Pakistan Insurance Report 2012
Business Monitor International, December 2011, Pages: 55
Pakistan’s profound security and political problems, together with the widespread poverty of many of its households, have constrained the development of insurance over the years. In spite of the openness of both the non-life and the life segments to foreign insurers, few multi-national groups have considered it worth their while to establish operations in Pakistan. As is the case with many very underdeveloped insurance markets, the majority of the (literally) dozens of players are very small by any standard.
Nevertheless, there are clear signs that the insurance sector is resilient. The life segment accounts for about half of all premiums. The Pakistani households that use life insurance may be very small in number, but they do have enough confidence in the insurers (and the overall economic and financial environment) to engage in long-term contracts. Pakistan is a classic example of a country where the hype and excitement about takaful exceeds the reality. However, it remains the case that genuine takaful operators have established themselves over the last four years or so. Best of all, the life insurers (especially) have shown that they can be inventive in relation to products and distribution channels. There is a clear move towards bancassurance. Time will tell whether or not the life insurance product that Adamjee Life has developed in conjunction with mobile phone company ZONG is a success. Nevertheless, the venture could encourage many households to begin using insurance for the first time.
In the non-life segment, the claims arising from the massive floods of 2010 and early 2011 undoubtedly represent a challenge, particularly for Pakistan Reinsurance (PakRe): for Pakistan’s (usually) tiny and lowly-capitalised non-life companies, retention ratios are low as many risks are laid off with reinsurers. However, it is clear that premiums are growing strongly (as are profits). Moreover, the government is actively encouraging the development of crop insurance and micro-insurance.
Executive Summary
Table: Pakistan’s Total Premiums, 2008-2016
Key Insights And Key Risks
SWOT Analysis
Pakistan Insurance Industry SWOT
Pakistan Political SWOT
Pakistan Economic SWOT
Pakistan Business Environment SWOT
Life
Asia-Pacific Life Sector Overview
Table: Asia Pacific Life Premiums, 2008-2016 (US$mn)
Pakistan Life Sector Update
Life Industry Forecast Scenario
Table: Pakistan’s Life Premiums, 2008-2016
Growth Drivers And Risk Management Projections
Population
Table: Pakistan’s Insurance Sector Key Drivers – Demographics, 2008-2016
Non-Life
Asia-Pacific Non-Life Sector Overview
Table: Asia Pacific’s Non-Life Premiums, 2008-2016 (US$mn)
Pakistan Non-Life Sector Update
Non- Life Industry Forecast Scenario
Table: Pakistan’s Non-Life Premiums, 2008-2016
Growth Drivers And Risk Management Projections
Macroeconomic Outlook
Table: Pakistan Economic Activity, 2011-2016
Political Stability Outlook
Table: Asia Pacific Regional Security Ratings
Healthcare
Healthcare Insurance
Epidemiology
Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2008-2016
Motor
Islamic Finance
Insurance Risk/Reward Ratings
Table: Pakistan’s Insurance Risk/Reward Ratings
Table: Asia Pacific Insurance Risk/Reward Ratings
Competitive Landscape
Competitive Landscape Analysis
Major Players In Pakistan’s Insurance Sector
Table: Ranking of Non-Life Companies, By 2010 Gross Premiums (PKRmn)
Table: Ranking of Life Companies, By 2010 Gross Premiums (PKRmn)
Company Profiles
Adamjee Insurance Company
Allianz
EFU
MetLife ALICO
New Jubilee Insurance Company
State Life Insurance Corporation of Pakistan
BMI Methodology
Insurance Risk/Reward Ratings
Table: Insurance Risk/Reward Indicators And Rationale
Table: Weighting Of Indicators
- Adamjee Insurance Company
- Allianz
- EFU
- MetLife ALICO
- New Jubilee Insurance Company
- State Life Insurance Corporation of Pakistan,
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