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State-Life-Convention end Slic earns Rs76bn in 2016

Chairman addressing the State life Convention participant said that State Life secured 1st Year premium including renewal, which has increased from Rs. 69 billion to Rs.76 billion; showing an increase of 10.38 percent in the year 2016; has paid total amount of Rs.16.5 billion against all claims, thus providing financial protection and savings to millions of valued policy-holders and their families nationwide. State Life has procured new premium of 3 million (USD) in Gulf region covering Kuwait, UAE and Saudi Arabia in the year 2016. The marketing force of State Life has extended financial protection to 636,183 families nationwide during the year 2016. Total number of in-force policies till the end of 2016 are 5.5 million. Read More »

IGI life and Soneri bank Singn Bancatakaful agreement

IGI Life under its Window Takaful Operations and Soneri Bank signed a Bancatakaful Distribution agreement under which IGI Life’s takaful products will be distributed using Soneri Bank’s branch network. The signing ceremony was held at Soneri Bank’s head office in Karachi on Wednesday, September 21, 2016. Soneri Bank was represented by its Chief Operating Officer Mr. Amin A. Feerasta and ... Read More »

Zafar Hijazi SECP chairman arrested for tampering

SECP chairman Zafar Hijazi arrested for tampering with record of Sharifs’ companies.Federal Investigation Agency (FIA) on Friday arrested Security & Exchange Commission of Pakistan (SECP) chairman Zafar Hijazi from outside a special court in Islamabad after his bail application was rejected. The SECP chairman faces charges of tampering with records of Sharif family’s companies. The joint investigation team (JIT) – ... Read More »

Pakistan’s insurance industry boost with CPEC

The China-Pakistan Economic Corridor (CPEC) will provide new opportunities for the local insurance industry especially the non-life sector, the State Bank of Pakistan (SBP) said in its annual Financial Stability Review 2016. “Pakistan is expected to witness continued growth in almost all sectors of the insurance industry with significant growth expected in the Takaful segment,” said the report. However, the ... Read More »

Pak Qatar Family Takaful assigns positive outlook

Pak Qatar Family Takaful assigns positive outlook by JCR-VIS Credit Rating Company.JCR-VIS assigns positive outlook to,JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has maintained the Insurer Financial Strength (IFS) rating of Pak-Qatar Family Takaful Limited (PQFTL) at ‘A’ (Single A). Outlook on the assigned rating has been revised from ‘Stable’ to ‘Positive’. The rating assigned to Pak-Qatar Family Takaful Limited (PQFTL) ... Read More »

LONDON-A.M. Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of Jubilee General Insurance Company Limited (Jubilee) (Pakistan). The outlook of these Credit Ratings (ratings) remains stable. The ratings reflect Jubilee’s track record of good operating performance, well-established business profile in Pakistan and solid risk-adjusted capitalisation. An offsetting rating factor is ... Read More »

Proposed Insurance Bill 2017 destroy entire industry

Proposed Insurance Bill 2017 will destroy entire Insurance Industry this was sated in a meeting of Professional Association of Insurance Surveyors (PAIS).PAIS emergency meeting was held in Lahore, which was chaired by PAIS President Junaid Zaidi. The meeting was called after the news published in media that Security and Exchange of Pakistan (SECP) has been found involved in record tempering. ... Read More »

Allianz-EFU to launch Window Takaful operations

Allianz-EFU Health Insurance Ltd, the first specialized health insurance company in Pakistan introduced Window Takaful Operations, licensed by the Securities and Exchange Commission of Pakistan (SECP). Allianz EFU Window Takaful Operations will be available to both Corporate and Individual Health Takaful customers. Allianz EFU’s Health Takaful offers Shariah compliant approved products providing comprehensive medical coverage that is reliable, convenient, hassle ... Read More »

All vehicles in the country should be insured-Hassan-Ali-Abdullah

Chairman Insurance Association Pakistan Hasan-Ali-Abdullah, in his speech suggested that all vehicles in the country should be insured. In case of any incident the government pay huge amount to the affected people. If vehicles are insured the burden will shift to the private sector, he added.Federal Insurance Ombudsman M. Raeesuddin Paracha has said that insurance penetration in Pakistan is lowest ... Read More »

State-Life Insurance earned Rs 1.048b profit

State-life Insurance earned Rs.1.048b.This was stated by the Chairman State life in  PAC meeting  held under its Chairman Syed Khursheed Shah in which the SLIC and NICL gave a briefing on their 10-year performance to the committee. During the meeting, SLIC Chairman Shoaib Mir explained that the State Life Insurance Corporation has been formed under the LINO 1972. The institution ... Read More »