Efu General Insurance Ltd

Transcript

Insurance in Pakistan- List of Insurance Companies Insurance in Pakistan is regulated under the Insurance Ordinance, 2000. In the past few years, it has transformed into a developing and fastly growing market that is generally divided into three components: life insurance, general insurance and health insurance. The Government of Pakistan established the Department of Insurance in April 1948 as a department of the Ministry of Commerce; the aim of this department is to take care of affairs related to the insurance industry. Out of the 54% that Pakistan's service sector contributes to the national GDP, insurance, along with transport, storage, communications and finance occupy 24% of the sector. List of notable insurance companies in Pakistan:                               Beema-Pakistan Company EFU Life NRSP Microfinance Bank State Life Universal Insurance company Limited Adamjee Insurance Company Ltd Agro General Insurance Company Ltd Allianz EFU Health Insurance Company Ltd Alpha Insurance Company Ltd Amercian Life Insurance Company Ltd Asia Insurance Company Ltd Asian Mutual Insurance Company Ltd Askari General Insurance Company Ltd Business & Industrial Insurance Company Ltd Capital Insurance Company Ltd Central Insurance Company Ltd Century Insurance Company Ltd Commercial Union Life Assurance Company Co-operative Insurance Society of Pakistan Ltd Credit Insurance Company Ltd Crescent Star Insurance Company Ltd Dadabhoy Insurance Company Ltd Delta Insurance Company Ltd E.F.U.General Insurance Company Ltd E.F.U.Life Insurance Company Ltd East West Insurance Company Ltd Excel Insurance Company Ltd Gulf Insurance Company Ltd Habib Insurance Company Ltd Indus International Insurance Company Ltd                              International General Insurance Co. of Pak Ittefaq General Insurance Company Ltd Jupiter Insurance Company Ltd Metropoliton Life Assurance Company Ltd Muslim Insurance Company Ltd National General Insurance Company Ltd New Jubilee Insurance Comapny Ltd North Star Insurance Company Ltd Orient Insurance Company Ltd Pakistan General Insurance Company Ltd Pakistan Guarantee Insurance Company Ltd Pakistan Mutual Insurance Company Ltd Platinum Insurance Company Ltd Premier Insurance Company Ltd Prime Insurance Company Ltd Raja Insurance Company Ltd Reliance Insurance Company Ltd Seafield Insurance Company Ltd Security General Insurance Company Ltd Shaheen Insurance Company Ltd Sliver Star Insurance Company Ltd Union Insurance Company of Pakistan Ltd United Insurance Company of Pakistan Ltd Universal Insurance Company Ltd ACE Insurance Aid Pacific Ltd CGU Assurance Company Ltd New Hampshire Insurance Company Ltd New Zealand Insurance Company Ltd Royal & Sun Alliance Assurance plc efu general insurance ltd Profile of Company  The Company was incorporated on September 2, 1932 and is engaged in non-life insurance business comprising of Property, Marine/Aviation, Motor and other Miscellaneous products.  The shares of the company are quoted on Karachi and Lahore Stock Exchanges of Pakistan.  The Principal place of business is located at EFU House, M.A. Jinnah Road, Karachi, Pakistan.  EFU is one of the few Pakistani organizations run totally by professional management and highly motivated field force.  Policies accepted by all institutions in the country.  Rating: Insurer Financial Strength AA, Outlook: Stable (Rating Agency: JCR-VIS).  Client-base comprises of many leading business houses and multinational companies.  EFU gave the emerging insurance industry the leadership, the manpower and the drive needed to grow in a situation where at one time, three-fourths of insurance was held by foreign companies.  The company has also taken the initiative to transform its Enterprise Information System with an end to end solution comprising Oracle's latest technological software and hardware as part of the infrastructure solution to meet Company's projected Online Transaction Processing needs, keeping in view both the present requirements and future needs such as Data Warehouse, business intelligence and Customer Relationship Management System. PRODUCTS & SERVICES Aviation No one will ever know when mankind first tried to fly, but it is clear that man envied the gift given by nature to the animal kingdom, that is, the ability to fly. Very large sums are invested in modern aircraft and their operation. The modern airliners cost large sums. Hence, if compensation for death or injury has to assessed, this may run to a much larger sums. Even a small private aircraft may be the cause of a mid-air collision with similar financial consequences. The failure of a component manufactured by a small company may result in the loss of a fully loaded