DOCSLIB.ORG

Annual Report 2018

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

ANNUAL REPORT 2018 1st KEY We are making INFORMATION things better 2018 together AA- Rated by: PACRA 5,239 3,269 6,895 Gross Gross Total Premium Claims Assets 563 389 323 Profit Profit Underwriting Before Tax After Tax Results Rupees in Millions 1,762 18% 15% Total Return on Bonus Investment Total Equity Shares Annual Report 2018 1 CONTENTS COMPANY INFORMATION 01 04 06 07 Rating United International Corporate Core Group Calendar Beliefs 08 Vision / Mission Statement INVESTOR INFORMATION 10 12 13 14 Board of Corporate Key Management Banks & Directors Information Personnel Leasing Companies 15 17 18 20 The United Insurance Six Years at Vertical Horizontal at a Glance a Glance Analysis Analysis 22 28 29 Segment wise Group Chairman’s Chief Executive’s Outline Message Message CORPORATE GOVERNANCE 30 38 41 42 Directors Report Report on Corporate Code of Independent Auditor’s Review to the members and Financial Reporting Conduct Report Framework 43 47 49 54 اراکین کو Statement of Compliance Pattern of Categories of ڈائریکٹرز رپورٹ with the Code of Shareholding Shareholding Corporate Governance for Listed Companies 2 United Insurance Company of Pakistan Limited FINANCIAL STATEMENTS 55 56 60 62 Financial Auditor’s Report to the Statement of Profit and Statement Members Financial Position Loss Account 63 64 66 67 Statement of Cash flows Statement of Notes to and Forming Comprehensive Income Statement Changes in Equity Part of the Financial Statements 132 Our Branches WINDOW TAKAFUL OPERATIONS FINANCIAL STATEMENTS 142 144 145 148 Shariah Auditor’s Report Shariah Advisor’s Report Independent Auditor’s Statement of on Compliance to the Board of Directors Report to the Members Financial Position 149 150 151 153 Profit and Statement of Cash flows Statement of Loss Account Comprehensive Income Statement Changes in Funds 154 Notes to and Forming Part of the Financial Statements ANNUAL GENERAL MEETING 203 210 211 Notice of Annual General Notice of Annual General Proxy Form Meeting Meeting Urdu Annual Report 2018 3 UNITED INTERNATIONAL GROUP We’re leading our sector and working with our clients to advance the cause of sustainability — even in places where you might not expect us. The United APNA Micro Insurance Company Finance Bank of Pakistan Limited. Limited. United Software United Track & Technologies System (Pvt.) International (Pvt.) Limited. Limited. Tawasul Risk United Management International Services (Pvt.) Farms. Limited. 4 United Insurance Company of Pakistan Limited The United Insurance UIC is a part of the United With our experience, global Company of Pakistan international Group (UIG) resources and vision we aim Limited, a leading insurance as well as the company is a to provide financial certainties provider in Pakistan, was public limited company listed and eliminate financial risk established in the year in Pakistan Stock Exchange from this uncertain world. 1959 on the 20th day of Limited (Formerly Karachi Hence our motto “Your risk October. It was operational Stock Exchange Limited). is secure with us” serves this in Pakistan including East purpose. Pakistan (now Bangladesh). Our traditional business UIC has established a model is based on cost large network of branches effective risk management throughout Pakistan solutions to our policyholders currently operating 110 through highest level of branches all over Pakistan. quality. We are dedicated to UIC doing General business our customer as well as our including Group Health shareholders to maximize Insurance, Travel Insurance their profits depending on the (Health), Travel Bonds & variables that are factored Guarantees, Livestock and in with the investments. We Crop Insurance. are leading the insurance sector and working with our clients to advance the cause of sustainability even in the rural areas. Annual Report 2018 5 CORPORATE CALENDAR 2018 March April 21, 22 / 30 / 2018 2018 Audit Committee and Board of Annual General Meeting of Directors meeting to consider Shareholders to consider annual annual accounts of the Company for accounts of the Company for the the year ended December 31, 2017. year ended December 31, 2017 and dividend announcement. August April 27, 28 / 30 / 2018 2018 Audit Committee and Board of Audit Committee and Board of Directors meeting to consider half Directors meeting to consider yearly accounts of the Company for quarterly accounts of the Company the half year ended June 30, 2018. for the quarter ended March 31, 2018. October 26,27 / 2018 Audit Committee and Board of Directors meeting to consider quarterly accounts of the company for the quarter ended September 30, 2018. 