Pakistan Insurance Report Q4 2016

Publisher Name :
Date: 07-Sep-2016
No. of pages: 47

BMI View: Pakistan's insurance market is largely underdeveloped and rates of penetration and density are

low in both the life and non-life sectors. The lack of affordability of traditional insurance products is a

major hindrance to the development of the market and while economic expansion in the country will

stimulate growth in the insurance sector over the course of the forecast period through to 2020 the market

will still fall far short of its potential. There are some positive trends in play, including a gradual

improvement in household income rates and the development of a wider product range and more extensive

distribution channels on the part of the leading providers, which support our forecasts for steady premium

growth over the medium term. We also note government steps to improve the regulatory and operating

environment for insurers which could attract much-needed foreign investment to the sector.

Key Updates And Forecasts

? Pakistan is gradually progressing with insurance sector reforms. A number of provinces are introducing

health insurance, including most recently in August 2016 in Khyber Pakhtunkhwa, which aims to bring

free or low cost healthcare to around 8mn people. Oversight is also improving, with the Securities and

Exchange Commission of Pakistan recently reviewing insurers online presence to ensure contents are

compliant.

? The life insurance sector is by far the largest in Pakistan, accounting for almost 65% of total premiums

written in the market. This sector is expected to see the strongest growth over the forecast period with

premiums rising by over 10% annually between 2016 and 2020 (in local currency terms).

Pakistan Insurance Report Q4 2016

Table of Contents

BMI Industry View 5
Table: Headline Insurance Forecasts (Pakistan 2013-2020) 5
SWOT 7
Insurance SWOT 7
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Pakistan 2013-2020) 11
Table: Life Insurance Claims (Pakistan 2008-2014) 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Pakistan 2013-2020) 15
Table: Non-Life Insurance Claims (Pakistan 2009-2014) 15
Non-Life Sub-Sector Forecast 16
Table: Non-Life Insurance Premiums by Product Line (Pakistan 2013-2020) 21
Insurance Risk/Reward Index 22
Asia Pacific Industry Risk/Reward Index 22
Table: Asia Pacific Insurance Risk/Reward Index Q416 23
Market Overview 24
Life Market Overview 24
The Product Offering 24
The Competitive Landscape 24
Table: Life Companies' Premiums (USDmn) 2008-2014 25
Non-Life Market Overview 26
The Product Offering 26
Competitive Landscape 26
Table: Leading Non-Life Companies' Premiums (USDmn), 2008-2014) 29
Company Profile 30
Adamjee Group 30
EFU Group 33
Jubilee General/Jubilee Life 36
State Life Insurance Corp of Pakistan (SLIC) 39
Methodology 41
Industry Forecast Methodology 41
Risk/Reward Index Methodology 44
Table: Indicators 46
Table: Weighting of Indicators 47

List of Tables

Table: Headline Insurance Forecasts (Pakistan 2013-2020)
Table: Life Premiums (Pakistan 2013-2020)
Table: Life Insurance Claims (Pakistan 2008-2014)
Table: Non-Life Premiums (Pakistan 2013-2020)
Table: Non-Life Insurance Claims (Pakistan 2009-2014)
Table: Non-Life Insurance Premiums by Product Line (Pakistan 2013-2020)
Table: Asia Pacific Insurance Risk/Reward Index Q416
Table: Life Companies' Premiums (USDmn) 2008-2014
Table: Leading Non-Life Companies' Premiums (USDmn), 2008-2014)
Table: Indicators
Table: Weighting of Indicators
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