Original Source: https://ahgroup-pk.com/blog/insurance-companies-in-pakistan/
We face different tragedies in our lives in the terms of accidents, illness, and death. Usually, this happens suddenly, we don’t even plan for these tragedies. Because of sudden loss, we have to struggle hard to cope with these tragedies. To protect and save yourself from these unpredictable accidents we recommend you get a financial safeguard in the terms of Insurance. Pakistan is a country rich in culture, history, monuments, and tourism. You can read our blog on hill stations in Pakistan. In this article, we are going to have a detailed conversation on what is insurance, why should you get insurance? as well as list down the types of insurance? People are mostly curious about
How many insurance companies are there in Pakistan?
There are about 54 insurance companies some of them companies offer non-life insurance and some offer life insurance services.
What is insurance?
Basically, insurance means to have a backup in case of any type of loss. In this concept of insurance, we transfer our life, car, or health risk to the companies by getting the insurance. This means we shift the responsibility for our loss to the insurance companies by accepting their terms and conditions.
Why should you get insurance?
Insurance basically provides you the security. We never know what happens next in our lives and when we need aid. So taking loans or relying on someone else it’s better to get our self insured. We list down some major purpose of insurance:
- It provides you financial support.
- It releases you from the stress of what is going to happen next.
- In the case of death, it will help your family to survive.
- It will help you to decrease risk.
Types of Insurance
People often ask what are the types of insurance? Insurance Companies provide you different insurance according to your needs. These insurance includes
- Health Insurance
- Life Insurance
- Motor insurance
- Property Insurance
- Guarantee Insurance
- Car Insurance
- Travel Insurance
- Social Insurance
- Fire Insurance
- Liability Insurance
There are a lot of insurance companies in Pakistan that are providing above mentioned insurance policies with different terms and conditions. As you know AH Group is always here for you, therefore we have gathered and compiled the data and brought you a list of insurance companies in Pakistan (secp). So before further delay let’s get started.
1. Jubilee Life Insurance
Jubilee Life insurance starts cooperating on June 29, 1995, as a public limited company. And started its business in Pakistan on June 29, 1995. This is the best insurance company in Pakistan. The company uses the word “Happiness” to represent, and for all right reasons. This is considered to be one of the best life insurance companies in Pakistan. The Insurance company is known for its easy terms and conditions, quick services and to have the best insurance policies. The main motive of the company is to make people fight with uncertain conditions. The main head office of the company is located in Karachi. This company is also considered to be in the top 10 insurance companies in Pakistan 2023.
2. Adamjee Insurance
Adamjee Insurance was launched in Pakistan on 28 September 1960. This is known as one of the largest health insurance companies in Pakistan. This insurance company also provides its services to different countries like the United Arab Emirates. The company deals with different types of insurances. We list down some of the major types of insurance that the Adamjee Insurance Company offers.
- Motor Insurance
- Travel Insurance
- Miscellaneous Insurance
- Financial Lines Insurance
- Fire and Property Insurance
- Health Insurance
- Marine Insurance
- Liability Lines Insurance
- Agriculture Insurance
- Personal Accident Insurance
The company is also awarded for national and international recognition. The head office of the company is located in Lahore. The Company has other branches in different cities of the country. If the development of the company remains the same it will not be wrong to say that the company will become one of the best life insurance companies in Pakistan.
3. EFU Life Insurance
EFU Life Insurance started operating in Pakistan as a private limited company in 1932 and started working in 1992. It stands for Eastern Federal Union. EFU is known for its most generous financial support in the private sector. It is considered to be one of the best life insurance companies in Pakistan. As well as listed between the top 10 insurance companies in Pakistan 2020. EFU has also launched a mobile phone application named “EFU Life PlanIT”. From which you can easily track all kinds of information about the insurance. EFU also holds the title to be the very first company to be certified by ISO. They offer the clients the best portfolio with the best value products. Some of the major products are mentioned below.
- Education Planning Product
- Critical Illness Products
- Inflation Protection Benefit
- Unit-linked products
- Pension Plans
The headquarters of EFU Life insurance is located in Karachi. Different branches of the company are spread around the country.
4. State Life Insurance Corporation of Pakistan
State Life Insurance is a company that is owned by The Government and offers many types of insurances to the customers. The main motive of the company is to take out the life insurance business and become the best insurance company in Pakistan. SLIC was launched in Pakistan in 1972. It is said the company pays Rs.12 billion as a share to the government. It also deals with relevant business activities like an investment of policyholders, participation in the Stock Exchange, and strategic ventures within real estate companies in Pakistan. The company provides different insurance plans to its customers. We are going to list down the major insurance plans that the company offers.
- Shad Abad Assurance
- Anticipated Endowment Assurance
- Life Assurance
- Endowment Assurance
The headquarters of the State Life Insurance Corporation of Pakistanis located in Lahore.
5. Alfalah Insurance Company
Alfalah Insurance Company was established in 2006 in Pakistan. In a very short time, the company spread its branches in different provinces of Pakistan (Karachi, Lahore, Islamabad). Alfalah is also a venture of the biggest Abu Dhabi Group. A list of different cities where the company has branches is mentioned below.
- Peshawar
- Gujranwala
- Sialkot
- Multan
- Hyderabad
- Lahore
- Karachi
- Islamabad
- Faisalabad
Alfalah Insurance Company is also a part of IAP (Insurance Association of Pakistan). FPCCI also awarded the very First Federation of Pakistan Chamber of Commerce and Industry to Alfalah Insurance Company in 2012. The company is known because of its different insurance policies. We are going to list down the policies that Alfalah Insurance Company offers.
- Marine Cargo Insurance
- Energy Insurance
- Engineering Insurance
- Health Insurance
- Motor Insurance
- Property Insurance
The company headquarters is located in Lahore. Recently Pakistan Credit Rating Agency also rated Alfalah Insurance Company as in the “AA” Category. So, If you are in search of one of the best health insurance companies in Pakistan then Alfalah Insurance Company should take first place on your list. Besides, the company also offers property insurance to make things smooth for you.
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