TEXT: EFU is the largest insurer in Pakistan, offering Non- Life, Life and Health Insurances under EFU Group. The company operates through its large branch network across Pakistan.
Since its establishment in 1932, EFU has progressively established itself as a leader in the insurance industry. Offering a full spectrum of solutions to address the needs of our customers. The company is equally dedicated to serve not only large industry but also small and medium enterprises and Individual customers. EFU’s legacy over the years has been built on the confidence of its customers, and till today EFU remains the preferred brand for all Corporates, Commercial as well as individuals. This legacy has been built by total commitment.
EFU underwrites both conventional as well as Takaful line of business. The Takaful Window was launched in 2017.
EFU has a diverse portfolio with business written in all segments in the markets. One of the largest segment is of Textile which is the backbone of Pakistan’s exports.
The company underwrites client business on the basis of risk evaluation, seek flexibility and innovative approaches, and provide continuity and consistency through being backed by a strong network of nationally and internationally recognized reinsurers. EFU offers the ample capacity.
Through the strong financial position, with a crediting rating of B+ by A.M Best, the company provide the security clients need, especially during times of uncertainty and transition. From standard products to tailor-made coverage across all lines of business, we deploy our capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend.
Pioneers In Power and Energy Projects Insurance in Pakistan
EFU was the first company to insure all the Independent Power Plants (IPPs) that were set up in Pakistan under the1994 power policy of the government. EFU has been involved in all major projects funded by the World Bank, International Finance Corporation (IFC), Asian Development Bank (ADB) and the Chinese lenders. The company also provides insurance cover to Chinese interests in Pakistan and is also insuring infrastructure construction risks to various CPEC projects. The range of CPEC projects insured by EFU includes coal power plants, hydro power plants, wind power plants and solar energy plants as well as longest highway development projects spreading over 500 kilometers.
The company is the pioneer of insuring Renewal Energy Projects in Pakistan. EFU has the privilege to insure the first Wind Power and Solar Power Plant in Pakistan set up under Government’s Green Energy Initiative.
EFU General leads in providing coverages and solutions to the mainstream industrial sectors such as fertilizer plants, refineries, petrochemical, sugar mills, cement and auto industry.
Dedicated Risk Engineering Management Team
The company apply deep knowledge, experience, risk management tools and capital strength to anticipate and manage risk. A dedicated Risk Management Department manned by inspired and technically qualified and experienced engineers specialized in civil, mechanical, metallurgy, petroleum which works closely with the clients to identify various risk exposures by doing risk assessments of facilities, conducting process safety reviews, develop risk improvement measures and then provide specific insurance. This department have strong modelling capabilities and risk management tools to assess, quantify and actively manage EFU’s risk profile.
Claims Management Strategy
Throughout our history we have helped our clients withstand natural and man-made disasters, and economic crises. We've achieved this by living our core values of client centricity, agility, team spirit, passion to perform, and integrity.
EFU strength lies in its client centric approach on Claim Management. The approach to settlement primarily is to facilitate customers in speedy conclusions.
Awards and Other Achievements
EFU has been conferred the PSX Top 25 companies awards 2019 by Pakistan Stock Exchange. The Top 25 Companies Award is a tradition at Pakistan Stock Exchange which goes back to 1978. Historically, the best performing listed companies in Pakistan are awarded this distinction.
The award testifies that EFU has out-performed others in the spheres of corporate governance, financial performance, and has added to shareholder value, based on specific quantitative criteria, amongst other factors, thus making to the Top 25 Companies List. The award takes into account the excellent performance metrics of EFU and recognizes the able guidance of its Board and qualified and competent management.
In addition, EFU has been securing the FPCCI award for the last eight consecutive years. This prestigious award recognizes EFU’s exemplary performances across the industry that has positively contributed to the socio-economic development of the country.
Among other awards, EFU has won numerous CSR awards, Fire and Safety awards & Environment excellence awards, hence recognized all over Pakistan for great commitment towards Public Health & Safety, energy conservation and contribution towards protecting the overall environment for greater sustainability, endorsing excellent HSE practices and performance in the field of fire safety and security.
Copyright Business Recorder, 2022
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