Top Insurance Companies in Pakistan – Protecting you from Losses

Life is unpredictable; we must always keep this fact in our minds.

We often experience things we did not think about, and most of the time, we struggle to cope with these experiences because we did not plan on these matters and are clueless about them.

That’s a lot of stress right there!

We advise that you obtain financial security through insurance to save yourself from mental and financial distress.

This article will focus on all the important aspects of insurance. If you need to know about insurance companies in Pakistan, this article is for you.

But Why all the Hype about Insurance Companies?

The concept of insurance is becoming more popular, especially in South Asia. In Pakistan, people are skeptical and, in most cases, unaware of insurance. Knowing the inside out of insurance is crucial, especially in today’s fast-moving and unpredictable era.

Insurance is a method by which you transfer or mitigate your risk. When you get insurance, you are shifting the responsibility of your loss to the insurance companies (under specific terms and conditions).

Companies further mitigate the risk by spreading it to several people or firms. These people pay a premium (a set amount of money) that will be used to pay for your loss caused by different circumstances, such as fire, accident, illness, or death.

Different insurance companies provide different kinds of insurance, depending on your needs and preferences. Major types of insurance include:

• Life Insurance.
• Property Insurance.
• Fire Insurance.
• Liability Insurance.
• Guarantee Insurance.
• Social Insurance.
• Medical Insurance in Pakistan

But Why should I get Insurance?

Let’s get this straight: Insurance provides security in the long run.

As I already mentioned, life is unpredictable. You never know when you will be needing financial aid. Instead of relying on relatives and loans, getting yourself insured is a good idea.

Some of the significant pros of insurance are:

• It gives you financial protection, i.e., you do not have to rely on external sources for money.
• It will give you peace of mind, and you will not have to worry about the forthcoming.
• It will allow you to mitigate risk.

In Pakistan, many insurance companies offer easy terms and conditions. This article thoroughly discusses some of the major insurance companies.

So, let’s get started!

Top Insurance Companies in Pakistan

1. Jubilee Life Insurance

Jubilee Life Insurance associates its brand with the word “happiness,” and that, too, for all the right reasons. Jubilee Life Insurance is known among the masses because of its exceptionally low premium health policies of insurance services and easy terms and conditions.

Jubilee offers the following insurance policies for its customers:

• Individual life insurance (helps you save money for your child’s needs, including his/her education, medical care, and marriage).
• Bancassurance (a one-stop shop for all your banking, insurance, and financial requirements).
• Micro-insurance (an insurance policy specially designed to cater to the needs of underprivileged people).
• Corporate insurance (an insurance policy specially designed for the corporate world)
• Online insurance
• Family Takaful (an insurance policy that is per the Sharia laws).

Contact: +92-21-35205095, +92-21-32120201

Website: Jubilee Life Insurance

2. EFU Life Insurance

EFU Life Insurance started its operations in 1992 as the first private life insurance in Pakistan. EFU is known to have the largest financial base in the private sector with the highest-paid capital of around 1Billion. It is considered one of the best insurance companies in Pakistan.

EFU offers its customers a diversified portfolio with the best value products. The company also provides a mobile application called EFU Life PlanIT. You can easily track your records and information through this app. Also, EFU Life Insurance is Pakistan’s first life insurance company to be ISO-certified.

Some of the major product offerings by EFU include:

• Unit-linked products
• Critical Illness Products
• Education Planning Product
• Inflation Protection Benefit
• Pension Plans

Contact: +92-21-111-338-111

Website:  EFU Life Insurance

Get to know about insurance companies in Pakistan.

3. Adamjee Health Insurance Company

The next insurance company on our list is Adamjee Health Insurance Company. AICL started its operations on 28th September 1960 and currently, it is considered to be the largest general insurance company in Pakistan.

AICL is an international name, having its presence in other regions such as the United Arab Emirates.

The company deals with the following classes of business:

• Engineering insurance
• Fire & property insurance
• Health insurance
• Marine insurance
• Motor insurance
• Travel Insurance
• Agriculture insurance
• Miscellaneous insurance
• Financial lines insurance
• Liability lines insurance
• Personal accident insurance

All the insurance services offered by the company are IS0 9001 certified. Apart from this certification, the company has also received national and international recognition in the form of awards and certificates.

