ADVERTISEMENT SUPPLEMENT DAWN WEDNESDAY APRIL 5, 2017 I

Messages Celebrating the Insurance Day NSURANCE Day is An Essay Competition and observed in Elocution Contest to encour- mature distribution channel. try growing rapidly in each year to raise the age young professionals While a lot has been done, it Pakistan, assuring quality awareness of within the industry have is needless to mention that I insurance services to mil- Insurance at national level. also been arranged. A most of the journey is yet to lions of Pakistanis across By celebrating Insurance Family Carnival has also be covered in order to make the nation. Day, the industry aims to been organised to provide groundbreaking perfor- We at Adamjee spread the message of healthy entertainment for mance possible for insurance Insurance also appreciate insurance and especially to families. sector in Pakistan. the continuous support and address the students Industry's contribution I would assert that it is guidance imparted by the thereby, taking the mes- The industry has been about time that insurance Securities and Exchange sage to grassroot level. ever willing to assist its cli- awareness is imparted to the Commission of Pakistan, This year, IAP celebrates entele whenever a misfor- extent of making every indi- which has enabled us to its fi fth “Insurance Day” on tune has occurred whether vidual aware of signifi cance work to our full potential. the April 05, 2017. The day at micro or macro level. of insurance in daily life. Finally, the unwavering will commence with the The industry has been SITTING from Left to Right: Mr. Abdul Razak Ahmed, Mr. There is a need to simplify support of our valued cus- publication of special sup- collecting and depositing Arshad P. Rana (Senior Vice-Chairman), Mr. Hasanali Fida Hussain Samoo the terms and conditions of Muhammad Ali Zeb tomers and the undiminish- plements on insurance in Federal Insurance Fee Abdullah (Chairman) Mr. Atiq Anwar Mahmudi (Vice- Commissioner insurance policies and use of CEO, Adamjee Insurance ing trust that they have put the leading newspapers of (FIF) of 1% of the premium Chairman) & Ms. Lilly R. Dossabhoy Standing from Left to (Insurance) SECP local language is also desira- Company Limited into us has always moti- the country followed by var- received on insurance poli- Right: Mr. N.A. Usmani (Secretary General), Mr. Abdul ble. SECP has already made vated us to provide them ious events throughout. A cies which had been levied Waheed, Mr. S. Shahid Abbas, Mr. Mohammad Hussain ON this illustrious occa- it compulsory that life insur- AS CEO of one of the with the best services. number of panel discussions by the Government of Hirji, Mr. Zain Ul Haq Qureshi, Mr. Nasar us Samad sion of Insurance Day ance product illustrations largest general insurance have been organised in the Pakistan in the Budget of Qureshi & Mr. Muhammad Rahat Sadiq rejoiced by the insurance fra- should be prepared in Urdu companies in Pakistan, I Company Profi le educational institutions in 1989-90. Since then, ternity in Pakistan, I con- as well. I also feel that in am optimistic about the Adamjee Insurance and Lahore. Two approximately Rs. 6.98 bil- mends that this amount of Executive Committee gratulate the insurance order to make insurance a country’s progress and Company Limited (AICL) is leading cricket teams of the lion on account of FIF have FIF be spent for creating strongly feels that low pen- industry for being able to simplistic product, there is a have confi dence in the one of the leading general industry would play the been deposited in awareness and setting up etration of only 0.85% of bring it this far where a day is need that policy documents future, which will be much insurance companies in Super Final Cricket match Government exchequer. of colleges of insurance in dedicated to the signifi cance should be reviewed from pol- brighter for the people. We Pakistan, which was incor- at Lahore to mark this Day. The IAP strongly recom- all major cities of Pakistan. Continued on Page III of insurance. This day holds icyholder’s perspective and are a hard-working, resil- porated as a Public Limited special importance as it unnecessary exclusions be ient nation with a history of Company on September 28, tends to highlight the service removed. Only in this way, it success against all odds. 1960. AICL has regional provided by the insurance is possible to make insurance Certainly, Pakistan will presence in United Arab industry to the society and an essential household prod- continue being glorious in Emirates (UAE) and main- economy. uct. the years to come. tains its standing through EFU General – a pioneer in In the past few years, the On the corporate side, the I would most sincerely an unwavering commit- insurance sector has come a insurance sector needs to like to congratulate the ment to its corporate philos- long way in respect of chang- develop its capacity to sup- Insurance Association of ophy. Pakistan’s insurance industry ing the way insurance is posi- port complex and large risks Pakistan for the efforts and AICL’s competitive com- tioned in the minds of con- especially in the backdrop of the vital role they played petency is achieved by EFU is the largest insur- vides a full range of insur- • Miscellaneous motivated fi eld force. sumers, the incorporation of China-Pakistan Economic for the development of the combinations of volumi- ance group in Pakistan. ance services to fulfi l the • Value Added Services • Policies accepted by all technology in insurance Corridor which has opened a country’s insurance sector. nous assets, notable The group structure com- needs of all of its customers • Takaful institutions in the country. acquisition and servicing, new arena of opportunities Also, I am grateful for the paid-up capital, sizable prises EFU General being commercial and indi- Highlights • Rating: Insurer Fina— building partnerships and for insurance sector. awareness of insurance reserves, a varied portfo- Insurance Limited, EFU vidual clients. Our product • The shares of the com- ncial Strength AA+, Out— alliances with insurance and Needless to