•TOPIC:

• The potential of non-life

insurance market in Pakistan)
 WHAT IS INSURANCE
Meaning of Insurance:
Insurance provides financial protection against a loss arising out of
happening of an uncertain event.
 A person can avail this protection by paying premium to an insurance
company.
 A pool is created through contributions made by persons seeking to protect
from common risk.
 Premium is collected by insurance companies which also act as trustee to
the pool. Any loss to the insured in case of happening of an uncertain
event is paid out of this pool.
 Insurance works on the basic principle of risk-sharing.
 Definition
Insurance is a contract between two parties whereby
one party agrees to undertake the risk of another in
exchange for consideration known as premium and
promises to pay a fixed sum of money to the other
party on happening of an uncertain event (death) or
after the expiry of a certain period in case of life
insurance or to indemnify the other party on
happening of an uncertain event in case of general
insurance.
.
case study
 INTRODUCTION

Adamjee Group is a combined based primarily in Pakistan.

The group was founded by Sir Adamjee Haji Dawood (1880–1948) who also
played a vital role in the birth of the state of Pakistan by acting as a financial
advisor and supporter to Quaid-e-Azam Mohammed Ali Jinnah, the founding
father of Pakistan. Sir Adamjee's role as advisor gave birth to various
economic institutions; the Muslim Commercial Bank (MCB), Orient Airways,
and the Morning Star Newspaper. These were primarily established at the
behest of Quaid-e-Azam Mohammed Ali Jinnah to win the support of the
Muslims of India and facilitate them in migration to Pakistan during the
partition of India in August 1947.
 Adamjee Insurance Company Limited (AICL)

-General Insurance /Non life insurance Company founded in 1960 celebrated its
50 years commitment to Insurance. The Company is listed on all three stock
exchanges of the country. The head office is located in Karachi and it operates a
network of 34 branches in Pakistan and one in UAE (Dubai).
The company commenced operations with a paid-up capital of Rs. 2.5 million,
which has grown phenomenally in the past 5 decades to PKR 1.24 billion, as on
Dec 31, 2010.
A strong asset base, significant paid-up capital, substantial reserves, balanced
portfolio mix along with steady growth in gross premium account gives
Adamjee Insurance a well-deserved competitive edge within the insurance
industry.
 Mission Statement:

Being the leading insurance company of Pakistan and Second best in Asia,
our aim is to be a significant Participant in developing Pakistan's image by
providing maximum insurance protection at the most Competitive price in a
highly efficient manner for Industrial and economic growth.

Vision

"Our will is to Explore, Innovate and Differentiate.

Our passion is to provide leadership to the Insurance
Industry."
 Deliv

AICL broadly is involved in underwriting the following classes of

ering Value to Customers

businesses :( core business).

 Fire and Property:

Fire Insurance policy provides compensation to the insured
person or firm in the event of damage to the property insured (i.e.
buildings, stock, machinery and other contents) caused by fire, lightning.
Engineering:
This branch of engineering insurance offers
comprehensive and adequate protection against all the risks involved in the
construction of civil works of any kind, including surrounding property
and third-party claims in respect of property damage or bodily injury
arising in connection with the execution of a project.
 Health
Adamjee Insurance is one of the largest Health Insurance providers catering to the health and medical needs
of the Corporate and SME sectors for their employees with customized benefits structure and value added
services. ADAMJEE guarantees you best quality services that not only give you peace of mind for being
insured by a leading and dependable insurer but also ensures fast and speedy access to medical services
when the need arises while promoting better healthcare practices. Our customized Health insurance plans
can cater for your needs.
Marine:
Marine Insurance covers damages to the shell and machinery of the vessel, cargo carried on the vessel, and
also offers protection against liabilities to shipping and transport related companies.
Motor:
Motor Insurance policy is mandatory under the Motor Vehicle Act. Owing Adamjee Insurance Company
Limited Motor Insurance ensures that the owner of vehicle is protected from financial losses, caused by
damage or theft to the vehicle and third party liability.
Miscellaneous business:
Miscellaneous class of business offers various kinds of insurance
products that include Public liability, Group Health, Personal
Accident, liabilities associated with employers, insurance to
financial institutions and Aviation industry and many more…
The range of miscellaneous product is:
o Group Health Insurance
o Personal Accident Insurance
o Bankers Blanket Bond
o Plastic Card Insurance
o Public Liability Insurance
o Professional Indemnity Insurance
o Event Insurance
o Workmen's Compensation
o Employers Liability Insurance
SWOT ANALYSIS
A damjee’s strength lies in its customer services, public dealings
and its ability to maintain customer loyalt
Inadequate
I number of branches across the city;

The opportunities for ADMJEE are in their two

products;
“car insurance”
and “shipment insurance”.
The presence of foreign and local
companies and
the emergence of new competitors.
 conclusion
We after weeks of study and visiting Iin web Adamjee insurance find
Adamjee as the leading insurance company of Pakistan. Surely there are
others in the market that is competitive enough like AIG insurance, but
what we find in the statistics of Adamjee could not be found in any other
insurance company. The numbers of cars running only in Karachi are the
highest number of cars insured by any other insurance company.