Personal Accident and Health Insurance in Pakistan, Key Trends and Opportunities to 2019

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Published: June 10, 2016 Report Code: GD-IS1225MR-ST

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Total public expenditure on healthcare in Pakistan has not been sufficient to meet demand. According to statistics from the World Bank, the contribution of public spending accounted for only 35.2% of the total healthcare expenditure in 2014, causing the public to bear the remaining expenditure either through private insurance or out-of-pocket payments. It is evident that the cost of medicine and diagnostic tests have been growing rapidly, making medical treatment unaffordable for low-income groups. Due to expensive medical treatment, health insurance has emerged as one of the best solutions to avoid any financial risks.
The health segment is in early stages of development, and has been unable to significantly penetrate the market and generate profit. The Securities and Exchange Commission of Pakistan (SECP) took several initiatives during the review period to develop the segment and increase penetration. The regulator encouraged insurers to conduct a pilot project on health insurance in collaboration with leading distribution channels, including banks and other financial institutions. These steps are expected to accelerate sales through banks and other financial institutions, which will subsequently strengthen the private health insurance business.

Scope

• The Pakistani personal accident and health insurance segment’s growth prospects by insurance category

• Analysis of the key trends, drivers and challenges for the personal accident and health insurance segment

• Detail on the various distribution channels in the Pakistani personal accident and health insurance industry

• An overview of the competitive landscape

• Key developments in the personal accident and health insurance segment

• An assessment of the new products launched by Pakistani insurers

• Historical values for the Pakistan personal accident and health insurance segment for the report’s 2010 to 2014 review period, along with projected figures up to 2019

• A series of profiles of the leading accident and health insurance companies

• Comprehensive coverage of parameters in the Pakistani personal accident and health insurance segment, including: written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions

• An overview of Pakistan’s economy and demographics

Key Highlights

What is the CAGR of Pakistan’s personal accident and health insurance segment during the review period?

What is driving a rise in the volume of personal accident and health products in Pakistan?

What is the penetration rate of health insurance in Pakistan when compared to other Asian countries, such as India and China?

Which factors are the key challenges facing Pakistan’s public healthcare system?

In addition to underwriting profits, what are Pakistani personal accident and health insurance insurers focusing on?

What are health insurers undertaking in order to increase their market share?

Reasons to Buy

• Make more informed business decisions utilizing GlobalData’s historic and forecast market data on each category within the Pakistani personal accident and health insurance segment

• Evaluate the key market trends and growth opportunities in the personal accident and health insurance segment in Pakistan. Assess new products and the propositions behind them, whilst evaluating the opportunities these represent to support your revenue growth

• Analyze the regulatory developments in the Pakistan insurance industry and make sure you remain compliant

• Identify the market dynamics and streamline your provisions to ensure you achieve the best return on your investment

• Investigate historic and forecast values and assess the growth patterns in the category; ensure your value proposition is best aligned to increase your share of the market whilst minimising business risk

Allianz EFU Health Insurance,Asia Care Health & Life Insurance Co. Ltd,Adamjee Insurance Company Ltd,East West Life Assurance Company Ltd,EFU General Insurance Company,IGI Insurance Ltd,Askari General Insurance Company Ltd,Jubilee General Insurance Company Ltd

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Personal Accident and Health Insurance Segment Outlook

4.1 Key Drivers

4.2 Key Trends

4.3 Challenges

4.4 Personal Accident and Health Insurance Growth Prospects by Category

5 Analysis by Distribution Channel

6 Competitive Landscape and Strategic Insights

6.1 Overview

6.2 Leading Companies in the Pakistani Personal Accident and Health Insurance Segment

6.2.1 Allianz EFU Health Insurance Ltd – company overview

6.2.2 AsiaCare Health & Life Insurance Company Ltd – company overview

6.2.3 Adamjee Insurance Company Ltd – company overview

6.2.4 East West Life Assurance Company Ltd – company overview

6.2.5 EFU General Insurance Ltd – company overview

6.2.6 IGI Insurance Ltd – company overview

6.2.7 Askari General Insurance Company Ltd – company overview

6.2.8 Jubilee General 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 Personal Accident and Health Insurance – Key Facts, 2014

Table 2: Pakistani Government Credit Ratings

Table 3: Pakistani Personal Accident and Health Insurance – Net Earned Premium (PKR Billion), 2010–2014

Table 4: Pakistani Personal Accident and Health Insurance – Net Earned Premium (PKR Billion), 2014–2019

Table 5: Pakistani Personal Accident and Health Insurance – Loss Ratio (%), 2010–2014

Table 6: Pakistani Personal Accident and Health Insurance – Loss Ratio (%), 2014–2019

