Pakistan News

    Life Insurance Business In Pakistan

  • Guidelines for non-life insurance firms issued

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) issued guidelines for non-life insurance companies on methodology for estimation of ‘Incurred But Not Reported’ (IBNR) claims...

    IBNR refers to those claims which have been incurred during the period covered by the insurance policy, but have not been reported to the company during the accounting year, hence making it difficult for the firm to adequately provide for...

  • Upbeat non-life insurance sector

    HELPED by an improving economy and new methodology for assessing incurred-but-not-reported claims, the non-life insurance business eyes a promising future...

    Executives of insurance companies say the Securities and Exchange Commission of Pakistan’s (SECP) new guidelines on IBNR will help them eventually reduce their claims ratio by capturing a correct picture of net premium earnings after standardised provisioning against backlog of...

  • Private life insurance companies end SLIC dominance

    A LITTLE-known fact about the life insurance business in Pakistan is that the government-owned State Life Insurance Company of Pakistan is no more the dominating player in the sector...

    For decades, the business has, slowly, almost entirely slipped out of its hands...

  • Centralised repository for life insurance sector

    ISLAMABAD: To complement government objective of providing ease of doing business and enhanced consumer protection, the Securities and Exchange Commission of Pakistan (SECP) on Monday launched first-ever centralised information repository for life insurance sector...

    The repository will function under the SECP and host critical data on life insurance policies...

  • Slain Taliban chief had life insurance policy, court told

    KARACHI: Before his death in a US drone attack in 2016, Afghan Taliban leader Mullah Akhtar Mansour had purchased a ‘life insurance’ policy from a private company in Pakistan using a fake identity, it emerged at the hearing of a terror funding case against him and his absconding accomplices on Saturday...

    The insurance company confirmed it to an anti-terrorism court in Karachi at the hearing of the case registered against him and his...

  • Khattak launches health insurance scheme

    PESHAWAR: Chief Minister Pervez Khattak here on Tuesday launched a health insurance scheme under the Khyber Pakhtunkhwa “Sehat Sahulat Programme” for the deserving and poor patients in the province...

    Ambassador of Germany Ms Ina Lepel, health minister Shahram Tarakai, Pakistan-based director of KfW, chairperson of State Life Insurance and secretary health also spoke on the occasion...

  • SBP allows dollar-denominated insurance policies

    KARACHI: The State Bank of Pakistan (SBP) has allowed resident insurance companies to issue dollar-denominated insurance policies on a notional basis to meet the condition of foreign lenders and foreign projects undertaken in Pakistan...

    The SBP issued on Wednesday a circular addressing all banks and financial institutions to follow the instructions regarding new insurance policies...

  • Insurance firms directed to follow anti-money laundering rules

    Moreover, Circular No 8 dated April 7, requires all life insurers to provide information to the Securities and Exchange Commission of Pakistan (SECP) on a monthly basis with respect to the single premium life insurance policies having annual premium of 5 million or above...

    Furthermore, the analysis of information provided on a monthly basis under the ‘Compliance Report on AML Directive on Insurers’ also disclosed non-compliance with...

  • European fund to acquire stake in Asia Insurance

    LAHORE: A European investment fund has entered into an agreement to acquire a significant minority stake in a Lahore-based general insurance company offering agriculture insurance to over 100,000 farmers in Pakistan...

    An announcement issued on Saturday said the InsuResilience Investment Fund, set up by the German Development Bank KfW and managed by Switzerland-based Impact Investment Manager BlueOrchard Finance, will acquire 25 per...

  • Without insurance, Harvey's victims turn toward the state

    Hurricane Harvey's devastation will be among the costliest of any storm in US history but, with most not covered by insurance, victims are left hoping for government aid and community support...

    But in federally designated US flood zones, only 12 per cent of home owners are covered by flood insurance, according to the Insurance Information Institute...

  • Health insurance scheme for the poor approved

    ISLAMABAD: An inter-provincial forum on Wednesday approved a health insurance scheme conceived in 2012 for the people living below the poverty line in the country...

    People earning less than Rs200 (or equivalent to US$2) per day, and registered with the Benazir Income Support Programme (BISP), will benefit from the Prime Minister’s National Health Insurance Scheme, according to the Central Development Working Party (CDWP), which...

  • Insurance rules proposed

    ISLAMABAD: The Securi­ties and Exchange Commi­ssion of Pakistan (SECP) has approved the publication of proposed rules, envisaging the formation of committees for resolution of small disputes between the insurers and policyholders...

    Through these rules, three committees will be formed in Islamabad, Lahore and Karachi, and each committee will have three members: a senior chartered accountant, a lawyer and a representative of the...

  • SECP approves draft Insurance Bill 2017

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has approved the draft Insurance Bill 2017...

    The Bill has been formulated to institute significant reforms in the insurance regulatory framework and to bring it on a par with international standards to ensure the development of financially sound insurance sector where interests of policyholders are protected...

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