InsuranceinPakistan

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InsuranceinPakistanisregulatedundertheInsuranceOrdinance,2000.[1]Inthepastfewyears,ithas
transformedintoadevelopingandfastgrowingmarketthatisgenerallydividedintothreecomponents:life
insurance,[2]generalinsuranceandhealthinsurance.TheGovernmentofPakistanestablishedtheDepartmentof
InsuranceinApril1948asadepartmentoftheMinistryofCommercetheaimofthisdepartmentistotakecareof
affairsrelatedtotheinsuranceindustry.Outofthe54%thatPakistan'sservicesectorcontributestothenational
GDP,insurance,alongwithtransport,storage,communicationsandfinanceoccupy24%ofthesector.

Companies
ListofnotableinsurancecompaniesinPakistan:
StateLifeInsuranceCorporationofPakistan
AlfalahInsuranceCompanyLimited
AdamjeeInsuranceCompanyLtd
EFULife
JubileeLifeInsuranceCompanyLimited
AskariGeneralInsuranceCompanyLimited
UniversalInsuranceCompanyLtd
TheUnitedInsuranceCompanyofPakistan

References
1.REGULATIONOFINSURANCE(https://docs.google.com/viewer?a=v&q=cache:2kgccs9gjR0J:www.secp.gov.pk/annual
report/2000/regulationInsurance.pdf+%22Insurance+in+Pakistan%22&hl=en&pid=bl&srcid=ADGEESjuR2Aokhvy_CPP
KzhedOABvkjk3mHg5Lg5DrSBQJ51uO9ythiwshzg1GHah4uq0TfXs3dQJq7y9EpfF9eb02VHshbM0sMnyDjEqRLgxddc
a254YygCcdWoOdFn4mTe9O5NthNq&sig=AHIEtbQyFfJTqMLoty6NoKV4J4fs2FPzfQ)
2.LifeInsuranceSectorinPakistan(http://www.allinsurancesinfo.com/insuranceinfo/lifeinsurancesectorinpakistan)

TheinsuranceindustryinPakistanisrelativelysmallcomparedtoitspeersintheregion.Theinsurancepenetration
anddensityremainedverymodestascomparedtootherjurisdictionswhiletheinsurancesectorremained
underdevelopedrelativetoitspotential.ThePakistaniinsurancemarkethasundergonemajorstructuralchangesin
lastfewyearsthroughmergersofcompaniestomeettheincreasedstatutoryrequirementofminimumpaidup
capitalasperInsuranceOrdinance2000.Somecompanieswhowereunabletoraisethiscapitalhavebeenaskedto
closedowntheiroperations.TheSecurityandExchangeCommissionofPakistan(SECP),InsuranceDivision,is
tryingtoimprovetheimageofPakistanInsuranceIndustrybyissuingdirectivesonfinancialsecurityand
transparency,codeofgoodgovernanceandsoundmarketpractice.Theyear2015showedimprovementin
Pakistansoveralleconomicindicatorsincludingcontainmentofcurrentaccountdeficit,owingtocontinuing
declineininternationaloilpricesalongwithanupliftinremittancesfromabroad.ThesuccessfulissueofSukuk
Bondintheinternationalmarketalsohelpedtheforeignexchangereservestoswelltounprecedentedlevels.China
andPakistanhavemadeagreementstoestablishChinaPakistanEconomicCorridor(CPEC)betweenthetwo
countries.Thecorridorisexpectedtoboosteconomy,tradeandconnectivityofPakistanwiththeregional
countries.AspartofCPEC,PakistanhasalsosignedaseriesofenergyprojectswithChina,whichwillenableto
overcometheenergycrisisinforeseeablefuture.Theeconomygrewby4.24%infiscalyear2015whichishighest
achievementsince20082009.Inflationduringtheyearhasremainedsignificantlylow,achievingthelowestlevels
since2003.Theservicessectorregisteredagrowthof5percentagainstthetargetof5.2%butremainedhigher
comparedtothelastyeargrowthof4.4%.

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