Pakistan News

    Top Three Insurance Companies In Pakistan

  • Non-life insurance companies poised for diversified growth

    HAVING achieved a market capitalisation of Rs127bn, the non-life or general insurance companies are poised for further growth...

    From the traditional underwriting in marine, fire and motor, most general insurance companies have launched new products to capture a bigger share of a competitive market...

  • 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...

    Two years ago SLIC still had a slightly bigger share (57pc) in the pie; today it is divided right through the centre: 50pc with SLIC and 50pc wrested by the 7-8 private insurance companies...

  • Insurance companies asked to smoothen claims processing

    ISLAMABAD: The Securities and Exchange Commission (SECP) has asked insurance companies to waive non-mandatory requirements for claims processing and use alternative methods for verifying their authenticity to facilitate insurance policyholders during the pandemic...

    The SECP has been continuously taking measures to extend every possible relief and facilitation to companies and persons connected therewith being investors, borrowers or...

  • Only one-fifth employees of top 54 companies file tax returns

    ISLAMABAD: The Federal Board of Revenue (FBR) has identified 200,906 employees of 54 top companies across the country who vanished from the tax net in the past one year — reflecting poor tax compliance...

    The employees of these big companies who filed their income tax returns stood at 53,579 — only 21pc of the total employees’ strength of 254,485...

  • Ogra issues show-cause notices to top oil companies for overcharging

    ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has issued show-cause notices to seven top oil marketing companies (OMCs) for alleged overcharging and substandard sale of petroleum products in Azad Jammu and Kashmir (AJK)...

    The companies that have been issued show-cause notices include Pakistan State Oil (PSO), Shell Pakistan Ltd (SPL), Total Parco Marketing Ltd (TPML), Attock Petroleum Ltd (APL), Askar, Admore and Overseas...

  • Sepco on top of companies list in the red, says CEO

    LARKANA: The chief executive officer of the Sukkur Electric Power Company (Sepco), Muzaffar Abbasi, has admitted the power utility is on top of the list of companies running in deficit and said it owes Rs75 billion to the Central Power Purchasing Company alone...

    Citing example of the Multan Electric Power Company, Mr Abbasi said, the power utility was among nine companies running in deficit, which required 4,000 megawatt electricity...

  • 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...

    Consequently, such life insurance companies have been warned to ensure effective implementation of the directive and submit compliance report on implementation to...

  • 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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