6 United Insurance Company of Pakistan Limited CORE BELIEFS UIC believes in providing high quality solutions to risk exposures to the fulfillment of its customers through: • Surpassing the values throughout the entire » Customer centricity organization. These principles will guide us To put our customers at the heart of to succeed in our business, and will serve us all we do. We utilize of our global scale well ahead into the future from day-to-day experience to convert insights and business operation to product development observations into useful ideas that we put and customer services. to work for our customers. • Building the team that takes responsibility for the delivery of our services. By developing our » Sustainable value creation technical & marketing staff, who may deliver To create and sustain value for our services competently. Also give them a sense customers, our shareholders, our people of pride in the Company. and society. To maintain a culture of • Believing that by being pro-active and meeting precision, stability and reliability that the changing needs of our clients through instills confidence and trust in our value – added products and services, meeting commitment to deliver when it matters the aspirations of all our stakeholders. now and in the future. A key component • Also believing that quality of work is the key of sustainable value creation, and indeed factor in an organization. So, continuous of all our values, is our commitment to a quality improvements shall be the key drivers high standard of corporate responsibility. in our management processes. • Our commitment to integrity, customer » Excellence centricity, sustainable value creation, To aim for the highest quality and strive excellence and teamwork fosters trust with for continuous improvement in all that we our shareholders and our customers. It do. Find new ways of solving problems. nurtures talent and mitigates internal risks To test what we do and how we do it for through openness and transparency. It helps fairness, diversity, trust, and mutual us secure the support of regulators and the respect. investment community. It nurtures talent and mitigates internal risks through candor and » Teamwork transparency. It helps us secure the support of To work together as one team…one regulators and the investment community. Company. Collaborating and applying our global insights to deliver the best for our » Integrity stakeholders. Value our diverse, talented To treat everyone fairly and honestly. workforce; and support them so that they To comply with all applicable laws, can contribute to their full potential. regulations and internal policies. Annual Report 2018 7 VISION & MISSION STATEMENTS VISION MISSION A first class Insurance Company For our customers / Window Takaful operator • To provide superior services through high quality business to provide cost effective risk solutions and health protection, based on expert advice and management solutions to its financial management and adding value to the all corporate and policy-holders / participants non corporate customers. through highest level of quality. For our Members • To maximize the members’ value by optimum utilization of resources. For our Employees • To provide opportunities for self-development in a highly challenging performance oriented work environment. For the Society • To ensure good governance by maintaining high ethical standards and risk coverage. For the Government • Prompt and timely liquidation of liabilities and adherence to the policies established. 8 United Insurance Company of Pakistan Limited INVESTOR INFORMATION INVESTOR’S AWARENESS With reference to SRO 924(1) / 2016 dated September 9th, 2015 issued by the Securities and Exchange Commission of Pakistan (SECP), the following informational message has been added for investor‘s awareness: Annual Report 2018 9 BOARD OF DIRECTORS Javed Sadiq CHAIRMAN Mohammed Rahat Sadiq CHIEF EXECUTIVE OFFICER Mian M.A.Shahid ADVISOR TO BOARD / (CHAIRMAN UIG) 10 United Insurance Company of Pakistan Limited BOARD OF DIRECTORS Huma Waheed Khawas Khan Niazi Syed Rahat Ali Shah DIRECTOR DIRECTOR/PRESIDENT DIRECTOR Agha Ali Imam Jamil A. Khan DIRECTOR DIRECTOR Annual Report 2018 11 CORPORATE INFORMATION BOARD OF DIRECTORS CHIEF INTERNAL AUDITOR WEB PRESENCE Abdul Mannan Munir www.theunitedinsurance.com CHAIRMAN Javaid Sadiq AUDITORS M/S. Ilyas Saeed & Co. DIRECTOR /PRESIDENT Chartered Accountants Khawas Khan Niazi REGISTERED OFFICE LEGAL ADVISORS 204, 2nd Floor, Madina City CHIEF EXECUTIVE OFFICER Mohammed Farooq Sheikh (Advocate) Mall, Abdullah Haroon Road, Mohammed Rahat Sadiq Saddar Karachi. Mian Asghar Ali TEL: 021-35621460-2, DIRECTORS (Advocate) 021-35221803-4 Huma Waheed FAX: 021-35621459 Agha Ali Imam TAX ADVISOR Email: Jamil A. Khan M/S. Sarwars Chartered [email protected] Syed Rahat Ali Shah Accountants HEAD OFFICE ADVISOR TO BOARD CREDIT RATING AGENCY UIG House, 6-D,
Recommended publications
  • Assessing the Potential for Large-Scale Agricultural Crop and Livestock Insurance in Punjab Province, Pakistan

