September 14, 2011

Insurance Companies



Insurance Business is considered as one of the best sector in world other than Pakistan,In Pakistan People have a negative impact on the people carrying out the insurance work,Insurance companies have existed since Pakistan came in to being one of the biggest insurance company was EFU Eastern federal Union,Which later on was formed in to State life currently we have are 59 Insurance companies operating in Pakistan
Car insurance is generally acceptable by majority of the people,But when it comes to life Insurance also known as life assurance many people say that it is not allowed in our religion,Although now majority of insurance companies offer Islamic Assurance which according to them is correct


Insurance Companies in Pakistan??




In Pakistan We have a total of 59 Insurance Companies currently operating here is the list of Insurance companies.

I. Public sector I. Public sector

1. National Insurance Corporation
2. Pakistan Reinsurance Company Ltd.
3. Postal Life Insurance
4. State Life Insurance Corporation Ltd.

II. Private sector

a) Incorporated in Pakistan

1. Adamjee Insurance Company Ltd.
2. Agro General Insurance Company Ltd.
3. Allianz EFU Health Insurance Company Ltd.
4. Alpha Insurance Company Ltd.
5. Amercian Life Insurance Company Ltd.
6. Asia Insurance Company Ltd.
7. Asian Mutual Insurance Company Ltd.
8. Askari General Insurance Company Ltd.
9. Beema Insurance Company Ltd.
10. Business & Industrial Insurance Company Ltd.
11. Capital Insurance Company Ltd.
12. Central Insurance Company Ltd.
13. Century Insurance Company Ltd.
14. Commercial Union Life Assurance Company
15. Co-operative Insurance Society of Pakistan Ltd.
16. Credit Insurance Company Ltd.
17. Crescent Star Insurance Company Ltd.
18. Dadabhoy Insurance Company Ltd.
19. Delta Insurance Company Ltd.
20. E.F.U.General Insurance Company Ltd.
21. E.F.U.Life Insurance Company Ltd.
22. East West Insurance Company Ltd.
23. Excel Insurance Company Ltd.
24. Gulf Insurance Company Ltd.
25. Habib Insurance Company Ltd.
26. Indus International Insurance Company Ltd.
27. International General Insurance Co. of Pak
28. Ittefaq General Insurance Company Ltd.
29. Jupiter Insurance Company Ltd.
30. Metropoliton Life Assurance Company Ltd.
31. Muslim Insurance Company Ltd.
32. National General Insurance Company Ltd.
33. New Jubilee Insurance Comapny Ltd.
34. North Star Insurance Company Ltd.
35. Orient Insurance Company Ltd.
36. Pakistan General Insurance Company Ltd.
37. Pakistan Guarantee Insurance Company Ltd.
38. Pakistan Mutual Insurance Company Ltd.
39. Platinum Insurance Company Ltd.
40. Premier Insurance Company Ltd.
41. Prime Insurance Company Ltd.
42. Raja Insurance Company Ltd.
43. Reliance Insurance Company Ltd.
44. Seafield Insurance Company Ltd.
45. Security General Insurance Company Ltd.
46. Shaheen Insurance Company Ltd.
47. Sliver Star Insurance Company Ltd.
48. Union Insurance Company of Pakistan Ltd.
49. United Insurance Company of Pakistan Ltd.
50. Universal Insurance Company Ltd.

b) Incorporated abroad

1. ACE Insurance Aid Pacific Ltd.
2. CGU Assurance Company Ltd.
3. New Hampshire Insurance Company Ltd.
4. New Zealand Insurance Company Ltd.
5. Royal & Sun Alliance Assurance plc.


Types of Insurance??

Health insurance
Life insurance

Vehicle insurance

Alien abduction insurance
Assumption reinsurance
Aviation insurance
Bancassurance
Bond insurance
Builder's risk insurance
Business interruption insurance
Business overhead expense disability insurance
Casualty insurance
Catastrophe bond
Chargeback insurance
Computer insurance
Contents insurance
Credit insurance
Crime insurance
Crop insurance
Death bond
Deposit insurance
Directors and officers liability insurance
Dual trigger insurance
Earthquake insurance
Expatriate insurance
Fidelity bond
Financial reinsurance
FLEXA
Flood insurance
General insurance
German Statutory Accident Insurance
Group insurance
Guaranteed asset protection insurance
Home insurance
Income protection insurance
Inland marine insurance
User:Jordan nls
Key person insurance
Kidnap and ransom insurance
Landlords insurance
Legal expenses insurance
Lenders mortgage insurance
Liability insurance
Lincoln Income Life Insurance Company
Locked Funds Insurance
Longevity bond
Longevity insurance
Marine insurance
Mortgage insurance
Mutual insurance
No-fault insurance
Parametric insurance
Payment protection insurance
Pension term assurance
Perpetual insurance
Pet insurance
Political risk insurance
Pollution insurance
Pre-paid legal service
Prize indemnity insurance
Professional liability insurance
Property insurance
Protection and indemnity insurance
Reinsurance
Rent guarantee insurance
Risk purchasing group
Satellite insurance
Terminal illness insurance
Terrorism insurance
TMSF
Trade credit insurance
Travel insurance
UCC Insurance
Uninsured Employer
Workers' Compensation Employer Defense
Unit-linked insurance plan
Vehicle insurance
Wage insurance
War risk insurance
Weather insurance
Worker's compensation (Germany)
Workers' compensation
Zombie fund


How does Insurance Companies Make Profit?

This is one of the key question which general public fail to understand,Profit is the sole reason why Insurance Companies operate,What the do is when someone purchases an insurance policy,the first year premium is distributed in form of salary,overhead cost,hiring and training of new sales consultants,
       With the next year premium Insurance company buys,Shares of other companies,Invest in Gold,Silver or get itself insured from other companies,They operate in a way that the premium they get is more then what they have to pay people.

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