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Assignment Of Principles of Insurance

Topic:
Insurance Companies in Pakistan

Submitted to:
Sir Umar Draz

Prepared by:
Name Roll No Course Abdul Mannan Gill 16 BS Acc. & Finance 6th

Department of Commerce

BAHAUDDIN ZAKAZIYA UNIVERSITY

MULTAN

Insurance companies working in Pakistan1

1 2 3 4 5 6 7 8 9

ACE Insurance Ltd. Adamjee Insurance Co. Ltd. Agro Gen. Ins. Co. Ltd. Alfalah Insurance Company Ltd. Alpha Insurance Co. Ltd. American Life Insurance Co.(Pak.) Ltd. Asia Insurance Co. Ltd. Askari Gen. Ins. Co. Ltd. Atlas Insurance Limited,

10 Capital Insurance Co. Ltd. 11 Central Insurance Co. Ltd. 12 Century Insurance Co. Ltd. 13 Cooperative Ins. Society of Pak. Ltd. 14 Crescent Star Ins. Co. Ltd. 15 East West Insurance Co. Ltd. 16 East West Life Assurance Company Ltd. 17 EFU General Ins. Ltd. 18 EFU Life Assurance Limited 19 Excel Insurance Co. Ltd. 20 Habib Insurance. Co. Ltd.
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www.iap.com.pk

21 IGI Insurance Limited 22 New Hampshire Ins. Co. 23 New Jubilee Ins. Co. Ltd. 24 New Jubilee Life Insurance Company Ltd. 25 Pakistan Gen. Ins. Co. Ltd. 26 PICIC Insurance Limited 27 Premier Insurance Limited 28 Reliance Insurance Co. Ltd. 29 Saudi Pak Insurance Company Ltd 30 Security Gen. Insc. Co. Ltd. 31 Shaheen Ins. Co. Ltd. 32 Silver Star Ins. Co. Ltd. 33 Trakker Direct Insurance Limited 34 UBL Insurers Limited 35 United Ins. Co. of Pak. Ltd. 36 Universal Ins. Co. Ltd.

The State Life Insurance2


The Life Insurance Business in Pakistan was nationalized during March 1972. Initially Life Insurance business of 32 Insurance Companies was merged and placed under three Beema Units named A, B and C Beema Units. However, later these Beema Units were merged and effective November 1, 1972 the Management of the Life Insurance Business was consolidated and entrusted to the State Life Insurance Corporation of Pakistan.
2

www.statelife.com.pk

State Life Insurance Corporation of Pakistan is headed by a Chairman and assisted by the Executive Directors appointed by Federal Government. Up to July 2000 the Corporation was run by Board of Directors constituted under Life Insurance (Nationalization) Order 1972. In July 2000, under Insurance Ordinance 2000, the Federal Government reconstituted the Board of Directors of State Life which runs the affair of this Corporation. The basic structure of the Corporation consists of Four Regional Offices, Twenty-Six Zonal Offices, a few Sub-Zonal Offices, 111 Sector Offices, and a network of 461 Area Offices across the country for Individual Life Insurance; Four Zonal Offices and 6 Sector Offices with 20 Sector Heads for Group & Pension are involved in the Marketing of Life Insurance Plans policies and products offered by State Life and a Principal Office. The Zonal Offices deal exclusively with Sales and Marketing. Underwriting of Life Insurance Policies and the Policyholders Services. Regional Offices, each headed by a Regional Chief, supervise business activities of the Zones functioning under them. The Principal Office, based at Karachi, is responsible for corporate activities such as investment, real estate, actuarial, overseas operations, etc. Major Achievements The major function of the State Life Insurance Corporation of Pakistan is to carry out Life Insurance Business; however, it is also involved in the other related business activities such as investment of policyholders fund in Government securities, Stock market, Real Estate etc. The major achievements of State Life are as under: i. ii. iii. On the commencement of the operations, the Corporation took a very important step by effecting reduction up to 33% in the premiums on the past and potential Life Policies for the benefit of the Policyholders. State Life is profitable organization and it paid Rs.1.729 billion as dividend to the Government of Pakistan since its inception in 1972. State Life has played very vital role in the economy by providing employment to the people of the country as permanent employees and as part of its marketing force and by investing the huge funds in different sectors of the economy. The Investment Portfolio of State Life as at 31.12.2005 stands at Rs.124.983 billions. Investment portfolio also includes investment in Real Estate which stands at a book value of Rs.2.309 billion as at 31.12.2005 whereas it fair value is around Rs.17.625 billion in the same period. The Paid up Capital increased from Rs.10 million in 1972 to Rs.900 million. The Premium income increased from Rs.0.317 billion in 1972 to 13.820 billion in 2005. Similarly Investment income including rental income increased from Rs.0.81 billion in 1972 to 13.106 billion in 2005. vii. Total statutory fund of State Life stands at Rs.122.775 billion in 2005 as against Rs.1.494 billion in 1972. State Life is smoothly striving towards its objective of making life insurance available to large section of the society by extending it to common man. As at

