Insurance Industry Statistics 2021

SECURITIES AND EXCHANGE
COMMISSION OF PAKISTAN
INSURANCE INDUSTRY
STATISTICS
2021
WHAT’S INSIDE
A. Message of the Commissioner 2
B. Industry Performance Overview 3
C. Life Insurance Industry 7
D. Non-Life Insurance Industry 17
E. Key Financial Statistics 25
F. Disclaimer 28
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

MESSAGE OF THE COMMISSIONER
On behalf of the Securities and Exchange Commission of Pakistan, it gives me immense
pleasure to present the Insurance Industry Statistics for the year 2021. In the digital age,
the need for reliable and easy to access information is critical for all stakeholders.
Accordingly, the SECP, as a conscientious regulator, has compiled a holistic overview of
the key statistics, which will be a regular feature going forward, published annually.

Provision of information is fundamental element in decision making, not only for the
regulator in designing policies and bringing conducive reforms, but also for the industry
participants as they formulate their business strategies; together impacting the future
course of the entire industry. It is also a proven tool for facilitating end-users in making
informed decisions about insurance providers and services available.

As the data clearly demonstrates, Pakistan’s insurance market holds enormous untapped
potential for growth. The sector is rife with opportunities, for both local and foreign
investors, considering the size of our population and the growing demand for affordable
& innovative insurance solutions.

I would like to convey my appreciation to the insurance association and all insurance
companies for participating in this endeavour. I would also like to acknowledge the
unwavering commitment of the SECP team, to bring this assignment to timely fruition. I
am confident that our combined outreach efforts will benefit the development of this
important sector and help it achieve its true potential.
Sadia Khan
Commissioner - Insurance

INDUSTRY
PERFORMANCE
OVERVIEW
INDUSTRY OVERVIEW
The insurance sector in Pakistan is bifurcated into two distinct businesses based on significant
difference in the nature of the two businesses i.e. life insurance/family takaful business and
non-life insurance/general takaful business. Life insurance/family takaful is about insurance
against death, sickness or disability of natural persons whereas non-life insurance is more inclined
towards insurance of assets and liabilities. Individuals and corporates both procure life and
non-life insurance. Generally, life insurance sector in the country is more focused on personal lines
of selling, whereas, the orientation of non-life insurance is more towards corporate lines of
business. These sectors have grown in each of these market segments at varying paces, following
their own diverse growth patterns.
Although data presented only pertains to life insurance/family takaful business and non-life
insurance/general takaful business, insurance intermediaries also form essential part of the
insurance industry in Pakistan. Insurance intermediaries can essentially be referred to persons
which facilitate/complement/assist insurers in the overall insurance policy life cycle, which would
ideally start from prospecting an insurance sale and conclude on payment of claim to the
policyholder. Insurance intermediaries include:
• Insurance Agents:
a) Captive Agency Sales Force Network (Natural Persons); and
b) Corporate Insurance Agents (Banks, Telco’s and other entities in corporate structure)
• Insurance Brokers;
• Insurance Surveyors & Authorised Surveying Officers; and
• Third Party Administrators for Health Insurance.
Pakistan Reinsurance Company is playing its part in the insurance industry of Pakistan as the only
reinsurance company, offering reinsurance to the general insurance sector. The Commission in
2018 authorized PRCL to also conduct window re-takaful operations
INSURANCE LIFE NON-LIFE

INTERMEDIARIES INSURERS INSURERS

INDUSTRY OVERVIEW
GROSS PREMIUM CLAIMS PAID TOTAL POLICIES
2021: 432 BILLION 2021: 189 BILLION 2021: 10.1 MILLION
2020: 355 BILLION 2020: 170 BILLION
2
2
GENERAL
0.91% INSURANCE PENETRATION* 8

LIFE
TAKAFUL
OPERATORS
FAMILY
TAKAFUL
INSURERS OPERATORS
RS.
2,084 INSURANCE DENSITY** 28
NON LIFE
41
OPERATORS 1
REINSURER
* Based on the table by SBP on Gross Domestic INSURERS
Product of Pakistan (at constant basic prices of
2015-16)
** Based on results of Sixth Population Census &
Housing Census – 2017
MAIN DISTRIBUTION CHANNELS IN

