Pakistan Insurance Industry – Key Trends and Opportunities to 2027

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Pakistan Insurance Industry Report Overview

The total gross written premium (GWP) in the Pakistan insurance industry was PKR513.2 billion in 2022 and is expected to record a CAGR of more than 11% during 2023-2027. Economic growth in Pakistan has been hindered by factors such as rising inflation, political instability, flood damages, and supply chain disruption. The implementation of policy reforms, maintaining political stability, improving the quality of public expenditure, and the resumption of macroeconomic stability will help maintain economic stability.

Pakistan Insurance Industry Outlook 2022-2027 (PKR Billion)

Pakistan Insurance Industry Outlook 2022-2027 (PKR Billion)

The Pakistan insurance industry report provides in-depth market analysis, information, and insights into the Pakistan insurance industry. The report has a comprehensive overview of the Pakistan economy, government initiatives, and investment opportunities. The Pakistan insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements are covered in this report. Furthermore, the report offers Pakistan’s insurance market structure giving details of lines of business and premiums ceded along with cession rates.

Market Size (2022) PKR513.2 billion
CAGR (2023-2027) >11%
Key Insurance Sectors Life Insurance and General Insurance
Key Trends Travel Insurance, Health Insurance, and Digitalization
Key Companies State Life Insurance, Jubilee, EFU, Adamjee, Pak Qatar, United Insurance Pakistan, UBL Insurers, East West Insurance, Atlas Insurance, Security General, and Askari General
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Pakistan Insurance Industry Trends

Some of the key trends influencing the Pakistan insurance industry are digitalization, health insurance, and travel insurance.

Digitalization: In August 2022, the SECP introduced a new simplified registration regime for micro-insurers and digital-only insurers. Such providers now benefit from lower capital and solvency requirements. The aim is to boost digitalization, innovation, and product ranges within the country’s insurance industry, thus helping drive the uptake of policies.

Health Insurance: In June 2023, Pakistan’s federal minister of finance announced that the government would issue health cards for working journalists in the country. Under this scheme, beneficiaries can access free healthcare services at 1,200 institutions.

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Pakistan Insurance Industry Sectors

The key sectors in the Pakistan insurance industry are life insurance and general insurance. In 2022, the life insurance sector accounted for the highest share of the total insurance industry in Pakistan, registering an annual growth of more than 28%. The sector’s growth can be attributed to increasing awareness of the benefits of life insurance during the COVID–19 pandemic. For this purpose, several insurance companies have collaborated with banks such as Jubilee Life partnering with Habib Metro Bank to boost the bancassurance channel in a bid to drive the uptake of life insurance.

Furthermore, the general insurance sector registered annual growth of more than 25% in 2022, primarily attributed to the increased uptake of property insurance due to floods that affected the country throughout the year.

Pakistan Insurance Industry Analysis by Sector, 2022 (%)

Pakistan Insurance Industry Analysis by Sector, 2022 (%)

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Pakistan Insurance Industry – Competitive Landscape

The key companies in the Pakistan insurance industry are State Life Insurance, Jubilee, EFU, Adamjee, Pak Qatar, United Insurance Pakistan, UBL Insurers, East West Insurance, Atlas Insurance, Security General, and Askari General among others. In 2022, State Life Insurance was the largest insurer in Pakistan accounting for more than 47% of the industry’s GWP, followed by Jubilee Life and EFU Life.

Pakistan Insurance Industry Analysis by Companies, 2022 (%)

Pakistan Insurance Industry Analysis by Companies, 2022 (%)

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Key Segments Covered in the Report.

Pakistan Insurance Industry Sector Outlook (Value, PKR Billion, 2018-2027)

  • Life Insurance
  • General Insurance

Scope

This report provides a comprehensive analysis of the Pakistan insurance industry –

  • It provides historical values for the Pakistan insurance industry for the report’s 2018–22 review period, and projected figures for the 2023–27 forecast period.
  • It offers a detailed analysis of the key categories in the Pakistan insurance industry and market forecasts to 2027.
  • It profiles the top life insurance companies in Pakistan and outlines the key regulations affecting them.

Key Highlights

• Key insights and dynamics of the Pakistan insurance industry.

• A comprehensive overview of the Pakistan economy, government initiatives, and investment opportunities.

• The Pakistan insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.

• The Pakistan insurance industry’s market structure giving details of lines of business.

• Pakistan’s reinsurance business’s market structure giving details of premium ceded along with cession rates.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Pakistan insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Pakistan insurance industry.
  • Assess the competitive dynamics in the Pakistan insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

State Life Insurance
EFU General Insurance
Adamjee Insurance
Jubilee Life Insurance
EFU Life Assurance
Jubilee General Insurance
Security General Insurance
TPL Life Insurance

Table of Contents

Executive Summary

Economy Overview

Regulation and Compliance

Key Market Trends

Life Insurance: Trends and KPIs

General Insurance: Trends and KPIs

Competitive Landscape

Reinsurance

Appendix

Frequently asked questions

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