iv. v. vi. vii. viii.

December, 2005 the total number of policies inforce under individual life were 2.044 million and number of lives covered under group life insurance were 3.731 million.

The ACE Group of Companies3


is one of the world's leading global commercial property and casualty insurance and reinsurance organizations. ACE has operations in more than 50 countries and conducts business with clients from over 140 countries. ACE serves the property and casualty insurance needs of businesses of all sizes in a broad range of industries. We also provide specialized insurance productssuch as personal accident, supplemental health and life insuranceto individuals in select countries. Our reinsurance operations include both property and casualty and life companies. We take on the responsibility of risk so that our clients can take on the responsibility of making things happen. We call this insuring progress. With a product offering as diverse as our customer base, we pride ourselves on our ability to meet our clients needs. We create and stand by our insurance, reinsurance and financial solutions for businesses and consumers around the world. Products and Services Property & Casualty One of the worlds truly global providers of commercial property and casualty insurance and reinsurance, ACE puts an international network of underwriting, claims and risk control professionals to work to help businesses of all kinds reduce risk and mitigate loss. Whether your business involves pipelines in Alaska, marine cargo in Hong Kong or wineries in France, ACE can tailor insurance coverage to meet your needs. In addition, ACE offers reliable advice on a variety of protection and hazard topics, including process management, unusual hazards identification and expected loss calculations, and tailored engineering services, all backed by a strong capital base that allows us to cover major exposures. Accident & Health

www.acelimited.com

ACE works closely with organizations in more than 40 countriesincluding employers, affinity groups, financial institutions, utilities and vacation travel providersto deliver innovative insurance products to their employees, members and customers. Through core products such as personal accident insurance, supplemental health insurance, travel insurance, and creditor insurance, our accident and health team provides added peace of mind to policyholders and helps strengthen the relationship between client organizations and their constituents. Our A&H products are offered by a network of local nationals who specialize in A&H marketing and underwriting, and who are thoroughly familiar with insurance requirements and customs in their respective markets. Life ACE sells its life products through a variety of distribution channels including agents, independent brokers, banks and telemarketing centers. A team of dedicated professionals underwrites risks, provides high-quality customer service and develops new products to meet the changing needs of customers in these dynamic markets. In Asia, Latin America, Europe and the Middle East, ACE helps individuals and families plan for the unexpected through a range of personal life insurance products, including whole and term life. Other products such as endowment and unit-linked policies are used to provide funds for retirement or help pay for childrens education. Reinsurance A leader in the reinsurance industry, ACE offers coverage for an impressive array of business lines, including accident and health, casualty and liability, marine, surety, property and more.

Adamjee Insurance Company Limited4


Adamjee Insurance Company Limited (AICL) was incorporated as a public limited company on September 28, 1960 and is listed on Karachi and Lahore stock exchanges of the country. The company is also registered with the Central Depository Company of Pakistan Limited (CDC). AICL is involved in General Insurance business. The company started with a paid up capital of Rs. 2.5 million which has grown phenomenally to the current paid up capital of Rs. 1.022 billion which is the highest amongst all the general insurance companies. AICL enjoys a competitive edge in the insurance industry due its strong asset base, paid up capital, huge reserves, balanced portfolio mix, steady growth in gross premium and continuous increase in share price at the stock market.
4

www.adamjeeinsurance.com

Diversified portfolio of business AICL broadly is involved in underwriting the following classes of businesses:

