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Non-Life Insurance in Pakistan, Key Trends and Opportunities to 2019

Published: Jun 17, 2016 | Pages: 363 | Publisher: Timetric | Industry: Insurance | Report Format: Electronic (PDF)



Synopsis
Timetric's 'Non-Life Insurance in Pakistan, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Pakistani non-life insurance segment, and a comparison of the Pakistani insurance industry with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Pakistani economy and demographics, explains the various types of natural hazard and their impact on the Pakistani insurance industry, and provides detailed information on the competitive landscape in the country. The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric's 'Non-Life Insurance in Pakistan, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Pakistani non-life insurance segment, including: • The Pakistani non-life insurance segment's detailed outlook by product category • A comprehensive overview of the Pakistani economy and demographics • A comparison of the Pakistani insurance industry with its regional counterparts • The various distribution channels in the Pakistani non-life insurance segment • Detailed analysis of natural hazards and their impact on the Pakistani insurance industry • Details of the competitive landscape in the non-life insurance segment in Pakistan • Details of regulatory policy applicable to the Pakistani insurance industry

Scope
This report provides a comprehensive analysis of the non-life insurance segment in Pakistan: • It provides historical values for the Pakistani non-life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period. • It offers a detailed analysis of the key categories in the Pakistani non-life insurance segment, and market forecasts to 2019. • It profiles the top non-life insurance companies in Pakistan, and outlines the key regulations affecting them.

Reasons to Buy
• Make strategic business decisions using in-depth historic and forecast market data related to the Pakistani non-life insurance segment, and each category within it. • Understand the demand-side dynamics, key market trends and growth opportunities in the Pakistani non-life insurance segment. • Assess the competitive dynamics in the non-life insurance segment. • Identify growth opportunities and market dynamics in key product categories. • Gain insights into key regulations governing the Pakistani insurance industry, and their impact on companies and the industry's future.

Key Highlights
• The Pakistani non-life insurance segment grew during the review period, driven by positive economic expansion and favorable government regulations, including a proposed terrorism insurance pool. • Property insurance was the largest category in terms of gross written premium, and accounted for 59.2% of the non-life segment's gross written premium in 2014. • Public awareness of the benefits of insurance cover is increasing due to the high-frequency of natural disasters and terrorist attacks. • Motor insurance for imported cars is often priced higher than insurance for conventional Pakistani-bought cars. The higher price and rising costs for repairs associated with imported cars is expected to encourage Pakistani customers to invest in motor insurance policies, thereby increasing demand over the forecast period. • The sale of general insurance has traditionally been conducted through agents in Pakistan and the continuation of this trend is reflected in the dominance it exhibits as the leading distribution channel. • The segment is highly concentrated with the 10 leading companies collectively accounting for 80.8% of the segment's gross written premium in 2014.
 Table of Contents

