Insurance in Pakistan

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Insurance in Pakistan is regulated under the Insurance Ordinance, 2000.[1] In the past few years, it has transformed into a developing and fast growing market that is generally divided into three components: life insurance,[2] general insurance and health insurance. The Government of Pakistan established the Department of Insurance in April 1948 as a department of the Ministry of Commerce; the aim of this department is to take care of affairs related to the insurance industry. Out of the 54% that Pakistan's service sector contributes to the national GDP, insurance, along with transport, storage, communications and finance occupy 24% of the sector.

The insurance industry in Pakistan is relatively small compared to its peers 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. The Pakistani insurance market has undergone major structural changes in last few years through mergers of companies to meet the increased statutory requirement of minimum paid up capital as per Insurance Ordinance 2000. Some companies who were unable to raise this capital have been asked to close down their operations. The Security and Exchange Commission of Pakistan (SECP), Insurance Division, is trying to improve the image of Pakistan Insurance Industry by issuing directives on financial security and transparency, code of good governance and sound market practice.

The year 2015 showed improvement in Pakistan’s overall economic indicators including containment of current account deficit, owing to continuing decline in international oil prices along with an uplift in remittances from abroad. The successful issue of Sukuk Bond in the international market also helped the foreign exchange reserves to swell to unprecedented levels.

China and Pakistan have made agreements to establish China Pakistan Economic Corridor (CPEC) between the two countries. The corridor is expected to boost economy, trade and connectivity of Pakistan with the regional countries. As part of CPEC, Pakistan has also signed a series of energy projects with China, which will enable to overcome the energy crisis in foreseeable future.

The economy grew by 4.24% in fiscal year 2015 which is highest achievement since 2008-2009. Inflation during the year has remained significantly low, achieving the lowest levels since 2003. The services sector registered a growth of 5 percent against the target of 5.2% but remained higher compared to the last year growth of 4.4%.


Insurance can be divided into four categories:

  • Non Life
  • Life
  • Reinsurer
  • Takaful


List of notable insurance companies in Pakistan:[3]

  • State Life Insurance Corporation of Pakistan
  • Salaam Takaful Limited
  • Jubilee Life
  • EFU Life
  • UBL Insurers Limited
  • IGI Insurance
  • Adamjee Insurance
  • Adamjee Insurance Co. Ltd.
  • Alfalah Insurance Company Ltd.
  • Allianz EFU Health Insurance Limited
  • Alpha Insurance Co. Ltd.
  • Asia Insurance Company Limited
  • Pak Qatar Takaful Ltd.
  • Askari Gen. Ins. Co. Ltd.
  • Atlas Insurance Limited,
  • Century Insurance Co.Ltd.
  • Chubb Insurance Pakistan Ltd.
  • Cooperative Ins. Society of Pak. Ltd.
  • Crescent Star Insurance Ltd.
  • East West Insurance Co. Ltd.
  • EFU General Ins. Ltd.
  • Excel Insurance Co. Ltd.
  • Habib Insurance. Co. Ltd.
  • IGI General Insurance Limited
  • Jubilee General Insurance Company Limited
  • New Hampshire Insurance Company.
  • Premier Insurance Limited
  • Reliance Insurance Co. Ltd.
  • Security Gen. Ins. Co. Ltd.
  • Shaheen Ins. Co. Ltd.
  • Sindh Insurance Limited
  • SPI Insurance Company Ltd
  • The Pakistan Gen. Ins. Co. Ltd.
  • TPL Insurance Limited
  • UBL Insurers Limited
  • United Ins. Co. of Pak. Ltd.


  2. ^ "Life Insurance Sector in Pakistan". Archived from the original on 2011-07-14. Retrieved 2011-07-17.
  3. ^ "Welcome to Insurance Association of Pakistan". Retrieved 2020-05-28.