TERMS OF PREMIUM PERCENTAGE
LIFE NON-LIFE
Sales Force/Agency Banca Channel Sales Force/Agency Direct Channel

Channel Premium Premium Channel Premium Premium
99% of Public 1% of Public 49% of 33% of
sector Premium sector premium Total Premium Total Premium
32% of Private 56% of Private
sector Premium sector premium
Premium in the categories of accident, heath Premium from digital channels constitute 0.27%
and critical illness is 16% (2020: 11%) of total (2020: 0.30%) of total premium
premium

INDUSTRY OVERVIEW
TAKAFUL SECTOR
DEDICATED FAMILY DEDICATED GENERAL

TAKAFUL OPERATORS = 2 32 TAKAFUL OPERATORS = 2
TAKAFUL
FAMILY WINDOW
OPERATORS GENERAL WINDOW
TAKAFUL OPERATORS = 7 TAKAFUL OPERATOR = 21
FAMILY TAKAFUL GENERAL TAKAFUL

INDUSTRY PREMIUM INDUSTRY PREMIUM
RS. 40 BILLION RS. 16 BILLION
FAMILY TAKAFUL PREMIUM GEN. TAKAFUL PREMIUM

AS PERCENTAGE OF TOTAL AS PERCENTAGE OF TOTAL
LIFE INSURANCE INDUSTRY NON-LIFE INSURANCE
PREMIUM INDUSTRY PREMIUM
14% 11%

LIFE
INSURANCE
INDUSTRY
LIFE INSURANCE / FAMILY WINDOW
TAKAFUL OPERATORS
INDUSTRY-WIDE KEY INFORMATION

2021: 8.0 MILLION
99% 56%
premium of public sector premium of private sector
comes from direct channel comes from Banca channel
Sector wise
Individual life
premium distribution
42% Private 58% Public
In individual life category, 56% of total premium comes from Punjab
In public sector, 68% of premium pertains to participating policies
In private sector, 83% of premium pertains to unit linked policies
76% new policies written in the premium band of ‘0-50,000’ and 18% of
new policies premium fall in the premium band of ‘1,000,000 and above’
RISK COVERED
Individual Life Group Life
Rs. 1,415 Rs. 7,653

billion billion

TAKAFUL OPERATORS
GROSS WRITTEN PREMIUM – CHANNEL WISE DISTRIBUTION
The distribution channel wise split of Gross Written Premium demonstrates that in private sector,
56% of the policies were written through banca channel followed by direct sales force at 32%. In
public sector 99% of the polices were sold through Banca channel. Digital channel only constitute
0.02% of the total premium.
PRIVATE SECTOR
Rs in million
90,000
71,986
65,773
60,000
41,006
35,498
30,000
13,518
10,990
78 47 0 3 1,195 877
-
Sales Force / Banca Corporate Telecos Websites and Other
Agents Agents other Web
than Banks Aggregators
Premium 2020 Premium 2021
PUBLIC SECTOR
180,000 170,981
Rs in million
127,354
135,000
90,000
45,000
1,807 2,473
-
Sales Force / Agents Banca
PRIVATE SECTOR PUBLIC SECTOR
Corporate Sales Force /

Agents, 11% Agents 99%
Banca, 56% Telecos,

0.04%
Websites and Banca
Web Aggregators 1%
0.002%
Other, 1%
Sales
Force/Agents,
32%
9