Fire and Property Marine, Aviation and Hull Motor Miscellaneous business

Underlying these businesses a large variety of coverage is offered to the clients to fulfill their needs. AICL believes in customer satisfaction by providing quality in service and products and maximum benefits to its client. This is the reason why the company has a diversified portfolio of clients belonging to all categories. Most of the banks are insured by the company. AICL insures petrochemical and complex industrial risks of very high value. The company has a major market share of engineering business in Pakistan. It provides Insurance protection to most of the private sector telecommunication industries. The company insures most of the textile mills, sugar mills and cement factories of the country. AICL pioneered the coverage of energy risks in Pakistan. Foreign concerns entering Pakistan to execute construction, erection or infrastructure development projects are insured by AICL. The company is the principal insurer in Pakistan for Kidnap & Ransom, Professional Indemnity, Product Liability and other specialized lines.

IGI Insurance Limited5


IGI Insurance Limited (formerly known as International General Insurance Company of Pakistan Limited) was incorporated in 1953, with Syed Maratib Ali as the first Chairman. IGI, a part of the Packages Group, was listed on the Karachi and Lahore Stock Exchanges in December 1987. IGI underwrites all types of property and casualty insurance: fire, marine, motor, travel, health, home and miscellaneous. Since 1953, IGI is providing comprehensive risk management facilities to a number of distinguished local and multinational business concerns through a network of branches in Pakistan. Our covenant with the customers has always been to provide the best risk management services in Pakistan. Thus we have achieved through a total commitment to customer satisfaction, a highly professional attitude towards underwriting risk and prudent management practices. By developing a long-term relationship with our clients, in the last four decades, we have strived to create value for our customers and shareholders alike Over the last 50-years IGI has established a sound business footing in the non-life insurance sector in Pakistan on the bases of well-governed operations founded on the
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http://www.igiinsurance.com.pk

highest ethical and moral practices. Today IGI is one of the leading quoted insurance companies of Pakistan with an asset base of over 4 billion rupees and offices in Karachi, Lahore, Islamabad, Sialkot, Multan, Gujranwala and Faisalabad, serving a large number of prestigious local and multinational clients throughout Pakistan. The Company has been awarded AA (Double A) Insurer Financial Strength (IFS) Rating with a Positive Outlook by Pakistan Credit Rating Agency (Private) Limited (PACRA), which denotes a very strong capacity to meet policyholders' and contract obligations. Amongst Pakistan's insurance companies, IGI has one of the HIGHEST Solvency Margins. IGI Insurance Limited has re-insurance agreements with the most prestigious and worldrenowned re-insurers such as Swiss Re and Sumitomo Re. The Company is referenced for its good standing and reputation by domestic as well as international reinsurers. During the year 2001 (in July 2001) the Company achieved another milestone by obtaining ISO 9002 certification from SGS Malaysia Sdn. Bhd. IGI Insurance was the FIRST general insurance Company in Pakistan, which had achieved this certification for its entire operations. In 2003, the Company reaffirmed its commitment to quality by successfully shifting to the new ISO 9001:2000 standard and certified by the certification body SGS Malaysia. In line with the Companys growth strategy, it has acquired the Pakistan operations of Royal and Sun Alliance Plc. U.K. As a result of this transfer, IGI has positioned itself amongst the top five insurance companies operating in Pakistan. IGI Insurance Limited is now a global network partner of Royal and Sun Alliance Plc U.K

EFU general insurance ltd6

The Company was incorporated as a Public Limited Company on September 2, 1932 and is engaged in general insurance business comprising of fire, marine, motor and engineering etc. The shares of the company are quoted on Karachi and Lahore Stock Exchanges of Pakistan. The Principal place of business is located at EFU House, M.A. Jinnah Road, Karachi, Pakistan with over 60 branches throughout the country. EFU is one of the few Pakistani organizations run totally by professional management and highly motivated field force. Policies accepted by all financial institutions in the country. Insurer Financial Strength Rating: AA Stable Outlook (Rating Agency: JCR-VIS).

http://www.efuinsurance.com

Client-base comprises of many leading business houses and multinational companies. Another unique feature of EFU is a voluntary review mechanism by professionals of international repute. The independent reviews by these professionals enable the company to keep abreast of international changes in the industry as well as ensure that management adopts the best international practices. Another pillar of EFU's strength is its very close and long-term (over 50 years) relationship with its main reinsurer, Munich Re, one of the largest reinsurance companies in the world. EFU gave the emerging insurance industry the leadership, the manpower and the drive needed to grow in a situation where at one time, three-fourths of insurance was held by foreign companies.