1 Key Facts and Highlights 2 Executive Summary 3 Economy and Demographics 4 Segment Outlook 4.1 Regional Comparison 4.2 Segment Indicators 4.2.1 Gross written premium and penetration 4.2.2 Claims 4.2.3 Profitability 4.2.4 Assets and investments 5 Outlook by Category 5.1 Property Insurance 5.1.1 Product overview 5.1.2 Premium 5.1.3 Claims 5.1.4 Profitability 5.2 Motor Insurance 5.2.1 Product overview 5.2.2 Premium 5.2.3 Claims 5.2.4 Profitability 5.3 Liability Insurance 5.3.1 Product overview 5.3.2 Premium 5.3.3 Claims 5.3.4 Profitability 5.4 Marine, Aviation and Transit Insurance 5.4.1 Product overview 5.4.2 Premium 5.4.3 Claims 5.4.4 Profitability 6 Distribution Channel Outlook 6.1 Analysis by Distribution Channel 7 Natural and man-made Hazards 7.1 Floods 7.2 Earthquakes 7.3 Cyclones and Storms 7.4 Droughts 7.5 Terrorism 7.6 Exposure 8 Competitive Landscape 8.1 Leading Companies in the Pakistani Non-Life Insurance Segment 8.1.1 EFU General Insurance Ltd - company overview 8.1.2 Adamjee Insurance Company Ltd - company overview 8.1.3 Jubilee General Insurance Company Ltd - company overview 8.1.4 The United Insurance Company of Pakistan Ltd - company overview 8.1.5 IGI Insurance Ltd - company overview 9 Governance, Risk and Compliance 9.1 Legislation Overview and Historical Evolution 9.2 Latest Changes in Regulations 9.3 Legislation and Market Practice by Type of Insurance 9.3.1 Life insurance 9.3.2 Property insurance 9.3.3 Motor insurance 9.3.4 Liability insurance 9.3.5 Marine, aviation and transit insurance 9.3.6 Personal accident and health insurance 9.4 Compulsory Insurance 9.4.1 Motor third-party liability insurance 9.4.2 Workmen's compensation insurance 9.5 Supervision and Control 9.5.1 International Association of Insurance Supervisors (IAIS) 9.5.2 Securities and Exchange Commission of Pakistan 9.5.3 Insurance Association of Pakistan (IAP) 9.6 Non-Admitted Insurance Regulations 9.6.1 Overview 9.6.2 Intermediaries 9.6.3 Market practices 9.6.4 Fines and penalties 9.7 Company Registration and Operations 9.7.1 Types of insurance organization 9.7.2 Establishing a local company 9.7.3 Foreign ownership 9.7.4 Types of license 9.7.5 Capital requirements 9.7.6 Solvency margins 9.7.7 Reserve requirements 9.7.8 Investment regulations 9.7.9 Statutory return requirements 9.7.10 Fee structure 9.8 Taxation 9.8.1 Insurance premium or policy taxation 9.8.2 Withholding taxes on premium paid overseas 9.8.3 Corporate tax 9.8.4 VAT 9.8.5 Captives 9.9 Legal System 9.9.1 Introduction 9.9.2 Access to court 9.9.3 Alternative dispute resolution (ADR) 10 Databook 10.1 Policies and Premium 10.2 Claims and Expenses 10.3 Assets and Investments 10.4 Property Insurance 10.5 Motor Insurance 10.6 Liability Insurance 10.7 Marine, Aviation and Transit Insurance 11 Definitions and Methodology 11.1 Definitions 11.2 Methodology 12 About Timetric 12.1 Contact Timetric 12.2 About Timetric 12.3 Timetric's Services 12.4 Disclaimer
List of Tables
Table 1: Pakistani Non-Life Insurance - Key Facts, 2014 Table 2: Pakistani Non-Life Insurance - Segment Shares of the Top Insurers, 2014 Table 3: Pakistani Government Credit Ratings Table 4: Pakistani Non-Life Insurance - Gross Written Premium (PKR Billion and US$ Million), 2010-2014 Table 5: Pakistani Non-Life Insurance - Penetration (%), 2010-2014 Table 6: Pakistani Non-Life Insurance - Gross Written Premium (PKR Billion and US$ Million), 2014-2019 Table 7: Pakistani Non-Life Insurance - Penetration (%), 2014-2019 Table 8: Pakistani Non-Life Insurance - Premium per Capita (PKR and US$), 2010-2014 Table 9: Pakistani Non-Life Insurance - Premium per Capita (PKR and US$), 2014-2019 Table 10: Pakistani Non-Life Insurance - Paid Claims (PKR Billion and US$ Million), 2010-2014 Table 11: Pakistani Non-Life Insurance - Paid Claims (PKR Billion and US$ Million), 2014-2019 Table 12: Pakistani Non-Life Insurance - Profitability Ratio (%), 2010-2014 Table 13: Pakistani Non-Life Insurance - Profitability Ratio (%), 2014-2019 Table 14: Pakistani Non-Life Insurance - Total Assets (PKR Billion and US$ Billion), 2010-2014 Table 15: Pakistani Non-Life Insurance - Total Assets (PKR Billion and US$ Billion), 2014-2019 Table 16: Pakistani Non-Life Insurance - Total Investment Income (PKR Billion and US$ Million), 2010-2014 Table 17: Pakistani Non-Life Insurance - Total Investment Income (PKR Billion and US$ Billion), 2014-2019 Table 18: Pakistani Non-Life Insurance - Investment Portfolio (PKR Billion), 2010-2014 Table 19: Pakistani Non-Life Insurance - Investment Portfolio (PKR Billion), 2014-2019 Table 20: Pakistani Non-Life Insurance - Gross Written Premium by Category (PKR Billion), 2010-2014 Table 21: Pakistani Non-Life Insurance - Gross Written Premium by Category (PKR Billion), 2014-2019 Table 22: Pakistani Property Insurance - Gross Written Premium (PKR Billion), 2010-2014 Table 23: Pakistani Property Insurance - Gross Written Premium (PKR Billion), 2014-2019 Table 24: Pakistani Property Insurance - Paid Claims (PKR Billion and US$ Million), 2010-2014 Table 25: Pakistani Property Insurance - Paid Claims (PKR Billion and US$ Million), 2014-2019 Table 26: Pakistani Property Insurance - Loss Ratio (%), 2010-2014 Table 27: Pakistani Property Insurance - Loss Ratio (%), 2014-2019 Table 28: Pakistani Motor Insurance - Gross Written Premium (PKR Billion), 2010-2014 Table 29: Pakistani Motor Insurance - Gross Written Premium (PKR Billion), 2014-2019 Table 30: Pakistani Motor Insurance - Paid Claims (PKR Billion and US$ Million), 2010-2014 Table 31: Pakistani Motor Insurance - Paid Claims (PKR Billion and US$ Million), 2014-2019 Table 32: Pakistani Motor Insurance - Loss Ratio (%), 2010-2014 Table 33: Pakistani Motor Insurance - Loss Ratio (%), 2014-2019 Table 34: Pakistani Liability Insurance - Gross Written Premium (PKR Billion), 2010-2014 Table 35: Pakistani Liability Insurance - Gross Written Premium (PKR Billion), 2014-2019 Table 36: Pakistani Liability Insurance - Paid Claims (PKR Billion and US$ Billion), 2010-2014 Table 37: Pakistani Liability Insurance - Paid Claims (PKR Billion and US$ Billion), 2014-2019 Table 38: Pakistani Liability Insurance - Loss Ratio (%), 2010-2014 Table 39: Pakistani Liability Insurance - Loss Ratio (%), 2014-2019 Table 40: Pakistani Transport Network - Global Rankings Table 41: Pakistani Marine, Aviation and Transit Insurance - Gross Written Premium (PKR Billion), 2010-2014 Table 42: Pakistani Marine, Aviation and Transit Insurance - Gross Written Premium (PKR Billion), 2014-2019 Table 43: Pakistani Marine, Aviation and Transit Insurance - Paid Claims (PKR Billion and US$ Million), 2010-2014 Table 44: Pakistani Marine, Aviation and Transit Insurance - Paid Claims (PKR Billion and US$ Million), 2014-2019 Table 45: Pakistani Marine, Aviation and Transit Insurance - Loss Ratio (%), 2010-2014 Table 46: Pakistani Marine, Aviation and Transit Insurance - Loss Ratio (%), 2014-2019 Table 47: Pakistani Average Annual Loss by Hazard, 1990-2014 Table 48: Pakistani Non-Life Insurance - Segment Shares (%), 2014 Table 49: EFU General Insurance Ltd - Key Facts Table 50: EFU General Insurance Ltd - Key Financials (PKR Million), 2010-2014 Table 51: Adamjee Insurance Company Ltd - Key Facts Table 52: Adamjee Insurance Company Ltd - Key Financials (PKR Million), 2010-2014 Table 53: Jubilee General Insurance Company Ltd - Key Facts Table 54: Jubilee General Insurance Company Ltd - Key Financials (PKR Million), 2010-2014 Table 55: The United Insurance Company of Pakistan Ltd - Key Facts Table 56: The United Insurance Company of Pakistan Ltd - Key Financials (PKR Million), 2010-2014 Table 57: IGI Insurance Ltd - Key Facts Table 58: IGI Insurance Ltd - Key Financials (PKR Million), 2010-2014 Table 59: Pakistan - Insurance Regulatory Framework Key Features Table 60: Pakistan - Life Insurance Regulatory Framework Table 61: Pakistan - Minimum Financial Protection for Unit-linked insurance Products Table 62: Pakistan - Property Insurance Regulatory Framework Table 63: Pakistan - Motor Insurance Regulatory Framework Table 64: Pakistan - Liability Insurance Regulatory Framework Table 65: Pakistan - Corporate Tax Rates for the Financial Year 2016 Table 66: Pakistani Insurance Industry - Policies and Premium, 2010-2014 Table 67: Pakistani Insurance Industry - Policies and Premium, 2014-2019 Table 68: Pakistani Non-Life Insurance - Claims and Expenses, 2010-2014 Table 69: Pakistani Non-Life Insurance - Claims and Expenses, 2014-2019 Table 70: Pakistani Non-Life Insurance - Assets and Investments, 2010-2014 Table 71: Pakistani Non-Life Insurance - Assets and Investments, 2014-2019 Table 72: Pakistani Non-Life Insurance - Property Insurance, 2010-2014 Table 73: Pakistani Non-Life Insurance - Property Insurance, 2014-2019 Table 74: Pakistani Non-Life Insurance - Motor Insurance, 2010-2014 Table 75: Pakistani Non-Life Insurance - Motor Insurance, 2014-2019 Table 76: Pakistani Non-Life Insurance - Liability Insurance, 2010-2014 Table 77: Pakistani Non-Life Insurance - Liability Insurance, 2014-2019 Table 78: Pakistani Non-Life Insurance - Marine, Aviation and Transit Insurance, 2010-2014 Table 79: Pakistani Non-Life Insurance - Marine, Aviation and Transit Insurance, 2014-2019 Table 80: Insurance Industry Definitions