    Assessing the Potential for Large-Scale Agricultural Crop and Livestock Insurance in Punjab Province, Pakistan

    A FEASIBILITY STUDY ASSESSING THE POTENTIAL FOR Public Disclosure Authorized LARGE-SCALE AGRICULTURAL CROP AND LIVESTOCK INSURANCE IN PUNJAB PROVINCE, PAKISTAN Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized JUNE 2018 43128_Punjab_CVR.indd 3 12/4/18 8:56 AM A FEASIBILITY STUDY ASSESSING THE POTENTIAL FOR LARGE-SCALE AGRICULTURAL CROP AND LIVESTOCK INSURANCE IN PUNJAB PROVINCE, PAKISTAN June 2018 43128_Punjab Crop Insurance.indd 1 12/27/18 9:46 AM 43128_Punjab Crop Insurance.indd 2 12/27/18 9:46 AM CONTENTS Acknowledgments . xi Acronyms and Abbreviations . xiii Executive Summary . xv Chapter 1 Introduction and Objectives of the Study . 1 1 1. The Importance of Agriculture and Agricultural Growth in Punjab . 1 1 .2 . Climatic Risks to Crop and Livestock Production in Punjab . .3 1 .3 . Agricultural Insurance for Crops and Livestock in Pakistan . 3 1 .4 . The SMART Punjab Program to Transform Agriculture . .4 1 .5 . Government of Punjab Request to the World Bank Group for Technical Assistance . 4 1 6. Scope and Objectives of This Feasibility Study . .5 1 7. Organization of This Report . .5 Chapter 2 Key Features of Agriculture in Punjab and the Agricultural Impacts of Climatic and Natural Disasters . 7 2 1. A Densely Populated Province Where Small Farms Predominate . .7 2 .2 . Crop and Livestock Production in Punjab . 9. 2 .3 . Access to Agricultural Credit . .13 2 .4 . Exposure of Agriculture to Climatic and Natural Disasters . 14 Chapter 3 Agricultural Insurance Provision and Natural Disaster Relief Programs in Punjab . 23 3 1. Crop Insurance . .23 3 .2 . Livestock Insurance Scheme for Borrowers .
  • Intergovernmental Fiscal Transfers in Asia: Current Practice and Challenges for the Future

    Intergovernmental Fiscal Transfers in Asia: Current Practice and Challenges for the Future

