Reinsurance in Pakistan, Key Trends and Opportunities to 2019
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Reinsurance is an integral part of Pakistan’s risk management program. Pakistan suffers a multitude of natural hazards each year, including floods, droughts, landslides, earthquakes and avalanches. The country was also impacted by a number of terrorist attacks during the review period, resulting in substantial economic and insurable losses. Such events have provided new business opportunities for reinsurance firms, as insurers become keen to cede a greater proportion of their written premium
The reinsurance segment is regulated by the SECP under the Securities and Exchange Commission of Pakistan Act, 1997. Specifically, the SECP is responsible for creating and maintaining an effective regulatory environment. However, the country’s liberalized foreign direct investment (FDI) policies are expected to encourage foreign reinsurers to enter the industry over the forecast period. A number of multinational reinsurers such as Munich Re, Swiss Re and Hannover Re operate through foreign branches in Pakistan; for example, Swiss Re operates though its Hong Kong branch.
The Draft SECP (Brokers) Regulations 2015 were issued on November 6, 2015 with the aim of regulating the brokers business. Proposed regulations stipulate provisions with respect to registration with the SECP, minimum paid-up capital requirements, minimum statutory deposits, professional indemnity insurance, as well as fit and proper criteria for the key officers and directors.
Scope
• The Pakistan reinsurance segment’s growth prospects by reinsurance ceded from direct insurance
• A comprehensive overview of the Pakistani economy and associated demographics
• Detailed analysis of natural hazards and their impact on the insurance industry
• The competitive landscape in the reinsurance segment
• Historical values for the Pakistan reinsurance 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 reinsurance segment, and market forecasts to 2019
• An exhaustive list of parameters in the reinsurance industry, including: written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income, and retentions
Key Highlights
By what percentage did the Pakistani reinsurance segment’s gross written premium grow during the review period?
How much of the premium accepted in 2014 was accounted for by facultative reinsurance and treaty reinsurance respectively?
What negatively affected Pakistani insurers’ profits during the review period?
What has been a key focus of Pakistani policymakers since the year 2000? What has the SECP made mandatory for Pakistan-based insurers as a result?
How concentrated is the Pakistani reinsurance segment?
Reasons to Buy
• Make more informed business decisions in the Pakistan reinsurance segment utilizing GlobalData’s historic and forecast market data
• Gain a deeper understanding of the current reinsurance market; enable yourself to formulate more customer-centric value propositions
• Evaluate the performance of key market drivers and current product propositions to identify new opportunities to drive your revenue growth
• Assess the overall market dynamics to ensure you can maintain a competitive advantage.
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