The Pakistan Life and General Insurance Company.


7

Two months after the Independence of Pakistan, in October 1947 a group of well renowned and highly motivated Muslim League party members established The Pakistan Life and General Insurance Company. The organization was the first insurance com pany to
be incorporated in Pakistan.

In 1972, the Government of Pakistan nationalized various financial sectors including Life Insurance; thus the life sector was separated from The Pakistan Life and General Insurance Company. The conglomerates name was thus changed to The Pakistan General Insurance Company Ltd In 1988, the majority shares of The Pakistan General Insurance Co. Ltd were bought by Mr. Ch. Zahoor Ahmad. Mr. Ahmad, with an experience of over 39 years in the sector, has been a pioneer in the development of the Pakistani insurance industry. He currently holds the designation of the chief executive officer. The Insurance Guru has also worked in the senior management of various insurance companies and the insurance association of Pakistan In 1992, the Government of Pakistan reopened the life insurance business to the private sector organizations and EFU Life Assurance Ltd was incorporated in November 1992 as the first private sector life insurance company. In early 1993, EFU Life commenced writing group life insurance business and by March 1994, the company began writing its individual life business. EFU Life is managed by a team of professionals with extensive life insurance experience in the United Kingdom. This has helped the Company establish a professional culture unique amongst life insurance business in Pakistan. The Company has a growing branch network of over 100 branches through out the country with employee strength of over 2,200 personnel in its sales force and around 150
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http://www.pgi.com.pk/

personnel at its main offices in Karachi and Lahore. The company employs 4 full time actuaries and also has an active involvement of one of the leading actuarial firms in the country. EFU Life is the first life insurance company in Pakistan to be awarded the ISO 9001:2000 certification, and also the only life insurance company to have an "Insurer Financial Strength" rating which is currently AA-, Outlook:Stable, by JCR-VIS, an affiliate of Japan Credit Rating agency. Today, EFU Life continues to be the largest private sector life insurance company in Pakistan. In 2007, EFU Lifes premium income was Rs. 4.8 billion. The Company enjoys a market share of over 64% of the private sector life premium income (excluding single premium). EFU Life has a comprehensive range of products which has been developed after extensive research of financial services in western countries such as the United Kingdom. These products are designed to meet the varying needs of EFU Lifes clients and offer the best in financial services. EFU Life is the pioneer in introducing the following products and features in Pakistan Unit-linked products Critical illness products Education planning product Inflation protection benefit Pension Plans Islamic Fund Products EFU Lifes product range is the most competitive in the market in terms of value for money. The Company continuously reviews its product range to ensure that it remains at the leading edge.

Habib Insurance8
Habib Insurance was established in 1942 in Bombay, India with a paid-up share capital of Rs.2.5 million. After independence, Habib Insurance Company moved to Pakistan and then become a more prominent name in the insurance industry. In 1972, the group had to face a major debacle; the Government of Pakistan nationalized the life insurance business of Habib Insurance. Later in 1974, the renowned Habib Bank was also nationalized.

http://www.habibinsurance.net/

Even with this major setback, the group had stayed focused in general insurance business. Today by the Grace of Almighty Allah, Habib Insurance is among the top 10 general insurance companies in Pakistan. Habib Insurance is known as one of the best-managed companies in Pakistan. Due to its prudent underwriting policy, Habib Insurance has always ostensibly rendered profile with a consistent increase in bottom-line. A measure of the companys performance can be gauged from the fact that it has paid back to its shareholders cash dividends and bonus shares in excess of two hundred times their original investment. Habib Insurance also has reinsurance arrangements with leading reinsurance companies of the world including Hanover Re - Germany, Mitsui Sumitomo - Ireland, Toa Re Japan, Korean Re - South Korea, Labuan Re - Malaysia etc. The Karachi Stock Exchange in 1981 instituted an award for the top 25 companies listed. Habib Insurance has been eulogized for its outstanding performance and has won this award eleven times, for nine consecutive years from 1981-1989, then in 1993 and in 1997. Products As always, The Company is geared to play a dynamic role in the rapidly changing industrial and financial environment in Pakistan. In addition to the Fire, Marine, Motor, Engineering, Medical and Miscellaneous Insurance Products, The Company Is Actively Exploring Possibilities of new products and markets. Fire Insurance Fire Insurance covers the risk of insurance interest against the perils of fire damage and additional perils such as: Riot & Strike Malicious Damage Atmospheric Disturbance: Loss or Damage by Natural Cause such as Hail, Snow, Rain, Flood Explosion: Loss or Damage Impact Damage Aircraft Damage: Loss or Damage caused by Aircraft and other Ariel devices. Earthquake Fire and Shock Burglary Marine Insurances Marine Insurance covers the risk of the insured, against the peril of loss during the transit of goods by: Sea / Air Truck / Trailer / Rail

