The Insurance Association of Pakistan

N.A. Usmani, Secretary General, The Insurance Association of Pakistan

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 the Government and all stakeholders of the sector. Representing both life and non-life insurance companies that write PKR 550 billion (approx.) worth of premium annually, IAP members are the prominent insurance companies of the country.

The members of IAP collectively contribute to approximately 99% 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, 4 takaful operators (2 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 a 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 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 an 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 the 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 other portals as well.

The Association has developed a “No Fault Motor Third Party Liability Insurance” scheme for the benefit of the public at large. It is encouraging to note that in line with this Scheme, SECP has recommended amendments in the 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 Has signed a memorandum of understanding with IAP to provide academic and professional platforms to the students as well as the insurance industry for future excellence. On this occasion the Principal Hailey College announced the revival of the BBA (Insurance and Risk Management) program for the spring 2024 intake.

The Association has its own state of the art building “IAP House” in DHA, Karachi. The ground plus four building provides 7500 square feet of space and houses a dedicated workshop/ meeting area to host industry seminars and meetings.

IAP offices in Karachi and Lahore have been equipped with modern video conferencing facilities.

For further details / information on IAP activities please visit website: www.iap.net.pk

Copyright Business Recorder, 2024