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Personal Accident and Health Insurance in Pakistan, Key Trends and Opportunities to 2019

Published: Jun 18, 2016 | Pages: 1056 | Publisher: Timetric | Industry: Insurance | Report Format: Electronic (PDF)



Synopsis
Timetric's 'Personal Accident and Health Insurance in Pakistan, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the Pakistani personal accident and health insurance segment. It provides 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, 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 'Personal Accident and Health Insurance in Pakistan, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Pakistani personal accident and health insurance segment, including: • The Pakistani personal accident and health insurance segment's growth prospects by insurance category • Key trends, drivers and challenges for the personal accident and health insurance segment • A comprehensive overview of the Pakistani economy and demographics • The various distribution channels in the Pakistani personal accident and health insurance segment • Details of the competitive landscape in the personal accident and health insurance segment in Pakistan • Details of regulatory policy applicable to the Pakistani insurance industry

Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in Pakistan: • It provides historical values for the Pakistani personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2019. • It profiles the top personal accident and health 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 personal accident and health insurance segment, and each category within it. • Understand the demand-side dynamics, key market trends and growth opportunities in the Pakistani personal accident and health insurance segment. • Assess the competitive dynamics in the personal accident and health 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
• Pakistan's personal accident and health insurance segment performed robustly during the review period at a review-period CAGR of 33.0%. • An improving economic performance is expected to fuel income levels in Pakistan, resulting in a rise in the volume of personal accident and health products. • The penetration of health insurance in Pakistan is low when compared to other Asian countries such as India and China. • Pakistan's public healthcare system faces challenges in the form of rural-urban disparities in healthcare delivery, an insufficient number of doctors, nurses, medical technicians, and limited choice in terms of physician practitioners. • In addition to underwriting profits, Pakistani personal accident and health insurance insurers are focusing on generating returns on investments, aided by improving economic conditions. • Health insurers are also partnering with organizations outside the segment to offer health insurance plans to customers in order to increase their market share.
 Table of Contents