TAKAFUL OPERATORS
GROSS WRITTEN PREMIUM – PRODUCT WISE DISTRIBUTION
Product wise distribution shows 83% of the premium pertained to unit linked polices in private
sector, followed by health related policies at 8%. In public sector, 68% of the premium comes from
participating policies followed by health related policies at 23%.
PRIVATE SECTOR
105,675
95,327
100,000
Rs. in million
75,000
50,000
25,000
8,982 10,553
33 29 2,921 4,203 69 126 4,754 5,376 5 5 1,444 1,471
-
Unit Linked Participating Universal Personal Health Term Life Critical Illnes Other non-
Accident participating
PUBLIC SECTOR
117,922
107,302
Rs in million
100,000
75,000
50,000
40,487
25,000 17480
14,854
- 0 4,379
-
Unit Linked Participating Term Life health

Participating
0.02% Participating Term Life
Universal Personal 68% 9%
4% Accident
0.10%
Health Health 23%
8%
Unit Linked
83%
Term Life
4%
Critical Illnes
0.004%
Other non-
participating
1%
10

TAKAFUL OPERATORS
GROSS WRITTEN PREMIUM – PREMIUM CATEGORY
In terms of premium type wise bifurcation i.e. between regular premium products (first year
premium, second year renewal premium and subsequent year renewal premium), single premium
products and group life policies, 71% of the total premium pertained to regular premium products,
followed by premium booked under the category of group life without cash values at 25%.
PREMIUM CATEGORY WISE DISTRIBUTION (RS IN MILLION)

225,000
211,816
196,290
180,000
135,000
90,000
75,377
38,751
45,000
7,570 10,926
86 82
-
Regular Premium Single Premiums Total Group Life with Total Group Life
Products Cash Values without Cash Values
PREMIUM CATEGORY - 2021

Single
Premiums
4%
Total Group
Life with
Cash Values
0.03%
Regular
Premium
Products
71%
Total Group
Life without
Cash Values
25%
11

TAKAFUL OPERATORS
BAND WISE COUNT AND PREMIUM – NEW BUSINESS
Total new policies issued in the year 2021 were 0.884 million (2020: 0.883 million). 52% (2020:
59%) of the total new policies issued were in the premium band of “0 – Rs 25,000” being highest
in number when compared with other premium bands. Whereas polices falling in the premium
band of “Rs 1,000,000 and above“ being only 0.4% (2020: 0.29%) of total polices issued were a
source of 18% (2020: 16%) of the total new premium being highest when compared with other
bands.
NEW BUSINESS BAND WISE POLICY COUNT

600,000
518,333
500,000
459,285
400,000
300,000
214,945
189,470
200,000
118,960
100,876
100,000 62,407
50,129
14,408 18,522 6,766 5,991 2,551 3,515
-
upto 25,000 25,000 to 50,000 to 100,000 to 500,000 to
250,000 to 1,000,000 and
50,000 100,000 250,000 1,000,000
500,000 above
No. of Policies of 2020 No. of Policies of 2021
NEW BUSINESS BAND WISE PREMIUM (RS IN MILLION)
10,000
8,734 8,829
7,527 7,904
8,000
6,713 6,791 6,607 6,350
5,448 5,218 5,706
6,000
4,081 3,888
4,000
2,717
2,000
-
Upto 25,000 25,000 to 50,000 50,000 to 100,000 to 250,000 to 500,000 to 1,000,000 and
100,000 250,000 500,000 1,000,000 above
12

TAKAFUL OPERATORS
PERSISTENCY RATIO
Persistency ratio being a percentage that signifies the number of clients an insurance company has
retained for an insurance product through analysis of renewal year premiums and total premiums
in a calendar year.
YEAR 2 PERSISTENCY THROUGH AGENCY SALES FORCE

100%
83% 85%
71% 75% 76% 57% 60%
70%
60% 57%
57% 52% 50% 56%
43% 44% 48% 42%
50%
0%
1 2 3 4 5 6 7 8 9
2020 2021
YEAR 2 PERSISTENCY THROUGH BANCASSURANCE

100%
79% 77% 80%76% 83%
83% 81% 86%
71% 67% 70%
64% 67% 56% 60%
50% 43%
0% 0%
0%
1 2 3 4 5 6 7 8 9
2020 2021
YEAR 3 & + PERSISTENCY THROUGH AGENCY SALES FORCE

