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Pakistan Insurance Report Q2 2016

Pakistan Insurance Report Q2 2016

BMI View: Pakistan remains the classic example of a market where insurance is well established amonghouseholds and companies that understand it and that can afford it, but where most people remainuninsured. Solutions are provided overwhelmingly by highly resilient and long-established indigenouscompanies, some of which have the advantage that they are backed by the government. Aside from strongbrands and multi-channel distribution, the leaders have access to the capital that they need. In the non-lifesegment, we anticipate that there will be a substantial consolidation of what remains a fragmentedlandscape. The four largest players, however, will gain market shares. For much of the forecast period,premiums in both segments should expand at low double-digit rates. Growth will come predominantly fromprovision of insurance solutions to existing users.

Key Updates And Forecasts

We estimate growth in life premiums of 9% in 2016. Nevertheless, the very strong growth in premiumsof the private sector life insurers through the first nine months of 2015 indicates that the risks to ourforecasts are to the upside for both 2015 and 2016. Over the course of the forecast period, we forecastpremiums will rise by about 11% annually. The growth will come overwhelmingly from the provision ofnew products to existing users. Micro-insurance and family takaful should develop rapidly from lowbases, but will not likely be of sufficient size to have an impact on the total premiums written in thesegment prior to 2020.


BMI Industry View
Table: Headline Insurance Forecasts (Pakistan 2013-2020)
SWOT
Insurance
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Pakistan 2013-2020)
Table: Life Insurance Claims (Pakistan 2008-2015)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Pakistan 2013-2020)
Table: Non-Life Insurance Claims (Pakistan 2009-2013)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums By Product Line (Pakistan 2013-2020)
Industry Risk Reward Ratings
Asia Pacific Industry Risk/Reward Index
Table: Asia Pacific Insurance Risk/Reward Index Q216
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Non-Life Market Overview
The Product Offering
Competitive Landscape
Company Profile
Adamjee Group
EFU Group
Jubilee General/Jubilee Life
State Life Insurance Corp. of Pakistan (SLIC)
Methodology
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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