Project on Jubilee General Insurance Company Ltd.

Types of Property Insurances Offered

Presented By:
05
Mohsan

32
Naveed

25
Ali

66
Usman

36
Hamza

History Company Background / Overview Products Offered Personal Line Insurance Commercial/Business Line Insurance Underwriting Consideration Claims Settlement Procedure Market Share Conclusion / Crux

COMPANY OVERVIEW
Established in 1953, JUBILEE GENERAL (formerly Jubilee General - New Jubilee Insurance Company Limited) is one of the brightest and most reputable names in the insurance sector. listed on the Karachi & Lahore Stock Exchanges Major shareholders include Aga Khan Fund for Economics Development and Hashoo Group.

 JUBILEE GENERAL, with its Head Office in Karachi reinsurance arrangements and relationship with international renowned reinsurers such as Swiss Re, Munich Re, Lloyds, Hannover Re and Mitsui Sumitomo Re At JUBILEE GENERAL, diversity is maintained through underwriting all classes of general insurance including fire, marine, motor, engineering, health and general accidents

Company Ratings
"JUBILEE GENERAL" is the only company among the top insurers in Pakistan to secure an Insurer Financial Strength Rating of AA+ by JCR-VIS and PACRA. We also enjoy "B++ (Good)" with stable outlook rating by A.M. Best Europe.

SISTER CONCERNS
The Aga Khan University Hospital Jubilee Life Insurance Company (carrying out life insurance business) The Aga Khan Health Services Tourism Promotion Services (Chain of Serena Hotels) First Micro Finance Bank Limited Habib Bank Limited The Aga Khan Education Services Focus Humanitarian Assistance

VISION, MISSION & VALUES

VISION To enable people to overcome uncertainty. MISSION To provide solutions to protect the future of our customers. CORE VALUES Teamwork Integrity Excellence Passion

MANAGEMENT TEAM
BOARD COMMITTEE
Audit Committee Human Resource and Remuneration Committee Finance and Investment Committee

MANAGEMENT COMMITTEES
Underwriting Committee Claims Committee Re-insurance / Co-insurance Committee Risk Management Committee

PRODUCTS OFFERED

For INDIVIDUALS

1- Bancassurance Jubilee General Insurance Company's offers wide range of Bancassurance product for Individuals as well as small business owners and Small to Medium and Micro Enterprises. Business Cover For Faysal Bank Customers Pocket secure- For Faysal Bank Customers Personal Accident Insurance For HBL Eligible Current/Freedom Account Holders Withdrawal Insurance Policy For HBL Visa Debit Card Holders Cash Insurance Cover For Faysal Bank Customers Mobile Insurance cover For Faysal Bank Customers

Risk Covered
Fire & Lightning Riot & Strike Malicious Damage Explosion Impact Damage Atmospheric Disturbance Aircraft Damage Burglary Loss of Rent Earthquake, Fire & Shock

UNDERWRITING CONSIDERATION
Home Value Necessary Documentation Location of Property

3- Self Care
Accidents are a fact of life. No matter how many precautions one takes, one is still exposed to some level of risk at all times. Hence this policy is an answer to hedge yourself against all these risks.

Risk Covered
Accidental Death Permanent Disability Temporary Total Disability Optional: Medical Expenses

KEY BENEFITS

Platinum: Accidental death, permanent disability, temporary total disability Underwriting Consideration Gold: Accidental death, permanent disability Profile of person (Name, Silver: Accidental Death age, residence etc) Only Profession

4- Self Care+
KEY BENEFITS
It brings all the benefits of group health insurance in a plan designed specifically for individuals.

Underwriting Consideration
Profile of person (Name, age, residence etc) Profession Previous Health Reports Family Health problems

5- Shop Care
It offers you the opportunity to earn on your own terms, to be your own boss.
Fire & Lightning Riot & Strike Malicious Damage Explosion Impact Damage Burglary Loss of Rent

Underwriting Consideration
Location of Property House keeping Type of business Surrounding Area

6- Motor Insurance
Jubilee General Insurance covers your business motor vehicles and fleets with a comprehensive cover policy along with the option of third party liability covers schemes as well as individuals. Cover available against Private Car Comprehensive Commercial Vehicle Comprehensive Motorcycle Comprehensive Motor Third Party Liability Trade Plate Policy

For BUSINESS( COMMERCIAL LINES)

1- Property Insurance
Commercial property is exposed to various risks and can face losses worth millions. Jubilee General provide its commercial clients with covers against a wide range of risks

FIRE AND ALLIED PERILS

Fire represents one of the greatest hazards that an organization can encounter. Each year several thousands of lives are lost to fires, tens and thousands of people are injured, and huge amounts of financial losses are sustained due to destruction of property or damage by fires. Every organization is exposed to the possibility of fire losses irrespective of its nature and a fire loss can seriously hinder it from achieving its objectives or even totally destroy it.

