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Jubilee life Insurance issued stern warning

(SECP)Commissioner(Insurance) Mohammad Asif Arif has issued a stern warning to the Jubilee life Insurance Company limited for making investment in the shares/securities of an associate concern/undertaking without prior approval of the shareholders through a special Read More »

IGI life Brand Launching ceremony

IGI and Packages Group are pleased to announce re-entry into Life Insurance by acquiring majority stakes in MetLife’s American Life Insurance Company (Pakistan) Limited (MetLife Alico) on 10th of April 2014. IGI was a prominent player in Life Insurance until 1972, when the entire Industry was nationalized and merged into Public Sector Corporation. This was stated by Syed Hyder Ali, ... Read More »

Save State life Field worker SOS to Prime Minister

State Life Field Workers Federation of Pakistan (SLFWF) has sent a SOS appeal to Prime Minister Nawaz Sharif to save the State Life Insurance Corporation of Pakistan (SLIC) from destruction and appoint a chairman of SLIC and new board of directors consisting of insurance experts. SLFWF President Muhammad Asghar said that SLIC was earning profit of billions of rupees annually ... Read More »

EFU Life wins the ‘Brand of the Year Award’

EFU Life Assurance Ltd. has been honored with Brands of the Year Award 2013 by Brand Foundation for ‘Best Life Insurance Company’. It is the second time the company has been awarded this prestigious title.Brands of the Year Award is a distinctive and premium recognition for a brand recognized as a champion in its category based on current year market ... Read More »

New Jubilee Life holds a market share of 41 percent

Jubilee Life Insurance (formerly known as New Jubilee Life Insurance)–the largest private sector life insurer in Pakistan holds a market share of 41 percent as of September 2013 (in terms of gross premiums), according to the data published by Insurance Association of Pakistan (IAP). The company was incorporated in 1995 as a public limited company and is quoted on Karachi ... 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 »

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 »