(Insurance companies in Pakistan)The Pakistani insurance market has been continuously growing despite the recent years there has been a slight fluctuation in the figure. Still, the Insurance companies have been trying to recover the numbers and the growth rate seems to be on the rise.
• The industry has seen an increase in the adoption of new products and services.
• The key players are focusing on the retention of the existing clients and increasing their customer base to further grow the industry.
• The Pakistani insurance industry is expected to face significant growth shortly.
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Benefits of insurance companies in Pakistan
The reason for this is that the people of Pakistan are gradually getting aware of the benefits of insurance and also the recent ruling of the Supreme Court on Insurance laws.(Insurance companies in Pakistan) The insurance companies in Pakistan are highly regulated and they are providing excellent service to the people of Pakistan. The insurance companies are trying to expand their customer base by fulfilling the needs of the customer.
The figures for the insurance industry in Pakistan in the year 2002-2017.
Let’s first discuss the insurance market in Pakistan and the growth rate of this market. The market for insurance products in Pakistan is currently valued at about 30 Billion rupees. This figure is expected to reach more than 100 Billion rupees by 2018.(Insurance companies in Pakistan) This is a fact that not all of the people in Pakistan are economically active. This leaves us to believe that the insurance market will only continue to grow at a faster rate. The insurance industry is expected to grow at an exciting rate of around 10% per annum. This growth is expected to continue until the year 2018. As far as financial services go, the insurance industry is one of the most lucrative.kareemfashion
Introduction to insurance companies in Pakistan
The insurance sector is one of the most growing sectors in Pakistan. With over 100 insurance companies and more than 20,000 agents in the country, the sector has been thriving and experiencing a boom for the past few years.kareemfashion
Advantages of insurance companies in Pakistan
The insurance market in Pakistan is continuously growing and is estimated to grow as high as $5 billion by 2014. This is a projected number after considering the previous figures of 48 billion, $65 billion, and $80 billion in the years 2010, 200,9, and 2008 respectively. The number of policies and the premium rate have increased by an average of about 10% in Pakistan. Pakistani people are getting aware of the need for insurance since the number of life insurance policies is increasing every year. The biggest reason behind this increase is the fact that insurance companies are providing insurance packages to people at cheaper rates with maximum coverage. The insurance companies are also investing in different advertising channels like TV, Radio Print media, etc. to attract people. The insurance companies have also been providing different types of insurance policies like health insurance, car insurance, home insurance, and life insurance. The Pakistani insurance market will surely be one of the top insurance markets in the world.
What does the future hold for the insurance industry of Pakistan?
The insurance industry in Pakistan is a strong one. The first reason for this is the massive amount of money that can be potentially made as well as the shorter period in which these profits can be earned. For example, according to a survey done by the All Pakistan Insurance Trade Association (APTA), Pakistan’s insurance industry earned Rs. 657 billion in 2008 and Rs. 1,064 billion in 2012, which is a huge increase. There are four different types of insurance in Pakistan: life insurance, non-life insurance, general insurance, and reinsurance (line and facultative). The second reason is the idea of risk management. Pakistan’s population is constantly growing but the amount of arable land for the agriculture sector is constantly decreasing. The only way to stop the country’s growth from preventing the food supply from increasing is to invest in insurance. This way, the food prices will remain low so the citizens won’t be burdened with high expenditures.
Current Insurance Market Scenario in Pakistan
This is a very tough question. The insurance market of Pakistan is not the same as it was back then. The Pakistani insurance industry is moving towards a very complex regulatory scenario. The Islamic insurance market is also a new thing for the Pakistani insurers and requires training of everyone from beginners to experts. There is a lack of awareness among the masses about the existence of such a market, and therefore, the Pakistani insurance regulators have to work hard to make it a successful venture.
A loan from insurance companies in Pakistan
Insurance companies are fighting for the market share. The Pakistani insurance market is one of the fastest-growing markets in the world, predicted to grow at a CAGR of over 32% for the next 5 years! % increase in population, % increase in GDP, and __% increase in life expectancy, these figures clearly show the enormous potential that lies within the industry. Insurance companies have already started making plans to grab their share of the market, to achieve this they are investing their money in new products and ideas. Some of them have in fact, already launched their products to garner a share of the market.
Learn about insurance companies in Pakistan
This is great news for the insurance companies but as a customer, you must be aware of the insurance products and their purpose. You must also check the credibility of the company that you are buying the insurance policies. If you own any vehicle you must have certain coverage such as Third Party Liability, Accident, Fire, Theft, etc. The coverage is dependable on your financial capability. It is also important that you use the money saved on your insurance policies wisely. The money saved can be invested in the stock market or financial instruments.