mention, the that has been raised at a lio and consequently, Life Assurance Limited portfolio includes: pany are quoted on look: Stable (Rating non-insurance entities, and SECP is committed to pro- larger scale with the cele- remarkable growth rates and Allianz EFU Health • Fire and Property Pakistan Stock Exchange. Agencies: JCR-VIS and in terms of enrichment of dis- vide its full support in the bration of Insurance Day in and is listed on Pakistan Insurance Limited. Damage • EFU is one of the few PACRA). tribution channels especially capacity of regulator and Pakistan. Stock Exchange with, EFU General was incor- • Marine, Aviation and Pakistani organisations • Client-base comprises Bancassurance which has It makes me very happy porated on September 2, Transport run totally by professional been developed into a Continued on Page III to see the insurance indus- Continued on Page III 1932. The Company pro- • Motor management and highly Continued on Page IV II DAWN WEDNESDAY APRIL 5, 2017 ADVERTISEMENT SUPPLEMENT Jubilee General – driven Alfalah Insurance’s decade to be the best of success

UBILEE General of Pakistan i.e JCR-VIS and marine, motor, engineering, rapid progress in automa- LFALAH Insurance Com- working hard to create awareness Workshops and trainings are very help- Insurance Company PACRA. health and general accident. tion of processes for faster pany is one of the fastest grow- among masses about insurance and its ful for the growing professionals to Limited has entered JGI is the only insurer in JGI not only offers wide risk and improved controls to ing general insurance compa- benefi ts. Unfortunately we are still lag- enhance their technical knowledge. J its 65th year of oper- Pakistan to be accorded coverage, but also provides deliver better customer Anies in Pakistan. No doubt this ging behind as compared to other insur- The insurance industry is in dire need ation marking a leg- Financial Strength Rating related risk management experience. Thus, the com- success is based upon firm roots of trust ance markets in the region. But never- of insurance professional and institutes acy of over six decades of of “B++” (good) and issuer services delivered by highly pany became that fi rst and confidence by our stakeholders. theless opportunities are there and such as Hailey College of Banking and living by its core values, credit rating of “BBB” by A. qualifi ed and experienced insurer in Pakistan to Alfalah Insurance Company Limited Alfalah Insurance is trying hard to Finance and other professional schools namely; teamwork, integ- M. Best, which is the highest risk managers. launch an online portal pro- is part of the Abu Dhabi Group which is are doing a great job in this respect. rity, excellence and passion. rating to be assigned by an As pioneers in Group viding end-to-end solution one of the largest foreign investment They have started insurance and risk Since its establishment in International Rating Health Insurance, JGI con- complete with payment groups operating in Pakistan. The com- Creating awareness management programmes in early 2000 1953, JGI has maintained its Agency to any fi nancial tinues to develop new, fl exi- options. JGI after pioneer- pany started its operations in 2006 and which further improve the much needed presence as the most promi- institution in Pakistan. ble and customised plans to ing the fi rst ever Android during the last 10 years it has achieved about insurance, which professional skills required by insur- nent company launching With a broad spectrum of suit the diverse needs of our Application for motor insur- many milestones and some of the cre- is considered to be a ance sector. innovative products and services available, JGI’s cli- many blue chip Pakistani ance, has also launched dentials are given below: Alfalah insurance is also performing new initiatives. It has estab- ent-base comprises promi- companies and multina- Android Applications for -Alfalah Insurance has been complex product in its part in this move. Mr Nasar us Samad lished itself as one of the nent national and multina- tional clients. JGI also has Bus Passenger’s Personal upgraded in 2017 by PACRA to IFS rat- Qureshi is the founding Managing most reputed and brightest tional corporations operat- an array of personal health Accident by the name of ing “AA-”. This is the highest IFS rating itself is quite diffi cult Director and Chief Executive Offi cer names of the sector. ing in pharmaceutical, insurance products with “Musafi r” and a health assigned by PACRA to any general serving Alfalah Insurance Company Sustained growth and evolu- power generation and distri- wide coverage and scalable insurance application. insurance company in record shortest but Insurance Limited since 2006. He has 40+ years of tion has secured JGI as one bution, chemical, textile, benefi t. In May 2015, JGI time of 10 years which is indicative of industry experience and has supported of the “Big Three” insurers cement, services (hospitals The insurance industry launched its Window our fi nancial strength and professional Association of Pakistan efforts for development of insurance of Pakistan in terms of gross & hotels), oil & energy, man- world over is undergoing Takaful Operations. Our management. (IAP) together with industry in Pakistan. He served as direct premium and fi nan- ufacturing, FMCG, engi- technological revolution. General Takaful products -Renowned international reinsurers Senior Vice Chairman in 2015-16 and cial base. neering, banking and fi nan- JGI prides itself as innova- are designed under the have maintained their support for our insurance industry has prior to that as Vice Chairman in 2011 of JGI is listed on the cial sectors. tor and distributor of tech- supervision of a Certifi ed company which is a remarkable achieve- Insurance Association of Pakistan. Pakistan Stock Exchange. At JGI, diversity is main- nology driven service and Shariah Advisor. Above all, ment under the current economic condi- provided an excellent Currently, he is a member of the Its major shares are held by tained through underwrit- delivery of products. at JGI, we remain focussed tions. Executive Committee of the Insurance Aga Khan Hospital and ing all classes of general Leveraging on its digital on meeting and exceeding -Company has crossed two billion platform to break this Association of Pakistan. He has also Medical College Foundation, insurance including fi re, knowhow, JGI is making customer expectations.  