Non-Life Insurance in Pakistan, Key Trends and Opportunities to 2016

2012-08-31
Published : Aug-2012

The Pakistani non-life insurance segment recorded robust growth during the review period, growth that was primarily driven by an increase in average disposable income, the country’s positive economic outlook, and favorable government regulations. In addition, growth of the overall Pakistani insurance industry is being supported by the increasing levels of risk awareness and risk avoidance knowledge among Pakistani consumers. During the review period, Pakistan was severely impacted by a significant number of terrorist attacks, attacks that caused substantial financial losses both for the country and for individual investors. Moreover, the high frequency of terrorist attacks in Pakistan has resulted in the country being labeled one of the world’s most dangerous countries.
http://www.reportsnreports.com/reports/189847-non-life-insurance-in-pakistan-key-trends-and-opportunities-to-2016.html
Scope

  • This report provides a comprehensive analysis of the non-life insurance market in Pakistan:
  • It provides historical values for the Pakistan non-life insurance market for the report’s 2007–2011 review period and forecast figures for the 2012–2016 forecast period
  • It offers a detailed analysis of the key sub-segments in the Pakistan non-life insurance market, along with market forecasts until 2016
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
  • It analyses the various distribution channels for insurance products in Pakistan
  • Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Pakistan for non-life insurance business
  • It provides a detailed analysis of the reinsurance market in Pakistan and its growth prospects
  • It profiles the top non-life insurance companies in Pakistan and outlines the key regulations affecting them

Key highlights

  • Pakistan experienced several natural disasters during the review period, including severe flooding in 2010 that affected approximately 20 million people. In addition, around 1.6 million homes were destroyed, and thousands of acres of crops and agricultural land were damaged across the country.
  • Property insurance was the largest category within the Pakistani non-life insurance segment during the review period. The premium value of the segment increased significantly during the review period, growth that was driven by the large number of natural disasters Pakistan experienced over this timeframe. Most notably, the country suffered severe flooding in 2010, an event that affected approximately 20 million people, destroyed 1.6 million homes, and damaged thousands of acres of crops and agricultural land.
  • With the support of all insurance companies operating in the Pakistani insurance industry, the SECP is in the process of establishing the ‘Terrorism Insurance Pool’, an initiative designed to provide protection to investors against financial losses due to terrorist attacks.
  • Finally, the regulatory environment of the Pakistani insurance industry is also expected to support the growth of the country’s non-life insurance segment over the forecast period. Notably, Pakistan has liberalized FDI policies that allow foreign non-life insurance companies to operate in the country with few restrictions, a policy which is expected to encourage foreign companies to enter the segment over the forecast period.
  • Pakistani non-life insurance companies use a variety of distribution channels in order to reach their target markets, with some of the most common being agencies, direct marketing, bancassurance, insurance brokers and e-commerce. This wide-ranging distribution network supported the growth of the Pakistani non-life insurance segment during the review period, with strong and efficient distribution networks being vital for insurance companies to maintain their cost competiveness.
  • As of 2011, there were a total of 36 companies operating in the Pakistani non-life insurance segment. The National Insurance Company Limited (NICL), an insurance company wholly owned by the Pakistani government, also operates in the segment. The Pakistani non-life insurance segment continued to steadily grow and consolidate in 2011, and remains highly competitive due to the presence of both domestic and foreign insurers.

Reasons to buy

  • Make strategic business decisions using in depth historic and forecast market data related to the Pakistan non-life insurance market and each sector within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Pakistan non-life insurance market
  • Assess the competitive dynamics in the non-life insurance market
  • Identify the growth opportunities and market dynamics within key product categories
  • Gain insights into key regulations governing the Pakistan insurance market and its impact on companies and the market’s future
Filed in: Medical Device
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