TEXT: The Insurance Association of Pakistan (IAP), established in 1948, is a dynamic and vision driven body that represents the insurance industry of Pakistan. IAP has been the voice of the industry, actively engaging Government and all stakeholders of the sector. Representing both life and non-life insurance companies that write PKR 438 billion (approx.) worth of premium annually, IAP members are the prominent insurance companies of the country.
The members of IAP collectively contribute to approximately 95% of life and non-life insurance premium in the private and public sectors. Out of its stronghold of 38 member companies, 27 companies transact non-life insurance business, 7 transact life insurance business, 3 takaful operators (1 family and 2 general takaful) and the state owned reinsurer (PRCL) in Pakistan.
IAP is driven with the objective to promote, support and protect the status, common interest and welfare of member companies carrying on the business of insurance and takaful in Pakistan. The Association also acts on behalf of its members in any matter affecting their interest.
IAP is unique in as much as it provides a professional platform to guide the members in technical matters related to the industry which is recognized both at national and international level. The Insurance Association of Pakistan is a trade organization registered by the Ministry of Commerce as an All Pakistan Trade Association and is Member of the Federation of Pakistan Chambers of Commerce and Industry. The Association corresponds with the National Fire Protection Association (USA), WK Webster (UK), the Association of Average Adjusters (UK), Association of British Insurers & the International Underwriters Association of London. IAP’s interaction with these international professional bodies results in sharing of valuable international experiences and receiving regular updates of technical advances being made elsewhere in the world.
Locally, the Association subscribes to Federation of Pakistan Chamber of Commerce & Industry (FPCCI), Pakistan Insurance Institute (PII), Pakistan Institute of Corporate Governance (PICG), SAARC
Chamber of Commerce (SAARC CCI) and internationally, National Fire Protection Association (NFPA). The Association also provides Technical Inspection Service to its members. Association’s risk reports not only enable the insurers to analyze the risk correctly, but also recommend risk improvements to minimize losses and save valuable national assets.
The affairs of the Association are run by the Executive Committee (EC) elected annually. The Committee following the Ministry of Commerce Trade Organization Rules 2013 elects its own Chairman, Senior Vice Chairman and Vice-Chairman. The Chairman becomes Ex-officio member of the EC for the subsequent year. The EC is assisted by the following Technical Committees manned by expert professionals:
Regional Committee North
Accident Technical Committee
Life Technical Committee
Marine Technical Committee
Property Technical Committee
Takaful Technical Committee
Miscellaneous Committee
IAP in the interest of insurance business has developed a web-based portal for its members to share information of motor vehicles thereby, minimizing insurance fraud to a great extent. This portal also acts as the repository of insured stolen and CTL vehicles. The committees are working on two other online portals.
The Association has developed a “No Fault Motor Third Party Liability Insurance” scheme for the benefit of public at large. It is encouraging to note that in line with this Scheme, SECP has recommended amendments in Motor Vehicles Act, 1939 to introduce “No Fault Model”.
It is a matter of pride for the IAP that due to the efforts of its Regional Committee North, the Hailey College, University of Punjab is offering MBA/BBA students of 5th semester to choose their specialization either in Banking, Finance or Insurance & Risk Management .
To strengthen the Pakistan Insurance Institute (PII) and to bring it at par with international insurance institutes like Chartered Insurance Institute (U.K), Malaysian Insurance Institute (MII) and Indian Insurance Institute (III), the General Body of IAP has approved a substantial monthly grant for PII to prepare a robust program.
The Association has achieved a historic milestone by constructing its own state of the art building “IAP House” in DHA, Karachi. The ground plus four building provides 7500 square feet of space which will become the Association’s base of operations and houses a dedicated workshop/ meeting area to host industry seminars and meetings.
IAP offices in Karachi and Lahore have been equipped with video conferencing facility.
For further details / information on IAP activities please visit website: www.iap.net.pk
N.A. Usmani, Secretary General, IAP
Copyright Business Recorder, 2022
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