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Takaful window to unleash insurance growth

Asif Arif, Saifuddin Zomkawala Speaking at the SECP Funtion

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 »

Gulf Insurance’s net gains rise by 10% in 2013

Gulf Insurance Group, the largest insurance group in Kuwait and a leading regional insurer, has posted net profits of KWD10.2 million (US$36.2 million) for 2013, representing an increase of around 10 percent compared to the KWD9.27 million reported for 2012.Premiums increased by 8 percent in 2013 reaching KWD157 million, the company said in a statement. Investment profit and other income reached KWD8.4 million for 2013 Read More »

Pakistan to host the 2nd SAARC Insurance Regulators´ Meet & International Conference


The 2nd SAARC Insurance Regulators´ Meet & International Conference is being held from 14-16 April 2014 at the Movenpick irfan-siddiquiHotel, Karachi (Pakistan).With the strategic support from the World Bank and the Asiannadeem Hussain Development Bank, the Securities and Exchange Commission of Pakistan (SECP) is hosting this event as a sequel of the 1st SAARC Regulators Conference held in Dhaka, Bangladesh, last year. A diversified array of speakers and presenters will share Read More »

American Life Insurance Annual General Meeting

America Life Insurance Company Limited informed Karachi Stock Exchange about election of directors in Annual General Meeting 1383330977_561849846_1-Met-Life-to be held on March 25, 2014 at Institute of Chartered Accountants of Pakistan, Karachi.Numbers of persons who have offered themselves to be elected are the same as directed by the Companies Ordinan Read More »