Pakistan Insurance Report 2012

Date: January 22, 2012
Pages: 55
US$ 1,175.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF), Download

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Pakistan’s profound security and political problems, together with the widespread poverty of many of its households, have constrained the development of insurance over the years. In spite of the openness of both the non-life and the life segments to foreign insurers, few multi-national groups have considered it worth their while to establish operations in Pakistan. As is the case with many very underdeveloped insurance markets, the majority of the (literally) dozens of players are very small by any standard.

Nevertheless, there are clear signs that the insurance sector is resilient. The life segment accounts for about half of all premiums. The Pakistani households that use life insurance may be very small in number, but they do have enough confidence in the insurers (and the overall economic and financial environment) to engage in long-term contracts. Pakistan is a classic example of a country where the hype and excitement about takaful exceeds the reality. However, it remains the case that genuine takaful operators have established themselves over the last four years or so. Best of all, the life insurers (especially) have shown that they can be inventive in relation to products and distribution channels. There is a clear move towards bancassurance. Time will tell whether or not the life insurance product that Adamjee Life has developed in conjunction with mobile phone company ZONG is a success. Nevertheless, the venture could encourage many households to begin using insurance for the first time.

In the non-life segment, the claims arising from the massive floods of 2010 and early 2011 undoubtedly represent a challenge, particularly for Pakistan Reinsurance (PakRe): for Pakistan’s (usually) tiny and lowly-capitalised non-life companies, retention ratios are low as many risks are laid off with reinsurers. However, it is clear that premiums are growing strongly (as are profits). Moreover, the government is actively encouraging the development of crop insurance and micro-insurance.
Executive Summary
  Table: Pakistan’s Total Premiums, 2008-2016
Key Insights And Key Risks
SWOT Analysis
Pakistan Insurance Industry SWOT
Pakistan Political SWOT
Pakistan Economic SWOT
Pakistan Business Environment SWOT
Asia-Pacific Life Sector Overview
  Table: Asia Pacific Life Premiums, 2008-2016 (US$mn)
Pakistan Life Sector Update
Life Industry Forecast Scenario
  Table: Pakistan’s Life Premiums, 2008-2016
Growth Drivers And Risk Management Projections
  Table: Pakistan’s Insurance Sector Key Drivers – Demographics, 2008-2016
Asia-Pacific Non-Life Sector Overview
  Table: Asia Pacific’s Non-Life Premiums, 2008-2016 (US$mn)
Pakistan Non-Life Sector Update
Non- Life Industry Forecast Scenario
  Table: Pakistan’s Non-Life Premiums, 2008-2016
Growth Drivers And Risk Management Projections
Macroeconomic Outlook
  Table: Pakistan Economic Activity, 2011-2016
Political Stability Outlook
  Table: Asia Pacific Regional Security Ratings
Healthcare Insurance
  Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2008-2016
Islamic Finance
Insurance Risk/Reward Ratings
  Table: Pakistan’s Insurance Risk/Reward Ratings
  Table: Asia Pacific Insurance Risk/Reward Ratings
Competitive Landscape
Competitive Landscape Analysis
Major Players In Pakistan’s Insurance Sector
  Table: Ranking of Non-Life Companies, By 2010 Gross Premiums (PKRmn)
  Table: Ranking of Life Companies, By 2010 Gross Premiums (PKRmn)
Company Profiles
Adamjee Insurance Company
New Jubilee Insurance Company
State Life Insurance Corporation of Pakistan
BMI Methodology
Insurance Risk/Reward Ratings
  Table: Insurance Risk/Reward Indicators And Rationale
  Table: Weighting Of Indicators
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