Insurance helps us to do exactly what this quote suggests. We all face many kinds of risks: risk of meeting an accident, falling sick, being a victim of a natural disaster or fire, and above all risk of life. All these risks not only come with pain and suffering but also hurt financially. Insurance is one way of being prepared for the worst; it offers the surety that the economic part of the pain will be taken care of. In this list, we take a look at top 5 largest insurance companies in Pakistan. There are many criteria on the basis of which such a list can be prepared: premium collections, market capitalization, revenue, profit, geographical area, assets and more. The following list focuses on many factors and the insurance companies listed are in no particular order.
Top 5 Largest Insurance Companies in Pakistan:
IGI Insurance Limited
IGI is a public listed general insurance company founded in 1953. Being part of the Packages Group, IGI is the largest insurance company by market capitalization. Headquartered in Karachi, IGI has offices in 8 cities nationwide and offers a wide range of general insurance products including Fire, Motor, Marine, Travel, Health Personal Accident and Home Insurance.
Jubilee Insurance Limited
Jubilee Life Insurance Company Limited (the Company) was incorporated in Pakistan on June 29, 1995 as a Public Limited Company under the Companies Ordinance, 1984. Its shares are quoted on the Pakistan Stock Exchange Limited. The Company started its business on June 20, 1996.
The Company is engaged in life insurance, carrying on non-participating business. In accordance with the requirements of the Insurance Ordinance, 2000, the Company has established a Shareholders’ fund and following statutory funds in respect of each class of its life insurance business:
- Individual Life Unit Linked
- Conventional Business
- Accident and Health
- Overseas Group Life and Health Business
- Window Takaful Operations
Jubilee Life has been assigned Insurer Financial Strength (IFS) rating of “AA+” (Double A Plus) with ‘Stable’ outlook by JCR-VIS Credit Rating Co. Ltd.
East West Life Assurance Company
East West Life Assurance Company Limited was established in the year 1992 at Quetta under the name of The Metropolitan Life Assurance Company of Pakistan Limited. The company commenced underwriting life insurance business in March of 1993 and made successful progress in the field of life and health insurance businesses both on the front of individual and corporate clients alike. In 2008, the name of our company was changed to East West Life Assurance Company Limited
State Life Insurance Corporation of Pakistan
State Life Insurance Corporation of Pakistan (the Corporation) was incorporated on November 1, 1972 under the Life Insurance Nationalization Order, 1972. Due to its well established Agency Network of more than 90,000 sales people State Life is the largest Life Insurance Corporation since 1972 in Pakistan.
EFU Insurance Limited
The Company was incorporated on September 2, 1932. EFU General provides a full range of insurance services to fulfill the needs of all of its customers being commercial and individual clients. Companies product portfolio includes:
- Fire and Property Damage
- Marine, Aviation and Transport
- Value Added Services
The shares of the company are quoted on Pakistan Stock Exchange. EFU is one of the few Pakistani organizations run totally by professional management and highly motivated field force.