KEY BENEFITS

We assist organizations in controlling their Quality of construction exposures to accidental fire losses by offering of buildings. insurance protection to Operational hazards. pay for losses that cannot be avoided, prevented or Level of safety and protections limited. Property Insurance is designed to cover wide range of properties including Buildings, Machineries, Stocks, Furniture, etc.

UNDERWRITING CONSIDERATION

2- Consequential Loss
Risk Covered
Protection for your business properties. Protection for increased working cost

KEY BENEFITS o A business that has to close down completely while the premises are being repaired may lose out to competitors. A quick resumption of business after a disaster is essential. Without business interruption insurance, both your business and personal savings may be needed to salvage or maintain the business. If these savings are not available, the business may never resume and could be forced into bankruptcy. UNDERWRITING CONSIDERATION Annual Turnover Audited Accounts Stand by or alternate arrangement in case of mishap Auditors

Risk Covered
Fire, Lightning, Explosion, Aircraft, or other aerial devices or articles dropped there from Impact by vehicles, watercraft, locomotives or rolling stock Earthquake, Riot, Strike, Civil commotion ,Malicious damage Busting or overflowing of water apparatus (including sprinkler leakage) Impact by own vehicle Theft or attempted theft

KEY BENEFITS
The policy covers insured properties against unforeseen and sudden events.

UNDERWRITING CONSIDERATION
Value of Property Level of safety and protections Quality of construction of buildings

4-Comprehensive Machinery Insurance

Risk Covered
Faulty material, defects in casting, faulty construction, faulty design, cracking or overheating of parts, short circuits and electrical burnouts, faulty erection, explosion (as defined), tearing apart on account of centrifugal forces, failure of operation of safety devices.

KEY BENEFITS
Loss of profits for an entire plant and machinery in operation including other property like buildings, stock, goods in process etc are covered.

UNDERWRITING CONSIDERATION
Machine Specification

(type, output, capacity, speed, load, weight, voltage, amperage, cycles, fuel, pressure, temperature, etc). Year of manufacture and Machine Operators

5-Hotel Owners All Risk

This policy provides an extensive cover for the protection of hotels and is ideal for hotel owners, new entrepreneurs/ investors to hedge it against serious losses which might occur in the life of a hotel. Risk Covered
Fire, Lightning, Explosion, Aircraft, or other aerial devices or articles dropped there from Impact by vehicles, watercraft, locomotives or rolling stock Earthquake, Riot, Strike ,Civil commotion, Malicious damage Busting or overflowing of water apparatus (including sprinkler leakage) Theft or attempted theft, Accidental loss or damage.

KEY BENEFITS
Extensive cover is available.
UNDERWRITING CONSIDERATION Infrastructure of Hotel Surrounding Properties, Areas

6-Property Terrorism
Risk Covered
Physical damage to commercial buildings and their contents. Expense associated to business interruption including loss of profit and increased operational cost.

Key Benefits
Ease of mental pressure and stress due to fear of loss of property and goods associated to an act of terrorism. Swift recovery of potential losses occurring due to interruption in business.

Underwriting Consideration
Owners involvement in political activities. Location of premises and presence of any five star hotels, multinational company offices, multinational banks, fast food outlets or government buildings in close proximity. Details of current security conditions of the premises. History of any losses, incidents or threats within last 5 years, associated to the proposed insurance.

SOME OF COMMON UNDERWRITING CONSIDERATIONS IN PROPERTY

Type of the property; Value of the property; Condition of the property; Construction materials used in the property; Potential hazards surrounding or within the property; Age of the property; Use of the property; Security measures and other loss control measures associated with the property; Upkeep of the property; Location of the property; Current insurance in force on the property; and Prior losses associated with the property.

CLAIMS SETTELMENT PROCEDURE

Claim settlement form is available on the website of the company and we can show you here how its look like; As soon as a claim is reported, the insurance company checks as to whether the cover was in force at the time of loss and whether the peril is covered under the policy.

According to the type of policy A surveyor is appointed who visits the spot, do the assessment and submits the report. Insurance company examines the report, calls for relevant supporting documents. On receipt of survey report and documents, the same are examined. The claim file is processed and settlement is offered

Market share of Jubilee has enhanced over time and the company has maintained its position as the third largest general insurance company in the private sector. Strong growth has been witnessed in the companys gross premium base on a year on year basis and compares favorably to the industry growth rate. Overall results from underwriting operations for the year 2011 and the on-going year have remained positive.

MARKET SHARE CONT

Investment income lends strong support to overall operations of the company with operating ratio averaging around 85% in the past three years. Major sponsors of the company comprise reputed institutions with sizeable shareholding of Aga Khan Development Network.

MARKET SHARE CONT

Senior management team has remained stable and comprises seasoned professionals.

Overall governance infrastructure at the organization is considered sound Upgrade of IT system is in process and is envisaged to be completed by next year.

Conclusion
Quick response is very much important in service sector. There is a need to quick reply on customer claims. The place is very much important in service sector; if the premises is located near about populated area so the business of insurance company grow very fast according to product life cycle. Competitors are the most powerful threat in today market; so the JGI have to study their competitors annual report, their strategies, objectives, and external and internal audit report.