    Intergovernmental Fiscal Transfers in Asia: Current Practice and Challenges for the Future Edited by: Paul Smoke and Yun-Hwan Kim Foreword In recent years, the issue of intergovernmental fiscal transfers has re- ceived increasing attention among policymakers for various reasons. These include (i) disparity in delivery of social services between regions, (ii) economic gap between growth centers and lagging areas, and (iii) progress in economic and political decentralization. While strengthening institutions, functions, and finances of state/local governments is becoming increasingly important, devel- oping a more productive and equitable intergovernmental transfer scheme has likewise become a priority issue. The issue of allocating national resources to local communities has been a major policy agenda as subnational governments play a stronger role in carrying out socioeconomic policies. For a long time, the governments in the Asia-Pacific region have made enormous efforts to minimize distortions and defects in the countries’ fiscal transfer schemes. However, existing disparities in production growth, fiscal bases, and the extent of public services call for greater governmental interven- tions including a reform in central-state fiscal relations. An expeditious reform aimed at addressing the underlying fiscal and economic imbalances and ensur- ing equitable delivery of public services across states would place powerful impetus to the long-term socioeconomic progress. The new focus on the greater fiscal role by local governments has been
  • Change of Base of National Accounts of Pakistan Is Not So Rich

    Change of Base of National Accounts of Pakistan Is Not So Rich

    ASIF BAJWA Chief Statistician Pakistan Bureau of Statistics Statistics Division Government of Pakistan 21 - Statistics House, Mauve Area, G - 9/1, Islamabad, Pakistan Tel: +9251 9106515 Fax: +9251 9106561 E-mail: [email protected] , [email protected] , Website: pbs.gov.pk ARIF MAHMOOD CHEEMA Member National Accounts Pakistan Bureau of Statistics Statistics Division Government of Pakistan 21 - Statistics House, Mauve Area, G - 9/1, Islamabad, Pakistan Tel: +9251 9106517 Fax: +9251 9106516 E-mail: [email protected] , [email protected] Website: pbs.gov.pk ISBN 978 - 969 – 9888 – 00 - 7 Foreword Statistics play an important role in policy formulation and informed decision making. Economic indicators are highlighted in media more than ever. With the passage of time data sources improve, new fields emerge, and as a result the frame work needs, revisions. To cope with international standards and improved versions of the frameworks, frequent revisions are required. In the developed statistical systems five years period is considered appropriate. In developing systems the need to change the base is more emergent as the sources of data and methods of estimation are improving along with the capacities of the statistical organizations. Due to the availability of documented information more sophisticated statistical techniques are being adopted. Instead of changing the sources and methods fragmentally, the preferred method is to introduce their changes in a holistic manner so as to enable comparison with the old system. History of change of base of national accounts of Pakistan is not so rich. It remained a rather neglected activity. In 1952 the national accounts estimates were prepared from 1949 onwards at current prices.
  • At the Hands of Fate: the Political Economy of Islamic Insurance in Indonesia, Malaysia, and Pakistan, C

    At the Hands of Fate: the Political Economy of Islamic Insurance in Indonesia, Malaysia, and Pakistan, C