airliner. Because such catastrophic loss may arise it is normal for aviation risks to be excluded from many kinds of general insurance policy. Buyers of Aviation Insurance  Commercial Aircraft Operators  Corporate and Business Aircraft Operators  Aerial Work and Air Taxi Operators  Private Owners and Flying Clubs  Air-Craft Manufacturers  Owners and Operators of Air-Ports, Hangers  Aircrew  Passengers  Shippers Of Goods By Air  Lessors (Banks, Financial Institutions)  Hang Gliders  Conventional Gliders, Balloons and Hovercraft Importance It has been realized that an increase in speed from 60 m.p.h. to an estimated 1800 m.p.h. in respect of the new supersonic aircraft, together with their ever-increasing costs would reveal the amount of money that air-operators, manufacturers and financial enterprises are investing in the aircraft industry and in civil air transport, and would emphasize the fact that each and every individual company or enterprise could not afford to lose the whole, or even a part, of their capital as a result of accident or misfortune. That is why the idea of spreading the risk by insurance is regarded as inevitable, and why aviation insurance enterprises, as well as new ventures, have been constituted and actively continued. Types of Covered offered           Aviation Hull All Risks Hull War and Hijacking Spare Engines and Spare All Risk Legal Liability To Passengers Legal Liability To Third Parties Legal Liability To Cargo Legal Liability To Mail Comprehensive General Liability Loss Of License Personal Accident Marine   Marine Cargo Marine Hull Miscellaneous  Personal Accident  Workmen's Compensation  TravelCare Insurance (EFU Travel Insurance)  Liability Insurance  Fidelity Insurance  Money Insurance  Plate Glass Insurance  Burglary  Golfers Insurance  Credit Card Insurance  Computer Crime Insurance Motor Tips on buying right motor insurance policy Driver should bear in mind that there are number of details that should be taken into account when applying for motor insurance policy. Firstly as soon as car purchased the owner must buy an insurance cover. If a used car is purchased, the new owner needs to know that the cover of the previous owner is null and void. The insured value or sum insured depends on the market value of the vehicle. Under insurance or over insurance occur when this value is not properly mentioned. Over insurance occurs when sum insured is higher than the market value, maximum compensation is the market value of the vehicle. Under insurance occurs if sum insured is less than the market values, you are as selfinsuring the difference. In the event of a loss, you will only be partially compensated. Average clause is applied when you suffer damage to your vehicle which is under insured. Your claim will be reduced proportionately by the uninsured portion, e.g. if you have insured your vehicle up to 70% of the market value, the insurance company will only pay 70% of total repair cost. List of Coverage for each type of Cover Coverage Act liability policy Third party policy Comprehensive policy Third party personal injury and death Third party property damage Theft/own damage, constructive total Loss Private and Commercial Vehicle Comprehensive Insurance This is the widest form of cover; our client is protected against financial losses of all kinds, accidental loss to vehicle, theft of car and third party liability claims on him or her. Private and Commercial Vehicle Third Party Motor Vehicle Insurance EFU's client is protected against all financial losses due to accidental damage liability of all forms to third party, property damage or bodily injury, death or both. Private and Commercial Vehicle Act only Liability Insurance The cover meets the minimum legal insurance requirement. In this cover, EFU offers you protection against financial losses due to liability of accidental bodily injury or death to third party. In addition to above basic protections we are offering insurance solutions to our clients, combining basic covers with following EXTRA BENEFITS. Family Accidental Benefit Cover EFU offer accidental death or injury benefit for insured, spouse and the entire family of EFU individual clients, in addition to comprehensive insurance of motor vehicle. Accidental Death Cover for Salaried Driver For our commercial clients owning fleet of vehicles a specially designed product offering personal accident covers for the paid drivers. Protection of Loan Amount for Financial Institutions For financial institution offering car financing schemes EFU offer modified insurance package offering protection of outstanding loan amount to the leasing company in case of death of lessee, combined with the comprehensive coverage of motor vehicle. Personal Accident