Table 7: Pakistani Personal Accident and Health Insurance – Commission and Expenses (PKR Billion), 2010–2014

Table 8: Pakistani Personal Accident and Health Insurance – Commission and Expenses (PKR Billion), 2014–2019

Table 9: Pakistani Personal Accident and Health Insurance – Combined Ratio (%), 2010–2014

Table 10: Pakistani Personal Accident and Health Insurance – Combined Ratio (%), 2014–2019

Table 11: Pakistani Personal Accident and Health Insurance – Total Assets (PKR Billion), 2010–2014

Table 12: Pakistani Personal Accident and Health Insurance – Total Assets (PKR Billion), 2014–2019

Table 13: Pakistani Personal Accident and Health Insurance – Total Investment Income (PKR Million), 2010–2014

Table 14: Pakistani Personal Accident and Health Insurance – Total Investment Income (PKR Billion), 2014–2019

Table 15: Pakistani Personal Accident and Health Insurance – Net Written Premium (Percentage of Gross Written Premium), 2010–2014

Table 16: Pakistani Personal Accident and Health Insurance – Net Written Premium (Percentage of Gross Written Premium), 2014–2019

Table 17: Pakistani Personal Accident and Health Insurers, 2014

Table 18: Allianz EFU Health Insurance Ltd – Key Facts

Table 19: Pakistani AsiaCare Health & Life Insurance Company Ltd – Key Facts

Table 20: Adamjee Insurance Company Ltd – Key Facts

Table 21: Pakistani East West Life Assurance Company Ltd – Key Facts

Table 22: EFU General Insurance Ltd – Key Facts

Table 23: lGI Insurance Ltd – Key Facts

Table 24: Askari General Insurance Company Ltd – Key Facts

Table 25: Jubilee General Insurance Company Ltd – Key Facts

Table 26: Pakistan – Insurance Regulatory Framework Key Features

Table 27: Pakistan – Life Insurance Regulatory Framework

Table 28: Pakistan – Minimum Financial Protection for Unit-linked insurance Products

Table 29: Pakistan – Property Insurance Regulatory Framework

Table 30: Pakistan – Motor Insurance Regulatory Framework

Table 31: Pakistan – Liability Insurance Regulatory Framework

Table 32: Pakistan – Corporate Tax Rates for the Financial Year 2016

Table 33: 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 Personal Accident and Health Insurance – Net Earned Premium (PKR Billion), 2010–2014

Figure 8: Pakistani Personal Accident and Health Insurance – Net Earned Premium (PKR Billion), 2014–2019

Figure 9: Pakistani Personal Accident and Health Insurance – Loss Ratio (%), 2010–2014

Figure 10: Pakistani Personal Accident and Health Insurance – Loss Ratio (%), 2014–2019

Figure 11: Pakistani Personal Accident and Health Insurance – Commission and Expenses (PKR Billion), 2010–2014

Figure 12: Pakistani Personal Accident and Health Insurance – Commission and Expenses (PKR Billion), 2014–2019

Figure 13: Pakistani Personal Accident and Health Insurance – Combined Ratio (%), 2010–2014

Figure 14: Pakistani Personal Accident and Health Insurance – Combined Ratio (%), 2014–2019

Figure 15: Pakistani Personal Accident and Health Insurance – Total Assets (PKR Billion), 2010–2014

Figure 16: Pakistani Personal Accident and Health Insurance – Total Assets (PKR Billion), 2014–2019

Figure 17: Pakistani Personal Accident and Health Insurance – Total Investment Income (PKR Million), 2010–2014

Figure 18: Pakistani Personal Accident and Health Insurance – Total Investment Income (PKR Billion), 2014–2019

Figure 19: Pakistani Personal Accident and Health Insurance – Net Written Premium (Percentage of Gross Written Premium), 2010–2014

Figure 20: Pakistani Personal Accident and Health Insurance – Net Written Premium (Percentage of Gross Written Premium), 2014–2019

Figure 21: Pakistani Personal Accident and Health Insurance – Investment Portfolio (PKR Billion), 2010–2014

Figure 22: Pakistani Personal Accident and Health Insurance – Investment Portfolio (Percentage Share), 2010 and 2014

Figure 23: Pakistani Personal Accident and Health Insurance Penetration (Ratio of Direct Premiums to GDP), 2010–2014

Figure 24: Pakistani Personal Accident and Health Insurance – Density (Direct Premium per Capita), 2010–2014

Figure 25: Pakistan – Insurance Supervision and Control at Various Levels

Figure 26: Pakistan – Insurance Regulatory Frameworks for Company Registration and Operation

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