Motor & Misc. Insurance Risks covered under this head are as follows: Comprehensive Motor Insurance Machinery Breakdown Insurance Personal Accident Public Liability Bankers Blanket Medical Insurance

New Jubilee Insurance Co. Ltd. 9


Established in 1953, NJI is one of the brightest and most reputable names in the insurance sector. Sustained growth over half a century has secured NJI a place among the Big Three Pakistani insurance in terms of gross direct premium and financial base. NJI is listed on the Karachi & Lahore Stock Exchanges. Major shareholders include Aga Khan Fund for Economics Development and Hashoo Group. NJI, with its Head Office in Karachi, has an extensive and dynamic branch network in all major cities and towns of Pakistan that guarantees prompt service at the customers doorstep. The company prides itself in its long-standing reinsurance arrangements and relationship with international renowned reinsurers such as Swiss Re, Munich Re, Lloyds, Hannover Re and Mitsui Smitomo Re. The company is also supported by internationally acclaimed reinsurance brokers including AON Group, Willis, Marsh and UIB. In 2003, NJI became the first Pakistani insurance company to acquire a foreign company when it took over the Pakistan operations of Commercial General Union. Together with AKFED, NJI also acquired majority control of CU Life Assurance Company of Pakistan Ltd. At NJI, diversity is maintained through underwriting all classes of general insurance including fire, marine, motor, engineering, health and general accidents. NJI not only offers wide risk coverage, but also provides related risk management services delivered by highly qualified and experienced risk managers. NJI has developed unique and innovative insurance solutions to meet the growing consumer financing trends of economy. From auto financing to personal loans, mortgages to plastic cards, and trade finance to capital investment finance, NJI has the customized solutions to secure entire operations. Product range and transactions of all financial institutions. As pioneers in Group Health Insurance, NJI continues to develop new, flexible and customized plans to suit the diverse need of our many blue chip Pakistani companies and multinational clients.
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http://www.nji.com.pk/

With a broad spectrum of services available, NJIs client-base comprises prominent national and multinational corporations operating in Pharmaceutical, Chemical, Textile, Cement, Services (Hospital & Hotels), Oil & Energy, Manufacturing, FMCG, Engineering, Banking and Financial sectors. NJIs business philosophy can be summed up as Customer Protection, Customer Satisfaction and Customer Trust. This is acquired largely by ability to handle claims effectively. The customer focus and pro-active management approach in all areas of business, allow NJI to underwrite and handle claims in an expeditious and efficient manner. The true test of soundness of insurance converge is the duration of client relationships. This is proven by the fact that many clients have been with us for over 40 years. Clients are satisfied knowing that NJI is their best security

The Pakistan Life and General Insurance Company


10

Two months after the Independence of Pakistan, in October 1947 a group of well renowned and highly motivated Muslim League party members established The Pakistan Life and General Insurance Company. The organization was the first insurance company to be incorporated in Pakistan. In 1972, the Government of Pakistan nationalized various financial sectors including Life Insurance; thus the life sector was separated from The Pakistan Life and General Insurance Company. The conglomerates name was thus changed to The Pakistan General Insurance Company Ltd. In 1988, the majority shares of The Pakistan General Insurance Co. Ltd were bought by Mr. Ch. Zahoor Ahmad. Mr. Ahmad, with an experience of over 39 years in the sector, has been a pioneer in the development of the Pakistani insurance industry. He currently holds the designation of the chief executive officer. The Insurance Guru has also worked in the senior management of various insurance companies and the insurance association of Pakistan The organization, under the leadership of Mr. Ahmad, has gone through various phases of development which includes setting up of a nation wide branch network, business development with world class reinsurers, electronic branch linkage, and introduction of sophisticated IT insurance software and so on.