rupees annual premium in 2016. stereotype. ser ved as Chairman of Lahore I nsurance , Aga -Over the last 10 years, our network Institute (LII) for the year 2013 and Khan Fund for Economic has expanded nationwide and we have 2014. He was nominated to the Insurance Development and Hashoo presence in almost all major cities. involve insurance in ordinary man’s Industry Reforms Committee formed Group. JGI, with its Head -Alfalah Insurance has the honour of life. by the SECP in 2012 and served as Offi ce in Karachi, has an fi rst FPCCI (The Federation of Creating awareness about insurance, Chairman of the Operational Challenges extensive branch network in Pakistan Chambers of Commerce and which is considered to be a complex Sub Committee. all major cities and towns of Industry) achievement award for its product in itself is quite diffi cult but Alfalah insurance is sure that Pakistan that promises outstanding services in insurance for Insurance Association of Pakistan under the leadership of Mr Nasar us prompt service at the cus- the year 2012. (IAP) together with insurance industry Samad Qureshi together with valua- tomers’ doorstep. Alfalah Insurance is moving ahead has provided an excellent platform to ble support of its professional and ded- JGI is the highest rated from traditional insurance products break this stereotype. IAP is conduct- icated team will provide customers general insurance company towards more innovative and user- ing different awareness campaigns with the best possible solutions to in Pakistan with an Insurer friendly products for the general public. which include insurance day, seminars their insurance needs. The company Financial Strength Rating The insurance industry of Pakistan is and trainings and different events like is striving hard to become a major of “AA +” with “Stable quite challenging but full of opportuni- sports carnivals and annual dinners team player in insurance industry and Outlook” assigned by the ties for the investors as well as for insur- bringing together insurance profession- to be recognised as valuable brand for both credit rating agencies ance professionals. The industry is als from different companies. our valuable customers. 

ance companies that write particular of those insurers thereby, minimising insur- at Hailey College, University about 253 billion worth of pre- who are members of the asso- ance fraud to a great extent. of Punjab. The programme mium annually, IAP’s mem- ciation. The association also This portal also acts as the has been expanded to BBA bers are amongst the most acts on behalf of its members An overview of IAP repository of insured stolen (Hons) and Regular MBA in influential of insurance com- in any matter affecting their and CTL vehicles. The com- the same discipline. panies of the country. interest. Association of Average Governance (PICG), SAARC Vice-Chairman. The mittees are working on cou- The Executive Committee The members of IAP collec- IAP is unique in as much as Adjusters, UK, Association of Chamber of Commerce Chairman becomes Ex-officio ple of such other online por- is working on proposal of tively contribute to approxi- it provides a professional plat- British Insurers & the (SAARC CCI) and interna- member of the EC for the sub- tals. strengthening the Pakistan mately 98 per cent of life and form to guide the members in International Underwriters tionally, National Fire sequent year. The EC is The association has devel- Insurance Institute to bring it non-life insurance premium technical matters related to Association of London. IAP’s Protection Association assisted by the following tech- oped a “No Fault Motor Third at par with international in the private and public sec- the industry which is recog- interaction with these inter- (NFPA). The association pro- nical committees manned by Party Liability Insurance” insurance institutes like By N.A. Usmani tors. Out of its stronghold of 38 nised both at national and national professional bodies vides Technical Inspection expert professionals: scheme for the benefit of pub- Chartered Insurance Secretary General, IAP member companies, 30 com- international level. The results in sharing of valuable Service to its members. Regional Committee lic at large. It is encouraging Institute (U.K), Malaysian panies transact non-life insur- Insurance Association of international experiences Association’s risk reports not North;accident Technical to note that in line with this Insurance Institute (MII) and HE Insurance ance business, seven transact Pakistan is a trade organisa- and receiving regular only enable the insurers to Committee; Life Technical scheme, SECP has recom- Indian Insurance Institute Associ ation of life insurance business, one a tion registered by the updates of technical advances analyse the risk correctly, but Committee; Marine Techn- mended amendments in (III). Pakistan (IAP), state-owned reinsurer Ministry of Commerce as an being made elsewhere in the also recommend risk improve- ical Committee; Property Motor Vehicles Act, 1939 to The IAP is currently in pro- Testablished in 1948, (PRCL) in Pakistan. All Pakistan Trade world. ments to minimise losses and Technical Committee; and introduce “No Fault Model”. cess of building its very own is a dynamic and vision driven IAP is driven with the Association and is Member of Locally, the association save valuable national assets. Takaful Technical It is a matter of great pride “IAP House” to construct a body that represents the objective to promote, support the Federation of Pakistan subscribes to Federation of The affairs of the associa- Committee for the IAP that due to the customised building in insurance industry of and protect the status, com- Chambers of Commerce and Pakistan Chamber of tion are run by the Executive