    Old Dominion University ODU Digital Commons Graduate Program in International Studies Theses & Dissertations Graduate Program in International Studies Summer 2019 At the Hands of Fate: The Political Economy of Islamic Insurance in Indonesia, Malaysia, and Pakistan, C. 1980 to the Present Muhammad S. Rahman Old Dominion University, [email protected] Follow this and additional works at: https://digitalcommons.odu.edu/gpis_etds Part of the Asian Studies Commons, International Relations Commons, Near and Middle Eastern Studies Commons, and the Political Economy Commons Recommended Citation Rahman, Muhammad S.. "At the Hands of Fate: The Political Economy of Islamic Insurance in Indonesia, Malaysia, and Pakistan, C. 1980 to the Present" (2019). Doctor of Philosophy (PhD), dissertation, International Studies, Old Dominion University, DOI: 10.25777/391r-ej57 https://digitalcommons.odu.edu/gpis_etds/112 This Dissertation is brought to you for free and open access by the Graduate Program in International Studies at ODU Digital Commons. It has been accepted for inclusion in Graduate Program in International Studies Theses & Dissertations by an authorized administrator of ODU Digital Commons. For more information, please contact [email protected]. AT THE HANDS OF FATE: THE POLITICAL ECONOMY OF ISLAMIC INSURANCE IN INDONESIA, MALAYSIA, AND PAKISTAN, C. 1980 TO THE PRESENT by Muhammad S. Rahman B.A. May 2005, Gadjah Mada University, Indonesia M.A. August 2010, University of Groningen, the Netherlands A Dissertation Submitted to the Faculty of Old Dominion University in Partial Fulfillment of the Requirements for the Degree of DOCTOR OF PHILOSOPHY INTERNATIONAL STUDIES OLD DOMINION UNIVERSITY August 2019 Approved by: Francis Adams (Director) David Earnest (Member) David Selover (Member) ABSTRACT AT THE HANDS OF FATE: THE POLITICAL ECONOMY OF ISLAMIC INSURANCE IN INDONESIA, MALAYSIA, AND PAKISTAN, C.
  • Factors Affecting Financial Performance of Insurance Industry

    Factors Affecting Financial Performance of Insurance Industry

    2019-2961-AJBE 1 Factors affecting Financial Performance of Insurance 2 Industry in Pakistan 3 4 5 This study investigated the indicators of financial performance of insurance companies of 6 Pakistan. Gross written premium (GWP), Claim (CLM), Reinsurance (Rei), Management 7 expenditure (MGE), Interest rate (IR), Size (SIZ), Leverage (LEV), Real GDP (RGDP) 8 were taken as factors (independent variables), whereas Sales Profitability (SAP), 9 Investment Income (INP), and Underwriting profit (UWP) were taken as proxy of 10 financial performance. Data of five 5 insurance companies are chosen covering the period 11 of 2013-2017. Data was analyzed using panel regression. Findings showed that the gross 12 written premium has the significant impact on all three measure of profitability. The 13 further size of the company has a negative impact on sales and investment profit. In 14 addition, the claims, reinsurance, GDP, interest rate and management expenses have an 15 insignificant relationship with all three profitability measures. Hence, in order to improve 16 operational and financial performance of the insurance industry in Pakistan, more focus 17 should be given to factors that could increase premium. 18 19 Keywords: Assessment, Financial Performance, financial services, Financial 20 stability, Growth, Insurance, Pakistan 21 22 23 Introducion 24 25 Background of the Research 26 27 In any country financial performance of any sector serves as a backbone of 28 economic growth and industrialization of the country. Insurance sector has its own 29 importance because it is responsible to provide proficient financial aid, channel 30 funds, utilization of resources in optimal manner and investor’s treatment.
  • National Health Accounts Pakistan 2005-06

