Insurance in Pakistan is regulated under the Insurance Ordinance, 2000.[1] It is divided into three components: life insurance,[2]general insurance and health insurance. The Government of Pakistan established the Department of Insurance in April 1948 as a department of the Ministry of Commerce; the aim of this department is to take care of affairs related to the insurance industry. Out of the 54% that Pakistan's service sector contributes to the national GDP, insurance, along with transport, storage, communications and finance occupy 24% of the sector.
The insurance industry in Pakistan is relatively small compared to its peers in the region. The insurance penetration and density remained very modest as compared to other jurisdictions while the insurance sector remained underdeveloped relative to its potential. The Pakistani insurance market has undergone major structural changes in last few years through mergers of companies to meet the increased statutory requirement of minimum paid up capital as per Insurance Ordinance 2000. Some companies who were unable to raise this capital have been asked to close down their operations. The Security and Exchange Commission of Pakistan (SECP), Insurance Division, is trying to improve the image of Pakistan Insurance Industry by issuing directives on financial security and transparency, code of good governance and sound market practice.
Companiesedit
List of notable insurance companies in Pakistan:[3]
insurance, pakistan, regulated, under, insurance, ordinance, 2000, divided, into, three, components, life, insurance, general, insurance, health, insurance, government, pakistan, established, department, insurance, april, 1948, department, ministry, commerce, . Insurance in Pakistan is regulated under the Insurance Ordinance 2000 1 It is divided into three components life insurance 2 general insurance and health insurance The Government of Pakistan established the Department of Insurance in April 1948 as a department of the Ministry of Commerce the aim of this department is to take care of affairs related to the insurance industry Out of the 54 that Pakistan s service sector contributes to the national GDP insurance along with transport storage communications and finance occupy 24 of the sector The insurance industry in Pakistan is relatively small compared to its peers in the region The insurance penetration and density remained very modest as compared to other jurisdictions while the insurance sector remained underdeveloped relative to its potential The Pakistani insurance market has undergone major structural changes in last few years through mergers of companies to meet the increased statutory requirement of minimum paid up capital as per Insurance Ordinance 2000 Some companies who were unable to raise this capital have been asked to close down their operations The Security and Exchange Commission of Pakistan SECP Insurance Division is trying to improve the image of Pakistan Insurance Industry by issuing directives on financial security and transparency code of good governance and sound market practice Companies editList of notable insurance companies in Pakistan 3 State Life Insurance Corporation of Pakistan Jubilee Life ABC Life Policy EFU Life Security General Insurance TPL CorpReferences edit REGULATION OF INSURANCE Life Insurance Sector in Pakistan Archived from the original on 2011 07 14 Retrieved 2011 07 17 Welcome to Insurance Association of Pakistan www iap net pk Retrieved 2020 05 28 nbsp This Pakistan related article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Insurance in Pakistan amp oldid 1216286798, wikipedia, wiki, book, books, library,
