Century Insurance Company Limited (CICL) is a general insurance company operating since 1989. It is listed on the stock exchanges of Pakistan and is a member company of the prestigious Lakson Group, one of the largest and most progressive business groups in Pakistan.
Initially, Century started off as a company catering primarily to the insurance needs of the Group Companies. However, in the year 2001, it opened its doors to outside business acquiring the business of prestigious multinationals and local corporations including foreign banks.
CICL is managed by a team of progressive & dynamic business visionaries as a result Century has rapidly evolved as one of the leading insurance companies of Pakistan. Alhamd-o-lillah, over the last 5 years, the Company has achieved a record growth of over 292% in premium. The growth of the Company is a success story all the way.
Century is a customer focused insurance company growing rapidly by building long term relationships and responsive to find solution for each customer needs.
It has been assigned Insurance Financial Strength Rating (IFSR) of 'A' with stable outlook by JCR-VIS Credit Rating Agency, which signifies "High financial capacity to meet policy holders and contract obligations". The Company has also been twice awarded "Top 25 Companies Award" of Karachi Stock Exchange (KSE).
CICL has one of the strongest reinsurance treaty arrangements in the country with world renowned reinsurance companies having "AA" Rating. The company's solid treaty arrangements and large capacity enables it to underwrite larger risks.
Besides, the traditional insurance business segments eg. Fire, Marine & Motor, Century also provides covers for Erection All Risks, Contractor All Risks, Personal Accident as well as the specified fields of Engineering Insurance including Machinery Breakdown, Loss of Profit, and Fire Risk Management among others.
CICL also introduced some new & innovative products viz. Plastic Card Insurance, Home Mortgage Insurance and Travel Insurance which are all significantly contributing towards the growth and profitability of the Company.
CICL has developed one of the best Management Information System (MIS) and it is equipped with all the needs of modern technology to fulfill the requirements of a large and successful insurance business. 'Prompt settlement of claims and customer satisfaction is management's top priority' and in this regard effective & quick discharge of claims through prompt generation of relevant MIS reports is an added advantage to the organization.
The Management's desire to indemnify the insured soonest possible by prompt and hassle-free settlement of claims and its ethical dealings has earned CICL respect in the eyes of insured and enhanced the Company's creditability. As a result, the client base of the Company is continuously expanding with prestigious names.
CICL has also set-up mandatory committees as required by the Securities & Exchange Commission of Pakistan & Code of Corporate Governance. It diligently plays its corporate role and responsibilities. The Company being listed on the Stock Exchanges follows the Code of Ethics and Best Business Practices as required by the Stock Exchanges and the Regulators.
THE GROWTH OF THE COMPANY HAS BEEN ACHIEVED THROUGH PERSONALIZED, UNPARALLELED & SUPERIOR QUALITY SERVICE TO OUR VALUED CLIENTS WITH A VISION FOCUSED ON THE FOLLOWING:
-- Provide superior service to the clients.
-- To become the company of choice to our Clients, Shareholders and Employees.
-- To provide excellent financial returns to the shareholders.
-- Company culture should be known for integrity and ethical behavior.
INSURANCE INDUSTRY IN PAKISTAN:
The world can be segregated into two Sectors. Those countries which are educated and advanced and those which are in developing stage.
Because of the high literacy rate and developed economy, there is a strong overall awareness in the developed countries about insurance needs. On the other hand the developing countries because of low literacy rate and poor economic conditions are not fully aware of the advantages of insurance or are unable to afford it. It can be judged for the fact that per capita insurance premium is one of the lowest as shown below:
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US$
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Pakistan 2.9
India 16.4
Iran 22.3
Turkey 47.7
U.K 4058
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INSURANCE INDUSTRY IN PAKISTAN IS STILL IN ITS INFANCY. IT IS DUE TO THREE MAIN FACTORS:
(a) Low literacy rate (b) Religion perception about insurance (c) Poor economy. Because of these factors the growth of insurance industry is slow in our Country.
Due to new entrants in the general insurance sector there is severe competition amongst the insurance companies, rate cutting is very common. Discipline must prevail in the insurance industry to operate on sound footing and adhere to healthy insurance business practices.
The growth of the insurance industry is directly linked with the growth and development of the banking and industrial sector. As both banking & manufacturing sectors are currently performing well, and privatization of industry and foreign financials coming in the insurance industry in Pakistan has started to grow at a faster pace.
HUMAN RESOURCE:
Insurance subject is highly technical in nature and requires qualified and experienced personnel in underwriting as well as on the marketing side. There is an acute shortage of insurance professionals due to lack of education and training the field of insurance. This area requires special attention to meet the challenges of growth.
The Punjab University, Hailey college of Banking & Finance has taken a commendable step by introducing BBA (Hons), MBA & Executive MBA in the Insurance & Risk Management disciplines.
Similarly Pakistan Insurance Institute (PII), like Insurance Institute of India, should develop its own insurance program customized to our domestic requirement. It is the need of the hour for insurance companies & institutions to explore new business horizons & avenues besides traditional insurance business segments.
FUTURE AHEAD:
CICL has been achieving significant and consistent growth in its operations and profitability which has been adding to the shareholders value. Alhamd-o-lillah, CICL with its ethical dealings and professionalism, today, stands at the forefront of the domestic insurance industry and is widely recognized as such. The client base of the Company is continuously growing with prestigious names.
Growth is the mindset of CICL as survival of any company lies in its growth.
With a strong capital base and a team of highly competent and motivated insurance professionals backed by strong reinsurance arrangements, Century spells security and dependability for its valued clients.
We pledge to continue our unmatched level of service to our clients & progressive contribution towards the growth and development of insurance industry in Pakistan.
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