The IAP in the interest of efforts of its Regional Karachi. The building is in Pakistan and voices the man- mon interest and welfare of Industry. The association cor- Commerce & Industry Committee (EC) elected insurance business has also Committee North, an finishing phase. IAP offices in date of its member companies companies carrying on the responds with the National (FPCCI), Pakistan Insurance annually. The committee developed a web based portal Executive MBA Programme Karachi and Lahore have at various levels. Representing business of insurance and Fire Protection Association, Institute (PII), Pakistan elects its own Chairman, for its members to share infor- in Insurance & Risk been equipped with video both life and non-life insur- Takaful in Pakistan and in USA, WK Webster, UK, the Institute of Corporate Senior Vice Chairman and mation of motor vehicles Management was introduced conferencing facility.  ADVERTISEMENT SUPPLEMENT DAWN WEDNESDAY APRIL 5, 2017 III Reliance Insurance completes Human resource — the essence 35 years of glory of life insurance business

ELIANCE Insurance Company Group & Personal Accident etc. We are pro- heartiest gratitude to our respected spon- By Nadeem R. Malik out to underserved markets for aware- of using science to transform the insur- Ltd. (RICL) was incorporated in viding Shariah Compliant Takaful services sors, trusted reinsurers and all clients for ness and fulfi lment. The emerging distri- ance system, advised the tech entrepre- 1981 by the two prestigious to the community and have a dedicated their unflinching confidence in our profes- bution channels like internet and tele- neurs not to underestimate the “tenac- Rindustrial groups of Pakistan i.e. Takaful team supervised by a Mufti as our sional practices. We at Reliance Insurance IFE insurance industry in marketing have started to contribute ity” of insurance agents. He further Al-Noor Group and Amin Bawany Group. Shariah Advisor. Reliance Insurance is one renew our commitment in giving the very Pakistan has witnessed signifi - primarily for sales of small ticket pure adds, “We’re not going to dictate to our Having an energetic team of more than 200 of the most reputable prominent insurance best to our valued customers and pledge to cant growth; CAGR of 25.2 per risk products such as term insurance, customers how to do business; the prefer- employees, the company succeeded to pro- companies of Pakistan and is serving the continue our mission to protecting the Lcent from 2009 to 2015 is a testa- personal accident, critical illness, and ence varies by individual client rather cure more than Rs.1.2 billion of premium business fraternity since more than 35 assets of our policyholders. ment of the fact. In last few years, life travel etc. However, close to 80 per cent than by industry or business type.” income in the year 2016. The unparalleled years. The unflinching trust of all our cli- Our Slogan insurance growth as well as gross pre- of industry’s gross premiums are still According to The Wall Street Journal, field force together with faster grown ents achieved by Reliance is no doubt a con- ‘Rely on Reliance’ mium has surpassed that of non-life (gen- contributed by investment linked or tra- “Insurance ranks near the top of the list direct marketing channel are playing vital tinuing token of acknowledgement of pro- Our Vision eral insurance). The major contributor of ditional endowment type products of least-desirable industries according to role in providing valuable services to our fessional acumen and reward of our untir- To be recognised as a professional and this growth was retail sales of bundled requiring customisation. Therefore, recent graduates. The image of the indus- valued clients ranging from affluent class ing long standing services. dependable business entity committed to risk protection and investment solutions face-to-face interaction between the try is that of one behind the times and of society to common man. Reliance has a nationwide branch net- play a meaningful role in the development offered by life insurers. The conversion prospect and professionally trained advi- offering little in terms of career develop- The Rating assigned to the Company is work with 25 operating stations spread in all of insurance industry in Pakistan and to of latent needs into greater demand ema- sor is needed regardless of the channel ment.” Situation in Pakistan is perhaps ‘A’ with outlook “Positive” by JCR-VIS. major cities of Pakistan. To accelerate safeguard the legitimate interests of all nates from expansion of distribution i.e. bank’s or insurer’s in-house distribu- even worse, as attracting young talent Reliance Insurance is on sound footings and growth and meet present day challenges, the stakeholders, namely policyholders, share- footprint and outreach. The distribution tion. Hence, the industry due to infi nite remains to be a challenge. In order to growing steadily. The Audited Financials infrastructure of the company is being con- holders, reinsurers, employees and all of insurance products through commer- demand for professionally trained work- capitalise the opportunity, it is incum- for the year ended December 31, 2016, has tinuously monitored, developed and other business associates, partners. cial banks, commonly known as force offer unlimited employment oppor- bent upon life insurance industry to iden- been approved by the Board of Directors strengthened. We need hardly assure to our Our Mission Bancassurance has been the key driver tunities to youth. tify the right mix of career selling hence the Shareholder’s Equity of the valued customers our best personalised ser- To provide quality service and protection for this growth. Even the most committed techies in approach, candidate profi le and curricu- Company has now grown to Rs.863 million. vices at all times and thank for their to its clients aiming at achieving a respecta- While the industry celebrates this suc- the developed world who are gunning for lum. The industry also needs to under- The Paid-up Capital would increase to unflinching trust and continued patronage. ble volume