1 Key Facts and Highlights 2 Executive Summary 3 Economy and Demographics 4 Personal Accident and Health Insurance Segment Outlook 4.1 Key Drivers 4.2 Key Trends 4.3 Challenges 4.4 Personal Accident and Health Insurance Growth Prospects by Category 5 Analysis by Distribution Channel 6 Competitive Landscape and Strategic Insights 6.1 Overview 6.2 Leading Companies in the Pakistani Personal Accident and Health Insurance Segment 6.2.1 Allianz EFU Health Insurance Ltd - company overview 6.2.2 AsiaCare Health & Life Insurance Company Ltd - company overview 6.2.3 Adamjee Insurance Company Ltd - company overview 6.2.4 East West Life Assurance Company Ltd - company overview 6.2.5 EFU General Insurance Ltd - company overview 6.2.6 IGI Insurance Ltd - company overview 6.2.7 Askari General Insurance Company Ltd - company overview 6.2.8 Jubilee General Insurance Company Ltd - company overview 7 Governance, Risk and Compliance 7.1 Legislation Overview and Historical Evolution 7.2 Latest Changes in Regulations 7.3 Legislation and Market Practice by Type of Insurance 7.3.1 Life insurance 7.3.2 Property insurance 7.3.3 Motor insurance 7.3.4 Liability insurance 7.3.5 Marine, aviation and transit insurance 7.3.6 Personal accident and health insurance 7.4 Compulsory Insurance 7.4.1 Motor third-party liability insurance 7.4.2 Workmen's compensation insurance 7.5 Supervision and Control 7.5.1 International Association of Insurance Supervisors (IAIS) 7.5.2 Securities and Exchange Commission of Pakistan 7.5.3 Insurance Association of Pakistan (IAP) 7.6 Non-Admitted Insurance Regulations 7.6.1 Overview 7.6.2 Intermediaries 7.6.3 Market practices 7.6.4 Fines and penalties 7.7 Company Registration and Operations 7.7.1 Types of insurance organization 7.7.2 Establishing a local company 7.7.3 Foreign ownership 7.7.4 Types of license 7.7.5 Capital requirements 7.7.6 Solvency margins 7.7.7 Reserve requirements 7.7.8 Investment regulations 7.7.9 Statutory return requirements 7.7.10 Fee structure 7.8 Taxation 7.8.1 Insurance premium or policy taxation 7.8.2 Withholding taxes on premium paid overseas 7.8.3 Corporate tax 7.8.4 VAT 7.8.5 Captives 7.9 Legal System 7.9.1 Introduction 7.9.2 Access to court 7.9.3 Alternative dispute resolution (ADR) 8 Definitions and Methodology 8.1 Definitions 8.2 Methodology 9 About Timetric 9.1 Contact Timetric 9.2 About Timetric 9.3 Timetric's Services 9.4 Disclaimer
List of Tables
Table 1: Pakistani Personal Accident and Health Insurance - Key Facts, 2014 Table 2: Pakistani Government Credit Ratings Table 3: Pakistani Personal Accident and Health Insurance - Net Earned Premium (PKR Billion), 2010-2014 Table 4: Pakistani Personal Accident and Health Insurance - Net Earned Premium (PKR Billion), 2014-2019 Table 5: Pakistani Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014 Table 6: Pakistani Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019 Table 7: Pakistani Personal Accident and Health Insurance - Commission and Expenses (PKR Billion), 2010-2014 Table 8: Pakistani Personal Accident and Health Insurance - Commission and Expenses (PKR Billion), 2014-2019 Table 9: Pakistani Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014 Table 10: Pakistani Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019 Table 11: Pakistani Personal Accident and Health Insurance - Total Assets (PKR Billion), 2010-2014 Table 12: Pakistani Personal Accident and Health Insurance - Total Assets (PKR Billion), 2014-2019 Table 13: Pakistani Personal Accident and Health Insurance - Total Investment Income (PKR Million), 2010-2014 Table 14: Pakistani Personal Accident and Health Insurance - Total Investment Income (PKR Billion), 2014-2019 Table 15: Pakistani Personal Accident and Health Insurance - Net Written Premium (Percentage of Gross Written Premium), 2010-2014 Table 16: Pakistani Personal Accident and Health Insurance - Net Written Premium (Percentage of Gross Written Premium), 2014-2019 Table 17: Pakistani Personal Accident and Health Insurers, 2014 Table 18: Allianz EFU Health Insurance Ltd - Key Facts Table 19: Pakistani AsiaCare Health & Life Insurance Company Ltd - Key Facts Table 20: Adamjee Insurance Company Ltd - Key Facts Table 21: Pakistani East West Life Assurance Company Ltd - Key Facts Table 22: EFU General Insurance Ltd - Key Facts Table 23: lGI Insurance Ltd - Key Facts Table 24: Askari General Insurance Company Ltd - Key Facts Table 25: Jubilee General Insurance Company Ltd - Key Facts Table 26: Pakistan - Insurance Regulatory Framework Key Features Table 27: Pakistan - Life Insurance Regulatory Framework Table 28: Pakistan - Minimum Financial Protection for Unit-linked insurance Products Table 29: Pakistan - Property Insurance Regulatory Framework Table 30: Pakistan - Motor Insurance Regulatory Framework Table 31: Pakistan - Liability Insurance Regulatory Framework Table 32: Pakistan - Corporate Tax Rates for the Financial Year 2016 Table 33: 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 Personal Accident and Health Insurance - Net Earned Premium (PKR Billion), 2010-2014 Figure 8: Pakistani Personal Accident and Health Insurance - Net Earned Premium (PKR Billion), 2014-2019 Figure 9: Pakistani Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014 Figure 10: Pakistani Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019 Figure 11: Pakistani Personal Accident and Health Insurance - Commission and Expenses (PKR Billion), 2010-2014 Figure 12: Pakistani Personal Accident and Health Insurance - Commission and Expenses (PKR Billion), 2014-2019 Figure 13: Pakistani Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014 Figure 14: Pakistani Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019 Figure 15: Pakistani Personal Accident and Health Insurance - Total Assets (PKR Billion), 2010-2014 Figure 16: Pakistani Personal Accident and Health Insurance - Total Assets (PKR Billion), 2014-2019 Figure 17: Pakistani Personal Accident and Health Insurance - Total Investment Income (PKR Million), 2010-2014 Figure 18: Pakistani Personal Accident and Health Insurance - Total Investment Income (PKR Billion), 2014-2019 Figure 19: Pakistani Personal Accident and Health Insurance - Net Written Premium (Percentage of Gross Written Premium), 2010-2014 Figure 20: Pakistani Personal Accident and Health Insurance - Net Written Premium (Percentage of Gross Written Premium), 2014-2019 Figure 21: Pakistani Personal Accident and Health Insurance - Investment Portfolio (PKR Billion), 2010-2014 Figure 22: Pakistani Personal Accident and Health Insurance - Investment Portfolio (Percentage Share), 2010 and 2014 Figure 23: Pakistani Personal Accident and Health Insurance Penetration (Ratio of Direct Premiums to GDP), 2010-2014 Figure 24: Pakistani Personal Accident and Health Insurance - Density (Direct Premium per Capita), 2010-2014 Figure 25: Pakistan - Insurance Supervision and Control at Various Levels Figure 26: Pakistan - Insurance Regulatory Frameworks for Company Registration and Operation

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