    National Health Accounts Pakistan 2005-06

    National Health Accounts Pakistan 2005-06 Government of Pakistan Statistics Division Federal Bureau of Statistics Tariq Shafiq Khan Secretary Government of Pakistan Ministry of Economic Affairs & Statistics Statistics Division SLIC Building 5, F 6/4, Blue Area, Islamabad. Tel: 051-9211406/9205287 Fax: 051-9220747 Website: www.statpak.gov.pk E-mail: [email protected] [email protected] Abdul Hakeem Makhdoom Director General Federal Bureau of Statistics SLIC Building 5, F 6/4, Blue Area, Islamabad. Tel: 051-9208489/9260033 Fax: 051-9203233/2250894 Website: www.statpak.gov.pk E-mail: [email protected] II FEDERAL BUREAU OF STATISTICS Location: STATE LIFE INSURANCE CORPORATION BUILDING BLUE AREA, F-6/4, ISLAMABAD PABX # 051-9261596 - 8 Website: www.statpak.gov.pk E-mail: [email protected] Name Position Office Residence Mr. Abdul Hakeem Makhdoom Director General 051-9208489 051-4445659 051-9260033 Fax: 051-9203233 Fax: 051-2250894 Mr. Muhammad Afzal Arain Deputy Director General (DP) 051-9261614 051-4441103 Mr. Arif Mehmood Cheema Deputy Director General (NA) 051-9203162 051-4449289 Fax: 051-9206284 Mr. Munir Ahmad Aslam Deputy Director General (LFS/SS) 051-9262447 051-4447403 Mr. Ijaz Hussain Director (DP) 051-9261703 051-2522459 Mr. Habib Ullah Khan Director (Prices/Corrd.) 051-9208247 051-9237459 Mr. Muhammad Ajmal Director (EM) 051-9261247 Mr. Khuda Bakhsh Shakir Director (DP/FS) 051-9261994 051-9266094 Mr. Muhammad Ishaque Rana Director (CMI) 051-9263293 051-5958407 Mr. Muhammad Nisar Ahmed Director (SS) 051-9260917 051-9235264 Mr. Dost Muhammad Director (DP) 051-9260936 051-4830125 Fax: 051-9263209 Mr.
  • Universal Health Coverage Assessment Pakistan Muhammad Ashar Malik Aga Khan University, Ashar.Malik@Aku.Edu

    Universal Health Coverage Assessment Pakistan Muhammad Ashar Malik Aga Khan University, [email protected]

    eCommons@AKU Community Health Sciences Department of Community Health Sciences December 2015 Universal health coverage assessment Pakistan Muhammad Ashar Malik Aga Khan University, [email protected] Follow this and additional works at: http://ecommons.aku.edu/pakistan_fhs_mc_chs_chs Part of the Health Services Administration Commons Recommended Citation Malik, M. A. (2015). Universal health coverage assessment Pakistan. Universal Health Coverage Assessment Pakistan. Available at: http://ecommons.aku.edu/pakistan_fhs_mc_chs_chs/203 Universal Health Coverage Assessment: Pakistan Universal Health Coverage Assessment Pakistan Muhammad Ashar Malik Global Network for Health Equity (GNHE) December 2015 1 Universal Health Coverage Assessment: Pakistan Universal Health Coverage Assessment: Pakistan Prepared by Muhammad Ashar Malik1 For the Global Network for Health Equity (GNHE) With the aid of a grant from the International Development Research Centre (IDRC), Ottawa, Canada December 2015 1Community Health Sciences Department, Aga Khan University, Karachi, Pakistan 2 Universal Health Coverage Assessment: Pakistan Introduction Key health care expenditure This document provides a preliminary assessment of the indicators Pakistani health system relative to the goal of universal This section examines overall levels of health expenditure in health coverage, with a particular focus on the financing Pakistan and identifies the main sources of health financing system and related aspects of provision. (Table 1).2 In 2012, total health expenditure accounted for a very low 2.7% of the country’s Gross Domestic Product (GDP). In the 2010 World Health Report, universal health coverage This was half the average of 4.5% for other lower-middle-income is defined as providing everyone in a country with financial countries and less than a third of the global average of 9.2%.
  • Chapter 7 Pakistan

