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  4. > Pakistan Insurance Report Q3 2016

Pakistan Insurance Report Q3 2016

  • June 2016
  • -
  • Business Monitor International
  • -
  • 46 pages

Includes 3 FREE quarterly updates

BMI View: Pakistan remains a classic example of a market where insurance is well established amonghouseholds and companies that understand it and that can afford it, but where most people remainuninsured. Solutions are overwhelmingly provided by highly resilient and long-established indigenouscompanies, some of which have the advantage that they are backed by the government. Aside from strongbrands and multi-channel distribution, the leaders have access to the capital that they need. In the non-lifesegment, we anticipate that there will be a substantial consolidation of what remains a fragmentedlandscape. The four largest players, however, will gain market shares. For much of the forecastperiod, non-life premiums should rise at solid, mid-single rates, while life premiums should expand byaround 10% annually. Growth will come predominantly from provision of insurance solutions to existingusers.

Key Updates And Forecasts

- We estimate growth in life premiums of 11.5% in 2016. Recognising the rapid expansion of the lifeinsurers over recent months, we have lifted our forecasts this quarter. We now expect premiums to rise byan annual average of 10.2% through the remainder of the forecast period as well. The growth will comeoverwhelmingly from the provision of new products to existing users. Micro-insurance and family takafulshould develop rapidly from low bases, but will not likely be of sufficient size to have an impact on thetotal premiums written in the segment prior to 2020.

- In the non-life segment, we have basically maintained our growth forecasts. We believe that non-lifepenetration will slip gradually from the current (and low) level of about 0.27% of GDP. The growth inpremiums will come substantially from the expansion in nominal GDP.

Table Of Contents

Pakistan Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Pakistan 2013-2020) 5
Insurance 7
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Pakistan 2013-2020) 11
Table: Life Insurance Claims (Pakistan 2008-2015) 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 Q316 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 27
Table: Leading Non-Life Companies' Premiums (USDmn), 2008-2014) 28
Company Profile 29
Adamjee Group 29
EFU Group 32
Jubilee General/Jubilee Life 35
State Life Insurance Corp of Pakistan (SLIC) 38
Methodology 40
Industry Forecast Methodology 40
Risk/Reward Index Methodology 43
Table: Indicators 45
Table: Weighting of Indicators 46

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