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http://www.pgi.com.pk/

In 1995 the shares of The Pakistan General Insurance Co. Ltd were formally floated on stock exchange. Currently the organization is enlisted on all the Stock Exchanges of Pakistan and providing cover to the great nation of Pakistan in all general classes of insurance.

SILVER STAR INSURANCE COMPANY LIMITED

11

A public limited Company, listed in Karachi, Lahore and Islamabad Stock Exchanges, was incorporated on May 3rd, 1984 under the repealed Companies Act, 1913 and the business commencement certificate was issued on September 2, 1984. It is classified as a domestic general insurance company under Insurance Ordinance 2000.Silver Star Insurance Company Limited (SSICL) has based on countrywide branch network containing twenty-five branches in the major cities of Pakistan up till 30th June 2005. The Company is engaged in providing General Insurance Services, the major lines of business are: 1. 2. 3. 4. 5. 6. Fire Marine Motor Miscellaneous crop live stock insurance

The present Chairman Chaudhry Muhammad Sadiq is the pioneer of the Company. He made the fortification of the Company deep along with the tremendous team efforts of the directors and employees of the Company. Chaudhry Muhammad Sadiq is the beacon in the field of general insurance. He is ex-reinsurance advisor to United Nations, former Deputy Managing Director to Pakistan Insurance Corporation and National Co-insurance Scheme, former General Manager to National Reinsurance Company, Sudan, Islamic Insurance Company, Sudan and Islamic Insurance and Reinsurance Company, Saudi Arabia; and former Consultant to Islamic Development Bank, Saudi Arabia and the insurance sector of Dallah Al-Barka Group, Saudi Arabia. He is still making his valuable contributions along with the Chief Executive & Managing Director Mr. Zahir Muhammad Sadiq and other Directors and employees for the prosperity of the Organization. Inshallah we will be the benchmark in the general insurance sector in near future.

SAUDI PAK INSURANCE Co. Ltd.12


Duly authorized by SECP the Company has started its operations from 14th April, 2005 and since then it has managed to emerge as one of the successful companies of the insurance industry. Fortunately to its credit, it has a strong financial backing of the well
11 12

http://www.silverstarinsurance.com/ http://www.saudipakinsurance.com.pk/

known and highly reputed Saudi Pak Group which is based in Islamabad and is a joint venture of 50%-50% partnership between Saudi Arabia and Pakistan.

Capital Insurance Company Limited 13


is a Public Limited Company registered with the Insurance Division of Securities and Exchange Commission of Pakistan to carry business of Non-life insurance. Incorporation of Company was with an intention to provide adequate and first class insurance coverage to all associated risks of the sponsoring business community. Company is owned by the leading Manufacturers, Exporters and Businessmen of Sialkot City, which is known for the export of billions of rupees. There is hardly any reasonable name of the business community, who is not a Director or shareholder of this company. And Shareholders of our Company are also trustees of Sialkot Dry Port Trust.They have recently undertaken huge project of Sialkot Airport sanctioned by the Government of Pakistan and which will be completed with their own sources. Capital Insurance Company Limited started its operations in July 1998.The present paid up Capital of the company is Rs. 92.44 million which is going to be enhanced to Rs.120 million shortly. The management of the company is in the hands of qualified, competent, dedicated and experienced professionals well known in the insurance and business circles of Pakistan. Presently the company is transacting in all segments of insurance like Fire and Allied Perils, Motors, Import Export, Home Insurance, Engineering and Machinery Breakdown etc. we have plans to launch our new products covering health and travel soon. On top of it all Capital Insurance Company Limited is the only organization registered from Sialkot sponsored by the Business Community and the Trustees of Sialkot Dry Port Trust. It may be noted that the Sponsors of Capital Insurance Company Limited contribute around 60% Export of Sialkot Region. To secure its assets and risk, the Reinsurance coverage has been arranged by the First Class Reinsurance Brokers of the world

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http://www.capital-insurance.net/

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