of business and become a prom- cess, the key measures like insurance disrupting insurance distribution do not stand the proven best practices for Rs.561 million and General Reserves to Reliance Insurance is contributing its role inent player through good governance and premiums booked as a % of Country’s believe that insurance agents or advisors recruitment, training, coaching and Rs.250 million after approval of sharehold- for the best of insurance environs and is rep- sound professionalism, focussing to GDP as well as insurance premium per are going away completely. In fact, there mentoring. A focussed approach can ers in the Annual General Meeting sched- resenting on all professional forums of insur- become a well-known and respected corpo- capita have remained signifi cantly lower could be a shortage of insurance agents. help the industry to successfully combat uled to be held on April 29, 2017. ance industry including IAP. We resolve to rate entity in the eyes of society and than the world’s average as well as neigh- Where there is complexity, agents will be the impending skills shortage.  The Company has commenced Window continue to playing a meaningful role in the Government. bouring India. These measures and com- able to add more value than ever. Many Takaful Operations which has been widely development of the insurance industry by Our Motto parisons further reaffi rm the tremen- tech entrepreneurs and investors see dis- appreciated by the business fraternity, providing efficient services, best security To do our active role in the develop- dous potential for future growth. The tribution as the most promising link in The writer is the Dy. Chief Executive Offi cer Islamic banks and financial institutions and and protection to our policyholders. ment of the company with honesty, dedi- only constraint is the scarcity of skilled the insurance value chain. CEO of at IGI Life. He can be reached at nadeem. has succeeded to procure more than Rs.24 Reliance Insurance is one of the most cation, passion with joy, hard work and to human resource for the industry to reach Hamilton Insurance Group, an advocate [email protected] million of premium income in the initial well managed companies in the market provide quality services to the commu- half year of operations as at December 31, and is run by professional competent, well nity, to add moral values and social val- 2016. Reliance Takaful offers a wide range experienced and reputed team. We bow in ues, to play an effi cient role in the insur- solidation of business in Dubai, of Shariah-compliant General Takaul humility to Almighty ALLAH for his very ance industry, to leave a mark of RIC’s Abu Dhabi, Sharjah and Products such as Fire & Property, Marine generosity and benevolence to us on com- highest respect through our work and Rashidya. AICL has collabo- Celebrating the Insurance Day Cargo, Private & Commercial Vehicles, pletion of our 35 years of successful opera- sound professionalism in the eyes of soci- rated with Hollard Continued from Page I lines (health, household, personal accident, Plant & Machinery, Stocks, Money and tions of quality services. We express our ety locally and globally.  International, based in South travel, motor etc.) products, which are for the Africa, to commence Life insurance in the country’s GDP (which com- benefi t of low income population, who are Assurance operations under a pares unfavourably even with regional coun- unlikely to become fi lers, will discourage for the purpose of stakeholder consultation. fied which, not only compile and consolidate separate entity, today known as tries) can be rapidly increased by implement- individuals from buying these products. Messages Thereafter the draft insurance bill was for- the existing sets of insurance rules, but also Adamjee Life Assurance ing the following suggestions: Life Insurance should be permanently mulated which is proposed to replace the aim to bring substantial reforms in the insur- Company Limited. Taxing of Capital Gains and Dividend Income exempted from the levy of sales tax. The said @ 31% (Rule 6B of Fourth Schedule to the levy is likely to discourage prospective policy- Continued from Page I Insurance Ordinance, 2000. The Bill was ance sector by introduction of new account- AICL’s confidence lies in the placed on the official website of SECP on ing formats for life and non-life insurers espe- large number of banking and Income Tax Ordinance 2001) holders in Sindh from buying life insurance In 2016, the tax measure of one basket policy as the entire sales tax burden would be Fida Hussain Samoo December 29, 2016 for eliciting public com- cially for the purposes of Financial financial sector clients that income for Insurance companies whereby the passed on to them. This levy may lead policy- enabler for insurance in Pakistan. ments. Statements and strengthening of the regula- AICL insures. Some of AICL’s Capital Gains and Dividend income is being holders to surrender their policies. The SECP has taken following initiatives -The SECP has formulated the Code of tory regime for insurance brokers and insur- high risk-value projects include taxed @ 31% as against reduced rate of tax for Tax Credit to Personal lines (i.e. Personal to improve the governance and operation of Corporate Governance for Insurers, 2016 ance surveyors through enhancing the risk-coverage provision to other sectors is discriminatory in nature and is Accident, Travel, Householders, Private insurance in Pakistan. with an aim to provide a comprehensive cor- requirements of paid up capital, professional Petrochemical Factories and porate governance framework for improving indemnity etc. Industrial Risk projects. AICL seriously hampering the profi tability of the Motors etc.) premium payments -To support the national agenda of financial insurance companies by raising tax liability Tax incentive be allowed to individuals on all inclusion and in pursuance of the National the governance of the insurance companies -The Insurance Accounting Regulations, also specialises in insuring keeping in view the best international prac- 2017 are issued which