92% 92% 92% 94%
100%
83% 85% 85% 86% 85%
75% 71% 74% 77% 79%
68%
47%
50%
34%
26%
0%
1 2 3 4 5 6 7 8 9
2020 2021
YEAR 3 & + PERSISTENCY THROUGH BANCASSURANCE

100%
86% 88% 83% 84% 88%
77% 77% 80% 80%82% 80% 81% 74%
68% 64% 69%
50%
0%0%
0%
1 2 3 4 5 6 7 8 9
2020 2021
For confidentiality purpose, names of the companies have been removed 13

TAKAFUL OPERATORS
GROSS CLAIMS
Gross Claims of life insurance industry stood at Rs 189 billion in the year 2021 compared to Rs 132
billion in 2020. In private sector and public sector, highest claims pertain to the category of
Individual Claims – Surrenders at 61% and 31%. Total gross claims against death category were Rs
32 billion (2020: Rs 22 billion).
PRIVATE SECTOR
Rs. in million
60,000 53,127
40,419
40,000
20,000 12,381
8,232 7,293 8,976
6,429 7,353
4,252 5,320 141
83 50 69 1 0
-
Individual Individual Individual Individual Group Group Group Group
Claims - Claims - Claims - Claims - Claims - Claims - Claims - Claims -
other than Surrenders Maturity Death other than Surrenders Maturity
Death
death death
Gross Claims 2020 Gross Claims 2021
PUBLIC SECTOR
30,063
30,046
30,000 26,427
21,719
Rs in million
16,693
15,000 9,400
10,363
8,340 6,327
3,095
384 374 658 2 1 0
-
Individual Individual Individual Individual Group Group Group Group
Claims - Claims - Claims - Claims - Claims - Claims - Claims - Claims -
Death other than Surrenders Maturity Death other than Surrenders Maturity
death death
Gross Claims 2020 Gross Claims 2021

Group Claims - Group Claims-
Death Group Claims- other than
Individual Claims - 9% other than death death Group Claims-
10% 27% Surrenders
Maturity 0%
Group Claims - Group Claims-
14% Surrenders Death Group Claims-
0% 10%
Group Claims - Maturity
Maturity 0%
0%
Individual
Individual Claims - Claims - Death
Death 10%
6% Individual Individual
- Claims - Claims - other
-
Individual Claims Individual Claims Maturity than death
Surrenders other than death 22% 0%
61% 0% Individual
Claims -
Surrenders
31%
14

TAKAFUL OPERATORS
PROVINCE WISE PREMIUM DISTRIBUTION – INDIVIDUAL LIFE
Out of the total gross premium of individual life insurance industry for the years 2021, 56% of the
gross premium pertained to the Punjab followed by Sindh at 29%.
1% GB & AJK: Rs 3,031 million

(2020: Rs 2,454 million)
KPK: Rs 16,853 million 7%

(2020: Rs 15,550 million)
4% Federal: Rs 9,557 million
(2020: Rs 10,376 million)
56% Punjab: Rs 130,912 million

(2020: Rs 114,978 million)
2%
Balochistan: Rs 5,674 million
(2020: Rs 5,269 million)
29% Sindh: Rs 68,650 million

(2020: Rs 64,112 million)
15

TAKAFUL OPERATORS
OTHER INFORMATION
COMPLAINTS RECEIVED BY INSURER ON ALL FORUMS

2020 2021
Received during the period 8,254 10,297
Disposed off during the 8,086 10,182

period
RISK COVERED (RS IN BILLION)

2020 2021
INDIVIDUAL LIFE
Sum at Risk Life 1,444 1,348
Sum at Risk Health 84 66
GROUP LIFE
Sum at Risk Life 5,969 6,571
Sum at Risk Health 884 1,082
DIRECT SALES FORCE
ACTIVE SALES TOTAL

