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TPL Direct Insurance having strong presence in motor insurance

..TDIL's aggressive marketing initiatives together with investment in active call centre services have lent a hand in boosting in premiums especially in motor segment. Also, the company's unique motto of attending claims in 60 seconds, claims processing in 45 minutes and settlement of losses and theft claims in seven days has caught the eyeballs of many customers in recent times, thus adding to rise in fresh business Read More »

IGI Insurance sell its insurance policies through Bancassurance channel

IGI Insurance Company Limited (IGIIL) announced its 1QCY14 results , boasting a 69 percent year-on-year upsurge in its bottom line. This overwhelming growth in bottom line was driven primarily by virtue of a significant drop in claims expenses. Although the growth in net premiums remained insufficient, reduction in claims expenses led the ratio of net claims to net premium to ... Read More »

No one get insured property, interest outside country: SECP

The Securities and Exchange Commission of Pakistan (SECP) has observed that no person shall get insured any property or interest outside Pakistan under Rule 23(1) of the Insurance Rules, 2002. It is learnt on Monday that the SECP Appellate Bench comprising SECP Chairman Tahir Mahmood and Commissioner (SMD) Imtiaz Haider, has given these observations while deciding a case pertaining to the insurance of four PAF JF-17 aircraft by an insurance company Read More »

Takaful window to unleash insurance growth

Pakistans insurance industry may see a breakthrough in the coming years. Reportedly, the long held stay order on Takaful Rules 2012 has been taken back by Sindh High Court, thus allowing conventional insurers to jump into Takaful business–a Shariah compliant insurance alternative. To recall, Takaful rules issued back in 2012 sent conventional insurance companies the green light to participate in ... Read More »

SECP bars insurance firms writing back unclaimed insurance benefit

The Securities and Exchange Commission of Pakistan (SECP)CDC,-insurance-takaful-companies-sign-MoU-to-reduce-fraudulent-practices barred the insurance companies from writing back or appropriating the unclaimed insurance benefit amounts in any circumstances, according to a document. Read More »

NA Standing committee visit State life

The National Assemblys Standing Committee on Commerce under the Chairmanship of Siraj Muhammad Khan visited State Life Insurance Corporation of Pakistan, Principal Office, Karachi. Members and Chairman were welcomed by Executive Directors M. Raeesuddin Paracha, Ajaz Khan and NasimulHaq. On this occasion; Additional Secretary (MOC) Fazal Abbas Maikan was also present. Raees Paracha y briefed the Committee about the current ... Read More »

Insurance companies need to design market-friendly insurance products, Arup Chatterjee

South Asia’s share in the global insurance market is presently low but seems to be on the rise as the centre of global economic activity shifts towards Asian economies, saidaruop-chaterjee, senior financial sector specialist at the Asian Development Bank (ADB) . Read More »

insurers share specified critical information ,State life aloof from the accord

The CISSII aims at enhancing protection of policyholders, as well as for greater efficiency of the life insurance industry through promotion of a formal information-sharing mechanism among life insurers for reduction of systemic risks in the life insurance industry, the press release said.On March 12, the SECP issued “a regulatory directive requiring all life insurance companies and family takaful operators to join the CISSII by April 30.“The objective of the directive was to promote a formal information-sharing mechanism by making membership Read More »

IGI Insurance acquires American Life

In a major buyout deal in the country's insurance sector, IGI Insurance Limited has acquired controlling stake of 69.69 per cent in American Life Insurance Company (Pakistan) Limited (Alico) for Rs732 million. The transaction, which was being worked out for some time, closed on Thursday after 34 Read More »

Regulatory shifts needed for general insurance sector in Australia

The Insurance Council of Australia (ICA), which represents non-life insurers Down Under, has said that the Financial System Inquiry (FSI) must focus on more efficient industry regulation, less restrictive prudential requirements and significant tax reform to improve the insurance sector's contribution to Australia's economy. Read More »