Iqra Sohail

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Alfalah Insurance
Company
An ABU DHABI GROUP COMPANY

The Company

One of the latest ventures of Abu Dhabi Group in Pakistan.

It is a private limited company

Started operations towards the end of 2006

Large paid up capital

Profitable results

Cont

Backed with the state of the art IT Platform

Offer tailor made insurance coverage

Offices in major cities of Pakistan

Lahore

Multan

Faisalabad

Islamabad

Gujranwala

Peshawar

etc.

Abu Dhabi Group

One of the largest foreign investor in Pakistan.

Group's other ventures presently operating successfully in the country:

I.

Bank Alfalah Limited

II.

Warid Telecom

III.

Wateen Telecom

IV.

Taavun Limited

V.

Alfalah GHP Investment Management Limited

VI.

Various other social and welfare projects.

Member of

Insurance Association of Pakistan (IAP) &

Lahore Chamber of Commerce and Industry (LCCI).

VISION

To be a leading insurer by providing most comprehensive yet flexible cost

effective risk management solutions to our clients backed with friendly and
efficient claims service and enhance the Alfalah brand value for the benefit of all
stakeholders.

MISSION STATEMENT
We undertake to provide world class service with unmatched security to our
clients and help in increasing awareness about insurance in the country as well as
enhancing public confidence in the insurance industry in Pakistan. We will
introduce new modern insurance products comparable with international
standards and will emerge as an innovative insurer providing complete risk
management solutions to the insuring public in Pakistan

Award for 2012

The Federation of Pakistan Chamber of Commerce & Industry (FPCCI)

provisionally selected Alfalah Insurance Company Limited for the First FPPCI
achievement award for 2012

Market Share

The Market Share of top four companies (including NICL) is 74%, while
remaining companies share the balance of 26%.
Big players in non life insurance:

Adam gee insurance (27%)

EFU general insurance (25%)

National Insurance company limited(12%)

and new jubilee insurance.(10%)

others (26%)

Market share of ALFLAH insurance company is very less

Share price is Rs.29.05 per share

Capital

Paid up Capital of Alfalah Insurance Co. Ltd., is Rs 230 million which is almost
three times the minimum paid up capital requirement of Rs 80 million needed
to establish a general insurance company in Pakistan.

Issuance of Bonus Shares; able to increase the paid up capital to Rs. 300
Million

Board of Directors

H.H. Sheikh Hamdan Bin Mubarak Al Nahyan Chairman

H.E. Sheikh Saif Bin Mohammed Bin Butti Director

Mr. Khalid Mana Saeed Al Otaiba Director

Mr. Atif Bajwa Director

And others

Head office

Head office is situated in Lahore

Address:
5-Saint Mary Park,
Gulberg-III, Lahore

Rating

PACRA has recently upgraded the rating of Alfalah Insurance Company Limited
(AFIC) from A" to "A+ (Single A plus)
Completion of rating update process of Insurer Financial Strength (IFS)
This rating denotes:

strong capacity to meet policy holder and contractual obligations. Risk factors
are moderate, and the impact of any adverse business and economic factors is
expected to be small.

PRODUCTS

Our products:

Property Insurance

Marine Cargo, Hull & Aviation Insurance

Energy Insurance

Motor Insurance

Engineering Insurance

Health Insurance

Sidra Awais
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Property Insurance

Secure assets against fortuitous losses.

Widest possible forms of risks.

Forms of covers:

I.

Fire & Allied Perils

II.

Property All Risks

III.

Comprehensive Machinery (Fire)

IV.

Business Interruption following insured perils.

V.

Householder's Comprehensive

VI.

Terrorism

Marine Cargo, Hull & Aviation Insurance

Institute of London Underwriters clauses known as Clause A, B or C.

1. Clause A:

Most comprehensive cover

Subject to certain exclusions is known as ALL RISK cover

Covers loss or damage to cargoes arising out of typical perils of sea or air
carriage

Clause B & C
Covers the loss of or damage to cargo reasonably attributable to following:

Fire or explosion

Vessel being sunk, grounded or capsized

Collision

Discharge of cargo

Earthquake, volcanic eruption or lightning

Jettison or washing overboard

Entry of sea lake or river water.