AGENTS: BRANCHES:
2020: 169,580 2020: 917

2021: 163,976 2021: 1,025
16

NON-LIFE
INSURANCE
INDUSTRY
NON-LIFE INSURANCE / GENERAL
WINDOW TAKAFUL OPERATORS
INDUSTRY-WIDE KEY INFORMATION

2.1 MILLION
Sector wise PREMIUM DISTRIBUTION

2020 2021
86% Private 14% Public CONVENTIONAL TAKAFUL CONVENTIONAL TAKAFUL
RS 110 BILLION RS 12 BILLION RS 124 BILLION RS 16 BILLION
Premium band: 49% of total

“0 – 50,000” premium comes
86% polices fall through agen
sales force
Premium
constitutes 56% of
32.56% of total local premium
insurance industry comes from
premium OTHER KEY Sindh
INFORMATION
2021
0.56% of total
Premium premium came
constitutes through digital
0.29% of GDP channel
(2020: 0.68%)
18

GROSS WRITTEN PREMIUM
In terms of Gross Written Premium (GWP), Pakistan non-life insurance industry has a total size of
Rs 140 billion in the year 2021 compared to Rs 122 billion last year, exhibiting growth of 14.55%.
Premium written in the category of Fire and property damage was highest at 27% of total premium
amounting to Rs 38 billion (2020: Rs 32 billion followed by motor insurance at 24% [Rs 33 billion
(2020: Rs 29 billion)] and Engineering at 15% [Rs 20 billion (2020: Rs 17 billion)]. Dedicated
personal lines of non-life insurance business (Home & Household contents, individual health &
travel and travel) constitute only 1% of the total premium in 2021.
INDUSTRY'S GWP FOR THE 2020 AND 2021

(Amounts in Rs million)
Fire and Property Damage
Engineering
Terrorism
Marine, Aviation and Transport
Motor
Liability
Workers Compensation
Credit and Suretyship
Accident and Health
Agriculture GWP 2020
Travel GWP 2021
Miscellaneous
0 8,000 16,000 24,000 32,000 40,000
GWP -2021
Marine,
Aviation and Motor, 24%
Transport, 14%
Liability, 1%
Workers
Terrorism, 2% Compensation,
0.1%
Credit and
Engineering, Suretyship, 1%
15%
Accident and
Health, 12%
Agriculture,
2%
Travel, 0.4%
Miscellaneous,
Fire and 3%
Property
Damage, 27%
19

DISTRIBUTION CHANNEL WISE PREMIUM
Agency / sales force channels and direct channel were the primary distribution channels of
non-life insurance industry against which major portion of premium was written in the years 2021
and 2020.
Premium collection (Digital vs conventional Channel) Channel Wise Premium for 2021
Agents/Sales
force
48.69% Brokers
0.56% 7.56%
Telcos,
Websites,
99.44% Banca
Others Channels 1.56%
Web aggregator
Corporate Agent
Direct channel 8.06%
33.18% Telecos
0.55%
Website
Miscellaneous Web 0.21%
aggregator
0.17%
0.02%
CHANNEL WISE PREMIUM DISTRIBUTION (RS IN MILLION)
Direct channel 41,542

46,677
Agents/Sales force 61,541
68,486
Brokers 7,669
10,634
Banca 1,976
2,198
Corporate Agent 8,654
11,338
Telecos 822
779
Website 138
292
Web aggregator 11
32
Miscellaneous 430
233
0 16,000 32,000 48,000 64,000 80,000
20

POLICYHOLDER WISE DISTRIBUTION
Highest no. clients of non-life insurance companies are from individual category at 582,144 (2020:
468,755). Individual category of clients also hold maximum no. of policies. However, when the
same is viewed in the context of polices / client category, category of listed companies tops the
list at 29 (2020: 37) followed by unlisted public companies at 23 (2020: 20).
POLICES PER CLIENT CATEGORY
Policy per client 2020 Policy per client 2021

37.18
29.38
22.70
20.10
11.83
10.25
10.18
9.18
7.48
6.11
1.80
1.40
1.64
1.45
LISTED UNLISTED PRIVATE PARTNERSHIP GOVERNMENT INDIVIDUALS OTHERS