List of Figures
Figure 1: Pakistani Real GDP (PKR Trillion), 2010-2019 Figure 2: PKR - US$ Exchange Rate, 2010-2019 Figure 3: Pakistani Consumer Price Inflation, 2010-2019 Figure 4: Pakistani Current Account Balance as Percentage of GDP (%), 2010-2014 Figure 5: Pakistani Unemployment Rate, 2010-2019 Figure 6: Pakistani Population by Age Group, 1991-2025 Figure 7: Pakistani Non-Life Insurance Penetration - Regional Comparison (%), 2014 Figure 8: Pakistani Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2014 Figure 9: Pakistani Non-Life Insurance - Gross Written Premium (PKR Billion), 2010-2019 Figure 10: Pakistani Non-Life Insurance - Penetration (%), 2010-2019 Figure 11: Pakistani Non-Life Insurance - Premium per Capita (PKR), 2010-2019 Figure 12: Pakistani Non-Life Insurance - Paid Claims (PKR Billion), 2010-2019 Figure 13: Pakistani Non-Life Insurance - Profitability Ratio (%), 2010-2019 Figure 14: Pakistani Non-Life Insurance - Total Assets (PKR Billion), 2010-2019 Figure 15: Pakistani Non-Life Insurance - Total Investment Income (PKR Billion), 2010-2019 Figure 16: Pakistani Non-Life Insurance - Investment Portfolio (PKR Billion), 2010-2019 Figure 17: Pakistani Non-Life Insurance - Investment Portfolio Dynamics by Category, 2010-2019 Figure 18: Pakistani Non-Life Insurance - Gross Written Premium by Category (PKR Billion and US$ Billion), 2010-2019 Figure 19: Pakistani Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019 Figure 20: Pakistani Property Insurance - Gross Written Premium (PKR Billion), 2010-2019 Figure 21: Pakistani Property Insurance - Paid Claims (PKR Billion), 2010-2019 Figure 22: Pakistani Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (PKR Billion and %), 2010-2019 Figure 23: Pakistan - Total Vehicle Sales, 2011-2015 Figure 24: Pakistan - Vehicle Sales By Type (Percentage Share), 2014 Figure 25: Pakistani Motor Insurance - Gross Written Premium (PKR Billion), 2010-2019 Figure 26: Pakistani Motor Insurance - Paid Claims (PKR Billion), 2010-2019 Figure 27: Pakistani Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (PKR Billion and %), 2010-2019 Figure 28: Pakistani Liability Insurance - Gross Written Premium (PKR Billion), 2010-2019 Figure 29: Pakistani Liability Insurance - Paid Claims (PKR Billion), 2010-2019 Figure 30: Pakistani Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (PKR Billion and %), 2010-2019 Figure 31: Pakistani Goods Exports and Imports (PKR Trillion), 2010-2014 Figure 32: Pakistani Marine, Aviation and Transit Insurance - Gross Written Premium (PKR Billion), 2010-2019 Figure 33: Pakistani Marine, Aviation and Transit Insurance - Paid Claims (PKR Billion), 2010-2019 Figure 34: Pakistani Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (PKR Billion and %), 2010-2019 Figure 35: Pakistani Frequency of Hazards by Type, 1990-2014 Figure 36: Pakistani Mortality of Hazards by Type, 1990-2014 Figure 37: Pakistani Economic issues of Hazards by Type, 1990-2014 Figure 38: Pakistani Non-Life Insurance - Segment Shares (%), 2014 Figure 39: Pakistan - Insurance Supervision and Control at Various Levels Figure 40: Pakistan - Insurance Regulatory Frameworks for Company Registration and Operation

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