Total loss

Energy Insurance
Covers a wide range of Energy risks such as

oil & gas,

petrochemicals

electric utilities and

other entities.

Coverage such as

material damage

business interruption

contingent business interruption and

downstream liabilities.

Motor Insurance

Private Car, Commercial Vehicle and Motor Cycle Comprehensive Policy

Indemnifies against loss of or damage to the Motor Car/Cycle and / or its

accessories by:

a) Accidental external means

b) Fire external explosion
c) Burglary, house breaking or theft
d) Malicious act
e) Riot, strike
f)Natural calamity

Road Traffic Act 1939.

For Private vehicle:

Death, bodily injury or Damage to property of third parties

For Commercial Vehicle:

Bodily injury or death of a third party

Engineering Insurance
1.

Contractors All Risk Policy (CAR)

2.

Machinery Breakdown Insurance

3.

Terrorism Insurance

Contractors All Risk Policy (CAR)

Parties involved in a construction project

Cover against:

I.

Loss or damage to contract works of civil engineering projects.

II.

Third party claims for Bodily Injury or property damage.

III.

Loss or damage to contractors plant and equipment.

Machinery Breakdown Insurance

Protection against a sudden break down of the machinery.

All Risk policy and affords protection against unforeseen and sudden physical
loss or damage

Repair or replacement.

Terrorism Insurance

Protection against loss or damage attributable to an act of terrorism and

sabotage.

Wider covers affording protection against

Riots,

malicious act and

civil commotion

HEALTH INSURANCE

Hospitalization Cover (Basic Cover)

Maternity Cover (Optional Cover)

OPD Benefits (Optional Cover)

Main Exclusions
Mental illnesses
Treatment or investigation of fertility, infertility, sterilization, contraception
General check-ups
Supply or fitting of eye glasses, contact lenses or hearing aids.
Cost of limbs or supporting equipment
Dental examinations, extraction or filling
Cost of radial keratotomy
Cosmetic surgery
Personal comfort items
Any outpatient treatment

MISCELLENOUS

Workman Compensation Insurance

Personal Accident Insurance:

Money Insurance:

Zunaira Anis
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UNDERWRITING
Underwriting process consist of:

Complete information on the proposal form

Evaluation of information

Risk inspection (mandatory) Physical hazards

Moral hazards

Assessment of the risk

Policy issuance on the basis of evaluation

Underwriting (normal premium/loading)

FACTORS OF UNDERWRITING

AGE

WEIGHT

HEIGHT

NOMINEE

OCCUPATION

ADDRESS

MEDICAL REPORT

DISEASE

Claim Settlement Procedure

Send a written request along with following documents to your servicing NICL
zonal office.

Related documents:

Original policy document

Copy of National Identity Card

Claim form

Invoice

F.I.R copy

All the documents of claim will be forwarded to Internal Audit department

Evaluation will be done

On the basis of risk evaluated polices are given

SWOT Analysis

STRENGTHS

Strong credit rating

Adequate financial resources

Offices in major cities of Pakistan

Good will

Efficient Human resource

No grievance has been reported by Investor as of now

WEAKNESSES

More branches are required in small cities

Long processing of claim

Awareness problem in population

Economic conditions

OPPORTUNITIES
Increase in market share

Providing services as an insurance consultant.

Innovation

Livestock insurance

THREATS

There is cut throat competition among rivals in insurance industry

Threats of new entrants

Changing customer requirements

Natural calamities

Ministryoffinancecontrolsalltheinsurancecompaniesthatareinth
e industry at present hence there are less chance of exit

RECOMMENDATIONS

Training should be done of employees

I.T limitation should be improved

Expenditures should be controlled

Indirect marketing channel electronic media like press, internet and other
publication sources should be used

System should be defined and organized

Should increase awareness in population

CONCLUSION
ALFALAH Insurance Company offers quality, affordable insurance for citizens of
Pakistan. It provides most comprehensive yet flexible cost effective risk
management solutions. However, it needs to focus on increasing its customer
base resulting in the growth of its current market share.