COMPANIES PUBLIC COMPANIES ORGANIZATION
COMPANIES
NO. OF POLICIES DISTRIBUTION AS PER NO. OF POLICIES DISTRIBUTION IN

CLIENT CATEGORY- 2021 CORPORATE SECTOR - 2021
Private
Individuals
Unlisted Public Companies
54%
Corporates Companies 57%
10% 11%
Listed
Companies
17%
Government
Others Organization Partnership
36% 1% 14%
21

PREMIUM BAND WISE POLICY COUNT AND PREMIUM
Total policy count as at 2021 stood at 2.1 million polices (2020: 1.9 million) having 86% (2020:86%)
of the total policies written in the premium band of “0 – Rs 50,000” being highest in number when
compared with polices written in other premium bands. Whereas polices falling in the premium
band of “Rs 100,000,000 and above“ being only 0.05% (2020: 0.05%) of total polices issued were
a source of 29% (2020: 26%) of the total premium being highest when compared with other
premium bands.
BAND WISE POLICY COUNT DISTRIBUTION

2,000,000 1,902,970
1,761,992
1,600,000
1,200,000
800,000
400,000 221,299
52,022 1,044
46,593 13,971
11,263 932
0
upto 50,000 50,000 to 250,000 250,000 to 5,000,000 5,000,000 to 100,000,000 and
100,000,000 above
Count 2020 Count 2021
BAND WISE PREMIUM DISTRIBUTION

(Rs in million)
40,000 37,457
35,615
33,710
32,000 25,939 29,162
25,611
24,000
20,269
19,215
17,382
14,962
16,000
8,000
upto 50,000 50,000 to 250,000 250,000 to 5,000,000 to 100,000,000 and

5,000,000 100,000,000 above

22

CLAIMS PAID
Claims paid by non-life insurance industry stood at Rs 53 billion in the year 2021 compared to Rs
52 billion last year. Category of Motor insurance witnessed highest claims paid at 33% [Rs 17 billion
(2020: Rs 16.7 billion)] followed by Fire and property damage at 24% [Rs 13 billion (2020: Rs 10
billion)].
INDUSTRY'S GROSS CLAIMS FOR THE 2020 AND 2021

(Rs in million)
Fire and Property Damage Gross Claims 2020

Engineering Gross Claims 2021
Terrorism
Marine, Aviation and Transport
Motor
Liability
Workers Compensation
Credit and Suretyship
Accident and Health
Agriculture
Travel
Miscellaneous
0 4,000 8,000 12,000 16,000 20,000
CLAIMS PAID - 2021

Liability, 0.11%
Workers
Motor, 33%
Compensation,
0.03%
Credit and
Suretyship, 1%
Marine,
Aviation and
Transport, 9% Accident and
Health, 23%
Terrorism,
0.10%
Engineering,
4% Agriculture, 2%
Travel, 0.26%
Miscellaneous,
Fire and 3%
Property
Damage, 24%
23

PROVINCE WISE PREMIUM DISTRIBUTION
Out of the total gross premium of non-life industry for the years 2021, 56% of the gross premium
pertained to the province of Sindh followed by Punjab at 35% and Federal 7%.
GB & AJK: Rs 1,009 million

0.8%
(2020: Rs 674 million)
KPK: Rs 1,196 million 0.9%

7% Federal : Rs 9,858 million
(2020: Rs 7,591 million)
35% Punjab: Rs 46,711 million

(2020: Rs 39,592 million)
0.5%
Balochistan: Rs 736 million
56% Sindh: Rs 74,639 million

(2020: Rs 68,491 million)
24

KEY
FINANCIAL
STATISTICS
LIFE INSURANCE / FAMILY
2021 (Rs) 2020 (Rs) %age change
Total Assets 1,845,347,747,050 1,660,117,708,123 11%
Investments 1,441,659,271,000 1,333,274,394,362 8%
Equity securities 203,012,033,578 226,163,003,042 -10%
Government securities 1,115,112,099,722 1,000,260,707,557 11%
Debt securities 22,986,957,492 25,458,843,998 -10%
Term deposits 54,820,379,000 43,620,600,000 26%
Mutual funds 45,656,479,241 37,771,239,765 21%
Commercial papers 71,321,967 - 100%
Equity 42,332,817,874 35,444,691,721 19%

