A market insurance lagging behind its neighboring countries

The Pakistani insurance market is made up of 39 companies operating in the non life class of business, three of which are specialized in Islamic insurance. These insurers have posted a turnover of 60 billion PKR (599 million USD) in 2014.

In life insurance, nine insurers had shared an overall premium volume of 48 billion PKR (497 million USD) by December 31, 2014. The insurance penetration rate to this date is of only 0.8%. The insurer Eastern Federal Union Insurance, set up in 1947, detains approximately 65% of the non life premiums generated. >/p>

In life insurance, State Life insurer controls more than 70% of the business. At the same time, in the non life class of business, compulsory legal cession for the benefit of State reinsurer is of 35%. The regulators are dragging their feet when it comes to promoting the private sector.

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