Contact: +92-42-35772960-79

Website: Adamjee Insurance Company

4. Alfalah Insurance Company

One of the latest players in town is Alfalah Insurance Company which is a venture of Abu Dhabi Group. The company is operating in all the major cities of Pakistan including Islamabad, Karachi, and Lahore.

The company deals in many kinds of insurance policies including:

• Health Insurance
• Motor Insurance
• Property Insurance
• Marine Cargo Insurance
• Energy Insurance
• Engineering Insurance
• Miscellaneous Insurance

The Pakistan Credit Rating Agency (PACRA) recently upgraded the rating of the company, granting it the “AA” category. This category depicts a strong financial position and top-notch services. So, if you are looking for an insurance policy for yourself, Alfalah Insurance Company should be on your list.

Contact: +92-42-111-234-222

Website:  Alfalah Insurance

5. State Life Insurance Corporation of Pakistan

State Life Insurance Corporation of Pakistan is a government-owned body that provides a variety of insurance policies to its clients. It is one of the most popular insurance companies in Pakistan. Also, State Life tops the list when it comes to the life insurance companies in Pakistan.

It not only offers individual policies but also deals with group plans.

Some of the individual plans offered by the corporations are:

• Whole Life Assurance.
• Endowment Assurance.
• Shad Abad Assurance.
• Anticipated Endowment Assurance.

On the other hand, other categories of insurance include:

• Jeevan Sathi Assurance
• Child Protection Assurance
• Wealth Builder Plan
• Supplementary Covers
• Health Care Plans

Interestingly, the State Bank website also provides you with a whole variety of calculators that you can use to calculate insurance. The calculators available on the website are:

• Whole Life Assurance
• Endowment Assurance
• Jeevan Sathi Assurance

Contact: +92-21-99202800-9

Website: State Life Insurance Corporation of Pakistan

So, these are some of the best insurance companies in Pakistan. Go through their details and choose the one that suits your needs the most. Also, let us know why you think insurance is important for us. We would love to hear from you. Get to know home loans in Pakistan

Additional Top Insurance Companies in Pakistan

1. National Insurance Company Limited
2. IGI General Insurance Limited
3. Askari General Insurance Company
4. Habib Insurance
5. Dawood Family Takaful
6. Pak-Qatar General Takaful Limited
7. East West Insurance Co
8. Askari General Insurance Company Limited

A Summary

Disclaimer:

None of the information published in this article should be construed as investment advice. We strongly advise our readers to always do their due diligence before investing in any project. It is the reader’s responsibility to know the laws regarding investments in their region.

Besides these companies, Govt of Pakistan also has launched the Sehat card in the Sehat Sahulat Program in Punjab, KPK and Federal territories. It will provide about 1000000 Rs. annual health insurance to every family in Pakistan.

FAQs

How many insurance companies are in Pakistan?

The number of insurance companies in Pakistan may change over time due to various factors such as mergers, acquisitions, or new entrants. For the latest and most accurate count, referring to the latest reports from regulatory bodies like the SECP is recommended.

Who is the top 10 insurance company?

Again, insurance company rankings can change over time, so for the most accurate information, it’s essential to refer to recent industry reports or rankings by relevant authorities.

Which is the oldest insurance company in Pakistan?

Adamjee Insurance Company Limited is one of the oldest insurance companies in Pakistan. It was established in 1960 and has a long history in the insurance industry.

Which is the most popular insurance company?

The popularity of insurance agencies can be subjective and may depend on various factors, including customer preferences, services offered, and market perception. It is advisable to check recent customer reviews, industry reports, or surveys to determine the current popularity of insurance companies in Pakistan.

Also Read

Top 8 Small Investment Opportunities in Pakistan
Real Estate vs Stocks 
Business Ideas in Pakistan with Small Investment
List of Banks Providing Home Loans In Pakistan
Health Insurance in Pakistan