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Health and Personal Accidents Insurance Industry in Pakistan: Ken Research

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It provides historical values for the Pakistani personal accident and health insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period. – PowerPoint PPT presentation

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Title: Health and Personal Accidents Insurance Industry in Pakistan: Ken Research


1
Health and Personal Accidents Insurance Industry
in Pakistan Ken Research
2
  • There has been a consistent decline in the number
    of life insurance companies mainly due to limited
    demand for life insurance on account of small
    urban market and presence of state-owned
    corporation, which enjoys almost a complete
    monopoly in the market and thus leaves very
    little share for other companies.
  • Pakistans public healthcare system faces
    challenges in the form of rural-urban disparities
    in healthcare delivery, an insufficient number of
    doctors, nurses, medical technicians, and limited
    choice in terms of physician practitioners.
  • Health insurers are also partnering with
    organizations outside the segment to offer health
    insurance plans to customers in order to increase
    their market share.

3
Ken Research announced its latest publication on,
Personal Accident and Health Insurance in
Pakistan, Key Trends and Opportunities to 2019,
which provides detailed information on the market
trends in the Insurance market. In addition,
report is a comprehensive report, providing
detailed analysis of the market trends, drivers,
challenges in the Pakistani personal accident and
health insurance segment. In addition, it
provides insight regarding major players in the
industry. The insurance industry in Pakistan is
relatively small compared to other developing
countries in the region. The insurance
penetration and density remained very modest as
compared to other jurisdictions while the
insurance sector remained underdeveloped relative
to its potential. Since, there has been a
consistent decline in the number of life
insurance companies mainly due to limited demand
for life insurance on account of small urban
market and presence of state-owned corporation,
which enjoys almost a complete monopoly in the
market and thus leaves very little share for
other companies.
4
Additionally, Pakistan has quite low GDP per
capita, low literacy rate and low women
participation and empowerment in society, which
further indicates low purchasing power and thus
indicates that total population is living below
poverty line.Hence,all these factors have
contributed towards low share of Pakistan
insurance industry in the world market.
Pakistans public healthcare system faces
challenges in the form of rural-urban disparities
in healthcare delivery, an insufficient number of
doctors, nurses, medical technicians, and limited
choice in terms of physician practitioners Almost
97 of Pakistans population is Muslim and the
reason behind the low insurance penetration rate
in this country is that insurance is regarded as
unethical from a religious point of view by a
large segment of people. Therefore, the
government of Pakistan has been actively involved
in promoting Islamic Insurance (Takaful) over the
last few years. The Insurance Department of the
Securities and Exchange Commission of Pakistan
(SECP), the regulatory body for insurance,
introduced Takaful rules in 2005 to regulate
operations of Takaful insurance companies the
act also allows conventional insurance companies
to transform into Takaful-based companies.
5
Initially, Pakistan was slow to respond to the
global Takaful trend but, within a brief period,
five Takaful companies (two general and three
families) were established, and more companies
are scheduled to enter the market in the near
future. Foreign investors, particularly from Gulf
countries, are heavily investing in Pakistans
Takaful industry. Actuaries in Pakistan are
increasingly in demand from Takaful companies to
employ their analytical skills to this new
industry. Health insurers are also partnering
with organizations outside the segment to offer
health insurance plans to customers in order to
increase their market share. In addition to
underwriting profits, Pakistani personal accident
and health insurance insurers are focusing on
generating returns on investments, aided by
improving economic conditions. Since in
developing countries (most of which have large
Muslim populations) like Pakistan, insurance is
not being made available compulsory where it is
needed the most, where human well-being is at the
lowest and vulnerability is at its highest.
6
  • Moreover, in Pakistan insurance companies act as
    financial intermediaries and it has shown strong
    resilience to a challenging macroeconomic
    environment and global development. Since the
    insurance sector plays an important role in the
    service-based economy and its services are now
    being integrated into wider financial industry.
  • The major players in the insurance industry in
    Pakistan are as follows
  • Allianz EFU Health Insurance
  • Asia Care Health Life Insurance Co. Ltd
  • Adamjee Insurance Company Ltd
  • East West Life Assurance Company Ltd
  • EFU General Insurance Company
  • IGI Insurance Ltd
  • Askari General Insurance Company Ltd
  • Jubilee General Insurance Company Ltd

7
To know more on coverage, click on the link
below https//www.kenresearch.com/banking-financi
al-services-and-insurance/insurance/personal-accid
ent-health-insurance/33370-93.html Related
Reports https//www.kenresearch.com/banking-finan
cial-services-and-insurance/insurance/personal-acc
ident-health-insurance-taiwan-key-trends-opportuni
ties-2019/2156-93.html https//www.kenresearch.co
m/banking-financial-services-and-insurance/insuran
ce/personal-accident-and-health-insurance-in-colom
bia/2119-93.html
8
Contact Ken Research Ankur Gupta, Head
Marketing Communications query_at_kenresearch.com
91-124-4230204
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