aim to harmonise the Engineering and Telecom con- substantially, as much as 80% in some cases. personal lines products to help minimise the Financial Inclusion Strategy (NFIS) adopted This is eroding investors’ interest in this sec- cost of protection for the citizens of Pakistan. by the Government of Pakistan, the SECP is tices in the insurance sector. The Code was local accounting standards with the interna- cerns. AICL also serves finalised after due public consultation and tional practices (IFRS’s & IAS’s). Pakistan’s primary industry by tor and directly affecting the capacity build- Compulsory Health Insurance Scheme managing NFIS Technical Committee on ing of insurance sector, which in turn is If Health Insurance is made mandatory by Insurance which is formed with objective to notified vide SRO 1045(I)/ 2016 dated -The fit and proper requirements for insur- providing coverage to the November 9, 2016. ance companies’ management have been fur- Textile and Sugar sectors. As a resulting in buying more reinsurance support the Government it would not only increase increase the access and usage of insurance in from international market and thus draining insurance penetration but would also be a step -With an objective to develop active ther streamlined through an amendment in pioneer in the coverage of Oil & Pakistan. So far, the Committee has con- additional foreign exchange. forward providing basic health facility to all Alternate Dispute Resolution Forum, the the Insurance Companies (Sound and Gas (upstream & midstream), ducted several meetings and has finalised the Reduction of rate of Advance Tax on Premium sections of society. jurisdiction of Small Dispute Resolution Prudent Management) Regulations, 2012. Wind and Thermal Energy actions to be undertaken in pursuance of its under section 236 U Compulsory Workmen Compensation/ Committees (SDRCs) has been enhanced by I wish best of luck to the insurance frater- Risks, AICL has successfully objectives, while the tracking mechanism for Collecting tax at the rate of 1% from non- Employers Liability Insurance increasing the monetary limits of disputes nity in the quest of reaching out to the con- activities of the Committee has also been assumed the role of the leading fi ler policy holders of Life Insurance It goes without saying that the Workmen’s that can be arbitrated by the SDRCs, through sumer segment at the grassroot level and in developed. The development of insurance player in Pakistan’s insurance Companies on the life insurance premium (if Compensation Act is hardly adhered to thereby, amendment in the SDRC (Constitution and making insurance an essential household curriculum to be incorporated in regular aca- industry. The Company has premium exceeds Rs. 0.2 million per annum) exposing the vulnerable section of population to Procedure) Rules, 2015. Also, the jurisdiction product. The SECP is committed to provide its demic curriculum, development of standard- managed to secure business means taxing the savings which are lowest for industrial injuries/fatalities. Compulsory work- of committees is now linked to pecuniary support in respect of enhancing the access ised insurance glossary, and reforming the being brought in by foreign Pakistan compared to regional countries. men compensation insurance has the potential limit of dispute, instead of sum insured. and usage of insurance in Pakistan, with spe- compulsory insurances regime in three areas, investors entering Pakistan to Moreover, this is resulting in diversion of funds to alleviate the diffi culties of the industrial and -To promote transparency and to enable cial focus on financial inclusion and promo- are few of the action areas determined by the execute construction or infra- from Life Insurance Companies to other commercial workers. insurers to make informed underwriting and tion of e-Commerce in insurance. Committee. structure development projects. investment avenues not subject to such taxa- Tax on Dividends under Section 5 & 8 of the -As part of the project for strengthening the pricing decision in respect of health insur- AICL is proud to be the premier tion and penetration of insurance in Pakistan Income Tax Ordinance 2001 insurance regulatory framework in Pakistan ance, the SECP has widened the scope of Muhammad Ali Zeb insurer of Kidnap & Ransom, is decreasing. The advance tax rate of 1% is Life insurance companies make invest- with the Technical Assistance of the World Centralized Information Sharing Solution for establishing its credibility as a strong Professional Indemnity, Product considerably high, it be reduced to 0.4% and ments on behalf of policyholders in stocks Bank, significant reforms are proposed to be Insurance Industry (CISSII). The system is fi nancial institution. Liability and other specialised the threshold of life insurance premium be and full amount of dividend received is introduced therein. A concept note elaborat- enabled to support the information sharing The Company’s focus on strengthening lines in Pakistan. In the increased to Rs. 0.5 million per annum. passed on the policyholders by the life insur- ing the significant reforms was shared with regarding group health insurance claims and expanding its global presence is Year 2016 AICL has initiated Collecting tax at the rate of 4% from non- ance companies. However, deduction of tax industry stakeholders in three roundtables experience. reflected in its tapping the potential availa- Window Takaful Operations in fi ler policy holders of Non-Life Insurance under Final Tax Regime (FTR) deprives the conducted in Karachi, Lahore and Islamabad -The Insurance Rules, 2017 have been noti- ble in the UAE market along with the con- Pakistan.  Companies on micro insurance and personal policyholders of their earning.  