understand what you are buying

Related reports