Profit before tax 13,595,783,247 12,405,084,608 10%
Profit after tax 9,527,318,899 8,618,603,278 11%
Gross Premium 290,466,211,260 233,104,290,931 25%
Reinsurance Premium ceded 5,161,251,981 4,191,314,680 23%

Gross claims 186,554,718,545 132,598,900,194 41%
Claims paid 134,762,099,798 117,858,792,839 14%
* Note - Data of Postal Life Insurance Company is not included in this table due to non-availability
of audited financial statements
26

2021 (Rs) 2020 (Rs) %age change
Total Assets 263,011,677,151 246,705,754,703 7%
Investments 113,786,942,015 104,794,076,566 9%
Equity securities 61,370,545,671 55,712,209,457 10%
Government securities 3,283,435,277 3,151,382,809 4%
Debt securities 33,816,168,694 34,435,954,603 -2%
Term deposits 14,812,494,930 11,186,184,709 32%
Mutual funds 389,130,443 308,344,988 26%
Commercial papers 115,167,000 - 100%
Equity 108,471,628,647 99,886,391,342 9%
Profit before tax 18,416,731,819 13,314,156,241 38%
Profit after tax 13,238,936,060 9,907,773,392 34%
Written Gross Premium 121,876,075,572 108,311,823,092 13%
Reinsurance expense 55,238,646,745 45,161,516,712 22%
Claims paid 52,075,150,417 45,682,207,656 14%
Claims expense 53,599,641,291 51,980,103,943 3%
* Note - Data of National Insurance Company Limited and The Co-operative Insurance Society is
not included in this table due to non-availability of audited financial statements
27

DISCLAIMER
Information contained in the publication is complied using data provided by the
companies in the formats specified in the Circular no. 31 of 2021 dated November 9,
2021. Figures are rounded off, as deemed appropriate.
We believe that the information provided by the companies was complete, accurate and
true and correct to the best of their knowledge. However, we do not take any
responsibility in respect of the completeness and accuracy of the submitted data.
The contents of this publication are not directed at any person in any jurisdiction
where any such publication by the Commission is prohibited
All information contained in this publication is intended for insurance industry

stakeholders having reasonable knowledge of the products, channels, norms and
related terms used in the industry.
Neither information nor any opinion expressed in this publication constitutes a

solicitation, an offer or a recommendation to buy, sell or dispose of any insurance policy,
to engage in any such transaction or to provide any insurance related advice or service.
Commission will not be liable for any loss or damage that may result from use of the
information contained in this publication.
DATA SPECIFIC CAVEATS

In the section of life insurance industry, Impact of experience refunds amounting to Rs
8.7 billion (2020: 10 billion) is not accounted for in the data showing breakup of
premium.
In the section of life insurance industry depicting breakup of data, data of Postal Life
Insurance Company Limited is only included where provided.
In the section of non - life insurance industry (policyholder wise distribution), there
may be repetition in no. of clients i.e. a client of a category can be client of multiple
insurance companies.
GDP of Pakistan has been taken from

“https://www.sbp.org.pk/ecodata/GDP_table.pdf”
In data relating to no. of policies, individual policies issued through intermediaries are
generally reported as a single policy.
Data relating to Pakistan Reinsurance Company Limited is not included in this