    Chapter 7 Pakistan

    Chapter 7 Pakistan By Woong Lee and Chankwon Bae Introduction and objective This chapter discusses a comprehensive study on the possible strategies of membership expansion under APTA as a potent mechanism for regional cooperation and integration in Asia and the Pacific. In particular, the study analyses the benefits for Pakistan in acceding to APTA as well as the benefits for the Participating States of APTA. Finally, using the results from various empirical analyses, this chapter provides policy recommendations for formulating a strategy for the Participating States of APTA in extending membership to Pakistan. A. Overview of the economy of Pakistan 1. Macroeconomic performance According to the International Monetary Fund (IMF),1 as of 2014, the Pakistani economy was the forty-third largest in the world at approximately $220 billion in terms of nominal gross domestic product (GDP), and the twenty-sixth largest at $882 billion based on purchasing power parity (PPP) valuation. Pakistan’s population of approximately 186 million makes it the sixth largest in the world. In 2014, the GDP per capita was $1,342, ranking it at 152 in the world, while the ranking for GDP per capita in terms of PPP, at $4,736, was 134. Pakistan is a developing country, but is one of the Next Eleven,2 comprising 11 countries that have the potential to be one of the largest economies in the world, together with the BRIC country grouping (Brazil, Russian Federation, India and China), in the twenty-first century. Pakistan’s growth was relatively strong in the 1980s, with an annual GDP growth rate of 6.6%.
  • People's Attitude Towards Life Insurance in Pakistan

    People's Attitude Towards Life Insurance in Pakistan

    ISSN 2039-2117 (online) Mediterranean Journal of Social Sciences Vol 6 No 3 S2 ISSN 2039-9340 (print) MCSER Publishing, Rome-Italy May 2015 People’s Attitude Towards Life Insurance in Pakistan Muhammad Farooq Assistant Professor, Department of Sociology , Government College University Faisalabad Muhammad Roman Mphil Scholar, Department of Sociology, Government College University Faisalabad Naeem Mohsin Associate Professor, Department of Education, Government College University, Faisalabad Fara Riaz Lecturer, Institute of Rural Home Economics, University of Agriculture Faisalabad Haq Nawaz Anwar Chairperson, Department of Sociology, Government College University Faisalabad Doi:10.5901/mjss.2015.v6n3s2p305 Abstract The present study was designed to measure the people’s attitude toward life insurance. This study also explores why the people of Pakistan are reluctant to purchase the policy as a tool to accommodate their financial necessities in their rainy days, and also exposed the important factors behind the smaller ratio of life insurance policies despite of its significance and fringe benefits. The ratio of policy holders in Pakistan was found so small when researcher compared it to the other developed countries. The statistics regarding life insurance portrayed a very little ratio of policy holders even among developing countries. There are some traditional, cultural, and religious causes involved behind the low rate of policy owners in Pakistan. The present research examines the behavior of staff of the insurance company which is considered as a barrier by the community to purchase the policy. Such considerable factors encompassing the whole study analyzed through the quantitative data collected from the insurance company staff, and policy holders in Faisalabad city.
  • Options-To-Strengthen-Disaster-Risk

    Options-To-Strengthen-Disaster-Risk

    Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized in Pakistan RiskFinancing Disaster Strengthen to Options PHOTO BY: SHUTTERSTOCK.COM/IFTEKKHAR OPTIONS TO STRENGTHEN DISASTER RISK FINANCING IN PAKISTAN 2 BANK WORLD BY: PHOTO Acknowledgements The paper was prepared by the World Bank team consisting of Samantha Cook (Senior Financial Sector Specialist), Ahsan Tehsin (Disaster Risk Management Specialist), Tatiana Skalon (Disaster Risk Finance Consultant), Nasreen Rashid (Consultant), Ditte Fallesen (Senior Operations Office), and Bilal Khalid (Disaster Risk Management Analyst). The team is grateful to the Government of Pakistan especially the National Disaster Management Authority, Ministry of Finance, Securities and Exchange Commission of Pakistan, the Insurance Association, the provincial governments of Pakistan, and the National Disaster Risk Management Fund for their feedback to this paper. The paper benefitted greatly from the peer reviewers - Vica Rosario Bogaerts (Senior Disaster Risk Management Specialist) and Ilias Skamnelos (Lead Financial Sector Specialist); as well as additional comments and guidance received from Nabila Assaf (Practice Manager), Olivier Ma- hul (Practice Manager) and Priyani Malik (Senior Country Officer). This paper was developed with financial support from the Department for International Devel- opment of the United Kingdom through its Disaster Protection Program implemented by the World Bank’s Disaster Risk Financing and Insurance Program. OPTIONS
  • Agricultural Insurance in Asia and the Pacific Region