Benefit Cover for Passengers This is a very popular cover that EFU is giving its clients who are in hospitality business, car rental service. Their guests are offered accidental injury or death benefits while traveling in motor vehicle. Property  Engineering      Fire Erection All Risks Insurance Contractor's All Risks Insurance Machinery Insurance Electronic Equipment Insurance Comprehensive Machinery Insurance Policy  Risk Management Risk is the sugar and salt of life. Risk brings sweetness to life and it brings bitterness. There is something exciting about the risk, an edge that it brings, a dimension we would not want to give up. The other side of risk is less attractive. The bitter side of risk is one with which we are only too familiar. 'Risk' is the unlooked for, unwanted event in the future. Events such as those at Flixborough, Seveso, Three Mile Island, Bhopal, Chernobyl, Zeebrugge, Piper Alpha or Kings Cross. These events and others like them have certainly grabbed the headlines but they are only the tips of the risk iceberg. They are the events, which make the headlines and the news bulletins, but they are far removed from the everyday forms of risk, which regularly confront us. The 'real' level of risk comprises the steady toll of fires, accidents, thefts, explosions, and other similar events. These are events, which rarely grab front-page space in our newspapers but nevertheless form the bulk of the work of risk management. The dimensions and effects of such loss events have long since become major significance for whole economies and the questions of how to predict and prevent them are accordingly the subject of intensive discussion both in the political sphere and among the public at large. It is an illusion to think that such events can always be prevented wherever they occur. An analysis of loss experience has shown, however, that it is often a combination of individual causes which, taken on their own, would not have any dramatic impact that leads to major or even catastrophic losses and that these, in turn, can give rise to some very complex effects. This realization makes it necessary to approach the problem of the limitation and control of threats from several angles at once or, in insurance terms, from the viewpoint of several different classes of business. The complex realities of modern economic life and the growing awareness of the public at large place increasing demands on companies to pursue appropriate and far-sighted policies about risk. The same applies to insurers in determining their underwriting policies. The rapid development of new technologies and the changing nature of production processes necessitate a constant analysis of risk profiles. Both entrepreneurs and insurers therefore enormously increased need for analytical and advisory services. Risk Management Department at E.F.U is meeting part of this demand. This company offers our client advice in the field of Risk Management. Aside from this, it is EFU's aim to offer its clients comprehensive support in questions of risk management affecting any sector. What happens if the concrete Risk Management analysis indicates the need for coverage that is not normally available on the market? We work together with you to try to find a viable solution. Provided that the risk does not exceed the borders of what can be considered insurable and provided that sufficient capacity is available, we are prepared to offer insurance for difficult and unconventional forms of cover, assuming of course that we are able to agree on the premiums and conditions. In any event, by offering specific suggestions on the subject of risk control, we aim to reduce exposures to possible losses. What do EFU's services cost? These highly individual services exceed the scope of what we normally offer our clients and therefore cannot be provided free of charge. However, at EFU we charge you nothing. Does EFU also offer risk management training? Depending upon the request, we hold specific risk management seminars for our business partners. After an introduction to the theory of risk management, the practical side is demonstrated by means of a case study. The participants then have a chance to make risk management decisions and to analyze these in the course of workshops. Whom do you approach for risk management services? The "Risk Management" Central Office of EFU: Head Office - will be glad to receive your orders. It is responsible for coordinating and supervising the work that will be done on your behalf. This concentration of activities in one central office is of great advantage to you. Our branches with which you have dealt previously will also be pleased to help in passing on your requests to our risk management specialists.