IV DAWN WEDNESDAY APRIL 5, 2017 ADVERTISEMENT SUPPLEMENT EFU Life insuring over 2.5 million lives PII organising fourth international the leading asset managers in JazzCash, and NADRA-E- opportunity, because the only Pakistan, with net asset value Sahulat, for our payment solu- direction I see the industry insurance conference of all unit linked funds under tions, giving our clients the moving, is forward. The sector management of approx. ease and fl exibility to pay has been in a high-growth Rs.100 billion. their renewal premiums in a mode during the last few years O promote educa- topic of ‘Catastrophe EFU Life offers a compre- reliable and secure manner and the Company expects this hensive range of fi nancial through the vast network of growth momentum to con- tional and knowl- Events – A Challenge’ in planning products offering outlets and retailers of these tinue. edge sharing April 2012 and third one in both Insurance and Takaful organisations. We also tied up Developments such as, the Tactivities in the April 2015 on the topic of Solutions. With a strong with 1Link, to allow premium launch of Window Takaful fi eld of insurance, the ‘Challenges & nationwide presence, the payments via e-banking and Operations, exploration of Pakistan Insurance Opportunities for the Company operates via three ATM machines. alternative distribution chan- Institute (PII) was set up in Insurance Industry in major distribution channels; In addition to it, various nels and awareness initia- 1951 by the insurance fra- Emerging Markets’. The Taher G. Sachak the branch network of our marketing campaigns and tives are likely to drive and ternity of Pakistan. efforts of promoting pro- CEO & MD, EFU Life individual life and Family activities are rolled out to fuel the momentum growth in PII recognises the fessionalism and knowl- Takaful sales force serves increase awareness about life the forthcoming years. There importance of continuing edge sharing activities over 200 locations across the insurance, emphasising on its is keen interest from the professional development were recognised by all con- FU Life Assurance country with a sales force of importance and potential insurance sector on the devel- for executives employed in cerned and encouraged by Ltd., one of the lead- nearly 5000. Bancassurance, benefi ts. These also assist in opment of micro and mass the insurance industry and the support of the insur- ing private life insur- the second major distribution clearing the misconceptions market insurance, and I organises certifi cate ance industry, Pakistan Eance provider, is a channel has continued to of life insurance, breaking believe that this will result in courses/ workshops and Insurance Institute is part of the largest insurance grow with partnerships with down the barriers, reaching more lives being covered seminars/ conferences spe- organising the fourth group operating in Pakistan, 16 banks for our Conventional consumers more directly and under the insurance net, cifi cally designed to international insurance EFU Group. In addition to and Takaful products. Group in making their buying pro- resulting in signifi cant social enhance the academic and conference on the topic of EFU Life, the Group includes Benefi ts is the third and a siz- cesses easier. benefi ts for the masses. professional skills. ‘Climate Change & EFU General, the largest able distribution channel of Message Life insurance industry Pakistan Insurance Emerging Risks’ to be held General insurance company, the Company targeting corpo- Mr. Taher G. Sachak, CEO has always been an active Institute had the honour of tional insurance confer- ‘Political Violence’ in April on April 09 – 11, 2017, at and EFU-Allianz Health, the rate entities. Through these & MD, EFU Life, expresses contributor to the country’s  only specialised health three distribution channels, his views on the future pros- social and national develop- hosting the fi rst interna- ence on the topic of 2010, the second one on the Karachi. insurer. Overall, the group we cover over 2.5 million pects of the life insurance ment through the various pro- continues to provide protec- lives. industry Financial planning is grammes it undertakes. It has tion to the lives, health and In addition to these, the all about creating provisions always endeavoured to physical assets of the people of Company is continuously for a prosperous future for increase the awareness of the Elocution Contest Pakistan. EFU Life, itself, has exploring alternative distri- your loved ones. Life insur- public on the services and been in the business of secur- bution channels to increase its ance is a fundamental part of benefi ts of life insurance as it ing and protecting lives for penetration in the country to having a sound fi nancial plan fi rmly believes that a well-in- tive workforce. Celebrations more than two decades now. reach out to every possible and can ensure fi nancial secu- formed insuring public is key and activities of the day are Considering industry lead- household. The Company has rity to those who mean the to not only improving the covered by print, social and ership as one of its central ten- ventured into inclusive insur- most to you. With growing insurance penetration rate in electronic media. ets, EFU Life has always been ance products to extend its needs and fast-evolving cir- the country but a better life As part of the Insurance at the forefront of ground outreach to the masses and cumstances, having a life for the people of Pakistan day activities, the IAP held breaking innovations. From has launched innovative insurance policy can cer- I would like to express my an elocution contest. The being the fi rst company to fi nancial solutions with tele- tainly ensure an assured most sincere gratitude and topic selected was Emerging commence business opera- communication companies, future. It goes to show that a congratulate Insurance Risks. The activity received tions after privatisation to branchless banking as well as carefully executed life insur- Association of Pakistan a positive response from the introducing the concept of microfi nance institutions. ance plan can help prepare for (IAP) on the celebration of HE insurance industry and industry Unit linking, Critical Illness, EFU Life is constantly life's uncertainties and give fi fth Insurance Day in industry of experts expressed their Need Analysis and Illustration developing new products, peace of mind knowing that Pakistan. With each