    Agricultural Insurance in Asia and the Pacific Region

    viii RAP PUBLICATION 2011/12 Agricultural insurance in Asia and the Pacific region Food and Agriculture Organization of the United Nations Regional Office for Asia and the Pacific Bangkok, 2011 i The designations employed and the presentation of material in this information product do not imply the expression of any opinion whatsoever on the part of the Food and Agriculture Organization of the United Nations (FAO) concerning the legal or development status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. The mention of specific companies or products of manufacturers, whether or not these have been patented, does not imply that these have been endorsed or recommended by FAO in preference to others of a similar nature that are not mentioned. The views expressed in this information product are those of the author(s) and do not necessarily reflect the views of FAO. All rights reserved. FAO encourages reproduction and dissemination of material in this information product. Non-commercial uses will be authorized free of charge, upon request. Reproduction for resale or other commercial purposes, including educational purposes, may incur fees. Applications for permission to reproduce or disseminate FAO copyright materials, and all other queries concerning rights and licences, should be addressed by e-mail to [email protected] or to the Chief, Publishing Policy and Support Branch, Office of Knowledge Exchange, Research and Extension, FAO, Viale delle Terme di Caracalla, 00153 Rome, Italy. © FAO 2011 ISBN 978-92-5-106929-5 For copies write to: Rosa S. Rolle FAO Regional Office for Asia and the Pacific Maliwan Mansion, 39 Phra Atit Road Bangkok 10200 THAILAND Tel: (+66) 2 697 4194 Fax: (+66) 2 697 4445 E-mail: [email protected] ii Foreword Asia and the Pacific region has one of the highest exposures of any region in the world to natural hazards including typhoons, floods, landslides, droughts, earthquakes, volcanic eruptions and tsunamis.
  • Willingness to Purchase Health Insurance in Pakistan

    Willingness to Purchase Health Insurance in Pakistan

    Population & Health Working Paper Series PIDE-CPHSP-3 Willingness to Purchase Health Insurance in Pakistan Ajmal Jahangeer Rizwan ul Haq PA K I S TA N I N S T I T U T E O F D E V E L O P M E N T E C O N O M I C S Population & Health Working Paper Series PIDE-CPHSP-3 Willingness to Purchase Health Insurance in Pakistan Ajmal Jahangeer Pakistan Institute of Development Economics, Islamabad and Rizwan ul Haq Pakistan Institute of Development Economics, Islamabad PAKISTAN INSTITUTE OF DEVELOPMENT ECONOMICS ISLAMABAD 2015 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means—electronic, mechanical, photocopying, recording or otherwise—without prior permission of the Publications Division, Pakistan Institute of Development Economics, P. O. Box 1091, Islamabad 44000. © Pakistan Institute of Development Economics, 2015. Pakistan Institute of Development Economics Islamabad, Pakistan E-mail: [email protected] Website: http://www.pide.org.pk Fax: +92-51-9248065 Designed, composed, and finished at the Publications Division, PIDE. CONTENTS Page Abstract v Background 1 Research Aims and Objective 3 Literature Review 4 Demand for Health Insurance—Theoretical Framework 5 Methods of Analysis 6 Data Source 6 Methodology 7 Results 7 Demographic Composition 9 Education and Awareness on Health Insurance 10 Illness Profile of Household 10 Household Economic Status 11 Household Health Expenditure 11 Household Size 12 Place of Residence 12 Insurance Coverage and Premium 12 Illness Profile of Households, Insurance Coverage and Premium 14 Coinsurance and Deductible 14 Type of Illness and Health Care Services and Health Care Providers 15 Financing of Insurance Premium 15 Reasons for Lack of Willingness 15 Insurance Coverage and Premium by Household Characteristics 15 Regression Results 18 Conclusions and Policy Implications 20 References 21 Page List of Tables Table 1.