Life Insurance Companies In Pakistan List 2022
life insurance in pakistan is regulated under the Insurance Ordinance, 2000.
In the past few years, it has transformed into a developing and fast growing market that is generally divided into three components:
life insurance in pakistan general insurance and health insurance. The Government of Pakistan established the Department of Insurance in April 1948 as a department of the Ministry of Commerce;
The Aim of this department is to take care of affairs related to the insurance industry.
Out of the 54% that Pakistan’s service sector contributes to the national GDP, insurance, along with transport, storage, communications and finance occupy 24% of the sector.
The insurance industry in Pakistan is relatively small compared to its peers in the region.
The life insurance in pakistan penetration and density remained very modest as compared to other jurisdictions while the insurance sector remained underdeveloped relative to its potential.
The life insurance in pakistan market has undergone major structural changes in last few years through mergers of companies to meet the increased statutory requirement of minimum paid up capital as per Insurance Ordinance 2000.
Some companies who were unable to raise this capital have been asked to close down their operations.
The Security and Exchange Commission of Pakistan (SECP), Insurance Division, is trying to improve the image of life insurance in pakistan Industry by issuing directives on financial security and transparency, code of good governance and sound market practice.
Insurance can be divided into four categories:
- Non Life
- Life
- Reinsurer
- Takaful
List of notable insurance companies in Pakistan
State Life Insurance Corporation of Pakistan
EFU Life
UBL Insurers Limited
IGI Insurance
Adamjee Insurance
Adamjee Insurance Co. Ltd.
Alfalah Insurance Company Ltd.
Allianz EFU Health Insurance Limited
Alpha Insurance Co. Ltd.
Asia Insurance Company Limited
Pak Qatar Takaful Ltd.
Askari Gen. Ins. Co. Ltd.
Atlas Insurance Limited,
Century Insurance Co.Ltd.
Chubb Insurance Pakistan Ltd.
Cooperative Ins. Society of Pak. Ltd.
Crescent Star Insurance Ltd.
East West Insurance Co. Ltd.
EFU General Ins. Ltd.
Excel Insurance Co. Ltd.
Habib Insurance. Co. Ltd.
IGI General Insurance Limited
Jubilee General Insurance Company Limited
New Hampshire Insurance Company.
Premier Insurance Limited
Reliance Insurance Co. Ltd.
Security Gen. Ins. Co. Ltd.
Shaheen Ins. Co. Ltd.
Sindh Insurance Limited
SPI Insurance Company Ltd
The Pakistan Gen. Ins. Co. Ltd.
UBL Insurers Limited
United Ins. Co. of Pak. Ltd.