passing Pakistan is cele- views on the topic. of Benefi ts in Pakistan, EFU implementing technological the future is more secured. year, IAP is playing a greater brating fi fth insur- The Contest carried Life has always been the developments, introducing Although life insurance can and more signifi cant role in T ance day, organised by the three cash awards for the industry pioneer. This quality new services and carrying out play an important part in the the society. Its continuous has trickled down over the its marketing initiatives to aid lives of individuals but far too efforts are resulting in Insurance Association of 1st, 2nd and 3rd positions years in all business segments business growth and effi cient many people postpone mak- growth of the insurance Pakistan (IAP) yearly. In which were decided by a Khan of Jubilee General aged them to participate in and operations. Thus, staying operations. We continue to ing the diffi cult fi nancial deci- industry in the country. I this connection, a diverse panel judges from the Insurance such industry events. Ms. true to its objective, EFU Life leverage innovative technol- sions for their lives. The life hope that this Insurance Day range of activities have industry. 3rd Prize: Ms. Mehlub Zehra Naqvi, senior mem- became the fi rst conventional ogy that makes our business insurance industry is expand- serves as a good opportunity been arranged which Following were the recip- Usmani of Jubilee General ber of judges’ panel pre- life insurer to launch its operations faster, easier and ing with a 5 year annualised in reaffi rming the role and include sports events such ients of the prizes: Insurance sented the awards to the Window Family Takaful more effective. One of the key growth of almost 25 per cent, importance of insurance for as cricket tournaments etc. 1st Prize: Mr. Owais The Chairman Insurance winners. Operations under the brand development for us in 2016 and yet the insurance penetra- economic and social progress Road shows are held in uni- Nawaz Khan of EFU Day Committee of IAP Mr. Secretary General IAP, name ‘Hemayah’ in 2015. was our strategic partner- tion in the country is still very and will continue to progress versities to create aware- General Insurance Tahir Ahmed addressed the Mr. N.A.Usmani presented Today, EFU Life is also one of ships with Easypaisa, low, which I consider to be an in the future.  ness in the young prospec- 2nd Prize: Mr. Farrukh participants and encour- the vote of thanks. 

Continued from Page I have also been started since May vice of the highest quality. Our In 1932, Mr. Ghulam life company in Afro-Asian coun- 6, 2015. The Management, Sales clients include both large and Mohammad, a far-sighted man, tries (excluding Japan) under of many leading business houses Personnel and Board of Directors EFU General medium sized organisations in established Eastern Federal the leadership of Mr. Roshen Ali and multinational companies. have shown their sincere efforts all sectors of the economy. Union Insurance Company Bhimjee. It remained so until • EFU gave the emerging for the promotion of Takaful and closely with clients to identify develop preventive capabilities We are committed to new prod- (EFU) with fi nancial assistance 1972 when Life Assurance busi- insurance industry the leader- underwritten good numbers in various risk exposures and then to avert major perils and calami- uct development and innovation, from the Aga Khan III and the ness in Pakistan was national- ship, the manpower and the Takaful. EFU General - Window provide specifi c insurance. This ties. Over the years we have legendary customer service and a Nawab of . Mr. Abdur ised. Thereafter EFU operated drive needed to grow in a situa- Takaful Operations became the helps in loss prevention and developed a full range of insur- promise that everything we do, Rehman Siddiqui became the solely as a General Insurance tion where at one time, three- industry leader of the Takaful reducing the cost of premium. ance services for large infra- we do from the heart. founder chairman. The company Company, and was subsequently fourths of insurance was held by and crossed the fi gure of one bil- Our market-driven team of structure projects including the History was originally registered at renamed EFU General foreign companies. lion contributions which is actu- inspired and technically quali- areas of oil/gas exploration fi eld. In the early 30s of the 20th , India. Insurance Limited. We are in the business of pro- ally the fastest one billion fi gure fi ed insurance personnel, spe- We are fully equipped with century, under the inspiration of In 1947, EFU found a new Traditionally the EFU name viding a full range of non-life in General Takaful segment of cialising in civil, mechanical, technical, marketing and mana- the Quaid-i-Azam Muhammad home in a new country. In has become synonymous with insurance products and services the industry. metallurgy, electronics and hav- gerial skills supported by rein- Ali Jinnah, there began to Pakistan, EFU rapidly estab- progressiveness and prompt customised to meet the varied The most important aspect of ing overseas linkages, is on-call surance arrangements with a appear signs of economic lished itself as a progressive and claim settlement and now the needs of a wide spectrum of busi- our operation is that we have cre- for necessary professional advice number of European fi rms of renaissance of the Muslims of innovative insurer. By 1961, EFU EFU being the largest insurance nesses and industrial clients as ated a separate Risk at all times. It is our policy not international repute to cater to India. Shipping, Airline, had become the fl ag bearer of group provides a full range of well as individuals. In addition to Management Team and an only to provide protection and all classes of specialised insur- Banking and Insurance compa- Pakistan's insurance industry on general, life and health insur- this, Window Takaful operations Engineering Group who work risk reduction but help clients ance and provide customer ser- nies made their debut. the world stage, and the largest ance services. 