publication
28

LIST OF COMPANIES SUBMITTED
DATA
Non Life Insurers/ General Takaful Operators
1 Adamjee Insurance Company Limited 16 National Insurance Company Limited
2 Alfalah Insurance Company Limited 17 Pak Qatar General Takaful Limited
3 Allianz EFU Health Insurance Limited 18 Premier Insurance Limited
4 Alpha Insurance Company Limited 19 Reliance Insurance Company Limited
5 Asia Insurance Company Limited 20 Security General Insurance Company Limited
6 Askari General Insurance Company Limited 21 ShaheenInsurance Company Limited
7 Atlas Insurance Limited 22 Sindh Insurance Limited
8 Century Insurance Company Limited 23 SPI Insurance Company Limited
9 Chubb Insurance Pakistan Limited 24 Salaam Takaful Ltd (Formerly Takaful Pakistan limited)
10 Crescent Star Insurance Limited 25 The Co-Operative Insurance Society
11 EFU General Insurance Limited 26 The United Insurance Company of Pakistan Limited
12 East West Insurance Co, Limited 27 The Universal Insurance Company Limited
13 Habib Insurance Company Limited 28 TPL Insurance Limited
14 IGI General Insurance Limited 29 Trafco Insurance Company Limited
15 Jubilee General Insurance Company Limited 30 UBL Insurers Limited
Life Insurers/ Family Takaful Operators

1 Adamjee Life Assurance Company Limited
2 Askari Life Assurance Company Limited
3 Dawood Family Takaful Limited
4 EFU Life Assurance Limited
5 IGI Life Insurance Company
6 Jubilee Life Insurance Company Limited
7 Pak-Qatar Family Takaful Limited
Postal Life Insurance Company Limited

8
(Partial Submission)
9 State Life Insurance Corporation of Pakistan
10 TPL Life Insurance Company Limited
29

Securities and Exchange
Commission of Pakistan
WWW.SECP.GOV.PK

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Insurance Industry Statistics 2021

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SECURITIES AND EXCHANGE

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

INSURANCE LIFE NON-LIFE

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

0.91% INSURANCE PENETRATION* 8

MAIN DISTRIBUTION CHANNELS IN

Sales Force/Agency Banca Channel Sales Force/Agency Direct Channel

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

DEDICATED FAMILY DEDICATED GENERAL

FAMILY TAKAFUL GENERAL TAKAFUL

RS. 40 BILLION RS. 16 BILLION

FAMILY TAKAFUL PREMIUM GEN. TAKAFUL PREMIUM

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

GROSS PREMIUM CLAIMS PAID TOTAL POLICIES

42% Private 58% Public

In individual life category, 56% of total premium comes from Punjab

In public sector, 68% of premium pertains to participating policies

In private sector, 83% of premium pertains to unit linked policies

Rs. 1,415 Rs. 7,653

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

Premium 2020 Premium 2021

Premium 2020 Premium 2021

PRIVATE SECTOR PUBLIC SECTOR

Corporate Sales Force /

Banca, 56% Telecos,

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

PRIVATE SECTOR PUBLIC SECTOR

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

PREMIUM CATEGORY WISE DISTRIBUTION (RS IN MILLION)

Premium 2020 Premium 2021

PREMIUM CATEGORY - 2021

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

NEW BUSINESS BAND WISE POLICY COUNT

No. of Policies of 2020 No. of Policies of 2021

NEW BUSINESS BAND WISE PREMIUM (RS IN MILLION)

Premium 2020 Premium 2021

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

YEAR 2 PERSISTENCY THROUGH AGENCY SALES FORCE

YEAR 2 PERSISTENCY THROUGH BANCASSURANCE

YEAR 3 & + PERSISTENCY THROUGH AGENCY SALES FORCE

YEAR 3 & + PERSISTENCY THROUGH BANCASSURANCE

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

Gross Claims 2020 Gross Claims 2021

Gross Claims 2020 Gross Claims 2021

PRIVATE SECTOR PUBLIC SECTOR

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

1% GB & AJK: Rs 3,031 million

KPK: Rs 16,853 million 7%

56% Punjab: Rs 130,912 million

29% Sindh: Rs 68,650 million

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

COMPLAINTS RECEIVED BY INSURER ON ALL FORUMS

Received during the period 8,254 10,297

Disposed off during the 8,086 10,182

RISK COVERED (RS IN BILLION)

DIRECT SALES FORCE

ACTIVE SALES TOTAL

2020: 169,580 2020: 917

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN