The first thing to say about insurance is that it doesn't just cover your property; there are often risks involved with any business or enterprise. As a result, you may need insurance that protects them against any loss or damage suffered from their operations, from their vehicles or ships, etc.
Insurance companies usually provide insurance for two reasons: protection and income generation. Although both these reasons are important, insurance isn't as big as some people believe and, on the contrary, is quite affordable. If you're looking for insurance companies in Pakistan, then we've compiled our list of the top 5 best insurance companies in Pakistan according to various parameters. We didn't simply select the best insurance companies because they are all well known and have years of experience.
There are many factors that we consider before providing an insurer with a ranking. These include risk level, coverage, policy limits, claims handling methods, customer satisfaction, price, fraud detection mechanisms, legal requirements, etc. All those things make up a whole lot of data that we use to compile this list. You can also read more about why we give ratings to each insurance company in our "Best Insurance Companies In Pakistan" article.
Best Insurance companies In Pakistan
1. United Insurance
United Insurance Company Limited (UIC) is one of the oldest insurance companies in Pakistan, and probably the largest, having been registered back in 1899. Founded by Sheikh Mian Abbas Khan, UIC offers a variety of insurance products across a wide range of sectors, including personal and commercial risks and life insurance. The main business of UIC is ensuring buildings and cars. It is mainly focused on large-scale projects and large businesses and has provided liability insurance solutions and services to the construction and distribution industries since 2009. With its extensive network, UIC provides standard and customized insurance services for different types of people and businesses. Some of the other types of properties insured by UIC include medical procedures, aviation, foodstuffs, textile, real estate, IT infrastructure, motor vehicle insurance, house insurance, etc. As per a report published by Fortune Global 500, 2018, UIC insured US$12.8 billion in 2018.
2. Afval Group Incorporated
Afval Group LLC (AFVL), founded in 1977, is an international provider of engineering, management consulting, project and information services, software development, outsourcing, financial advisory, auditing, etc. It offers consultancy services for a wide variety of clients within government agencies, industrial organizations, start-up enterprises, and other business partners of Aflal Corporation. The company has established itself in key areas of technology, science/IT, industry research and development, management consulting, finance, banking, insurance, capital markets, human resources, environmental protection, and education. After Group operates over 200 offices around the world.
3. SARS Insurance
SARs, founded in 1995, is leading independent risk management and insurance broker based in Lahore, Pakistan. Its core expertise lies in product diversification, due to which it offers a holistic risk management strategy. Alongside offering insurance products, the firm's operating structure includes brokerage services and a corporate investment platform. SAS operates through the three major pillars of Corporate Finance & Asset Management, Risk Consulting Services, Property Casualty Insurance, Commercial Lines Insurance (CLI), and L&D Programs. To serve the needs of the local market, SAS provides CBIL solutions, risk assessment tools, and related advice, as well as audit, tax, regulatory, legal, legal, and compliance consulting services and support. SAS also promotes strategic partnerships with local banks, insurers, and financial institutions. SAS currently employs over 10,000 employees across 20 countries.
4. Dabur Insurance Pte Ltd
Dabour is another famous Pakistani insurance carrier. The group was founded in 1980 and is headquartered in Lahore. Dabour is primarily engaged in the sale of insurance, risk management, pension, and reinsurance products and services. The main business area of Dabour is car insurance, insurance underwriters, business assurance, private equity, health care services, health insurance, public sector, transport, infrastructure, education, etc. On May 21st, 2016, Dabour announced its IPO in which shareholders had subscribed Rs.966 billion. This IPO was made on the stock exchange of the Pakistan Stock Exchange (PSE).
5. Arif Habib International Insurance
Arif Habib International Insurance Co. is one of the most successful brands in the history of Pakistan's insurance market. Established on November 28, 2000, the company is an incorporated and licensed entity (Branch 6-A) of Boori Industries Limited. Known for its high-quality products and timely delivery, Arif Habib International prides itself on value-added service, making sure to serve customers of every class with utmost diligence. Also, being one of the trusted organizations in Pakistan, Arif Habib International makes efforts to enhance the level of knowledge sharing between suppliers and consumers (Habib Institute). One of the interesting facts regarding the organization is that it never invests in new product development. Instead, it focuses on introducing the latest technology and advanced techniques to its existing product so that its product can fulfill the changing demands of different segments of its clientele. While the company has been receiving positive comments from the majority of customers for its services and quality services, it would like to point out that there are certain circumstances where negative or misleading feedback can affect a company's reputation and cause significant losses for them. So far, Arif Habib International has no such cases. However, some time ago several small complaints were received by the concerned authority of Punjab Police regarding the same. Currently, Arif Habib International remains profitable and well managed financially.
Best Insurance companies in Pakistan
As mentioned above, there are numerous reasons to get insurance products. Many things go into our choice and we compare them against similar ones. Some of the important factors are risk level, coverage, policy limit, client reviews, complaints, claims to handle methods, pricing, fraud detection mechanism, legal requirements, etc. There are numerous insurance providers available. All of these companies are among the best insurance companies in Pakistan and even if we have only listed the 5 best from the list then it's still a great place to get your hands on insurance products.
Insurance car
An insurance car is a car that has insurance coverage if your car gets into an accident. You don't have to pay anything out of pocket to an insurance company if you are involved in an auto collision. Insurance companies generally provide low-cost premiums to people who drive older cars. If you own an older model car, you're probably aware of how much money your car would cost to repair if something were to happen. Auto insurance can save you thousands of dollars per year on repairs.
Cheapest Car Insurance
How much are your auto insurance premiums? Do they vary based on where you live or what kind of car you drive? If you answered yes to either question then you might want to rethink your current coverage.
In 2014, the average cost of an automobile insurance policy in the United States was $919.20. This price includes coverages like collision, comprehensive, medical payments, uninsured/underinsured motorist (UM/UIM), and personal injury protection (PIP). But not everyone pays this amount each month, in fact, some customers pay less than $500 per year. So how can you find the cheapest auto insurance rates in AZ?
According to Kia Motors America, the best way to save money on your car insurance is by following these simple four tips: 1.) Get discounts if you have multiple policies with insurers; 2.) Compare quotes from different companies; 3.) Shop around for better rates; 4.) Take advantage of any free benefits that may come along with having several policies through the same insurer. These include things like rental cars and other ways to reduce monthly costs.
You need to know that insurance providers offer discounts for safe drivers who don't rack up traffic citations. Not only do they discount your rate but they may even give you cashback if you qualify.
Insurance providers also offer discounts for good grades at school or if you're enrolled in college. You should also speak with your parents about getting them to tell their insurance provider that you're under 21.
Don't get caught speeding! Your insurance premium could go up, and so could your fines and penalties. Plus, if you're ticketed while driving without liability insurance, your insurer can deny your claim altogether.
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