Pakistan has a growing semi-industrialised economy that relies on manufacturing, agriculture and remittances. Pakistan economic expansion for the financial year 2015, which ended on June 30, 2015, was dominated by the Service sector as compared to the industrial sector. The growth of the industrial sector was hindered by the energy crises in the meantime small scale manufacturing and construction sustained the industrial sector growth at 3.6%.
Since 2005 Pakistan's GDP (Gross Domestic Product) was growing at an average of 5 percent a year, current GDP standing at 4.2% that is not enough to keep up with fast population growth. To make things even worst, political instability, widespread corruption and lack of law enforcement hamper private investment and foreign aid.
Inflation rate not expected to be higher in Financial Year 2016 as compare to Financial Year 2015 unless Oil price recover. Oil price will directly have effect on the daily commodities such as food, other reason for the increase in inflation in FY2016 are the expected floods.
Prospects of growth of Industrial Sector in FY2016 remain subject to progress on power supply and Government has already given the indicator that Energy crises will not be resolved until 2017 and 2016 will remain dry for Industry sector as no growth expected in industrial sector.
The pleasant news for the business sector is the plans to build an economic corridor linking Kashgar in the People's Republic of China to the Pakistan's port of Gawadar, can prove a catalyst for growth of Pakistan's Economy as this mega project will significantly boost private investment and growth in coming years.
In all such circumstances we can see that Insurance is become essential. The Insurance Industry in Pakistan is relatively small as compared to its peers in the region. The conventional and takaful both modes of coverage penetration and destiny remained very modest as compared to other jurisdictions and insurance sector is now developing and growing.
Approximately there are around 30 non-life insurance companies operating in the market, including general Takaful operators and the state owned companies.
SECP is playing vital role in the growth of the Insurance sector in Pakistan, keeping proper check and balance. SECP took initiative and introduces the Insurance Reform Roadmap for the betterment and growth of the Insurance Industry that's a positive step by SECP to promote the Insurance sector and to accommodate market changes and bring the local insurance industry on par with International Standards. Insurance companies have importance both for businesses and individuals as they indemnify the losses and put them in the same positions as they were before the occurrence of the loss. In addition, insurers provide economic and social benefits in the society ie prevention of losses, reduction in fear and increasing employment.
The United Insurance of Pakistan Limited (UIC) is the member Company of United International Group. The Company is well aware of the present scenarios and using the opportunities that are available in market to the most. The performance of any company not only plays the role to increase its own the market value but also leads toward the growth of the whole industry which ultimately leads towards the overall prosperity of the economy.
The United Insurance Company of Pakistan Limited is operating in the market with the Vision "A first class Insurance Company to provide cost effective risk management solutions to its policy holders through highest level of quality". UIC has shown great commitment to its clients that "Your risk is secure with us" The United Insurance Company of Pakistan Limited is the 4th largest Insurance Company of Pakistan in terms of Gross Written Premium. UIC is the 4th largest Insurance Company of Pakistan in terms of Paid up Capital. As of September 30, 2015 Net equity of UIC stands at Rs 2079 million and Paid up Capital stands at Rs 1288 million.
PACRA maintained UIC IFS rating A+ for the year 2016 which denotes a very strong capacity to meet policy holder and contract obligations. At the same time risk factors are considered modest, and the impact of any adverse business and economic factors is expected to be very limited.
The United insurance Company of Pakistan Limited has Re-Insurance Treaty Arrangements with the Professional Re-Insurers of AA rating.
UIC has a wide network of branches, catering for all the major cities of Pakistan. At present UIC have 110 Branches all over Pakistan and striving hard with the promise to extend its coverage to the other remote areas of Pakistan and increase the chain of branch network.
The United Insurance Company of Pakistan Ltd - Window Takaful Operations promoting General Takaful Business since 2014 comprising Fire, Marine , Motor, Engineering, Miscellaneous, Crop and Livestock in the Pakistan with Halal statutory allocated fund from paid up capital of Rs 50 Million. The up-to-date Gross Premium is Rs 503 Million.
The United Window Takaful Operations maintaining re-takaful arrangements with world's renowned ReTakaful Companies namely Swiss-Re Takaful Ltd, Switzerland, GIC Re-Takaful, Dubai and Lubuan Re, Malaysia. On the basis of strong treaty arrangements United Window Takaful is quite capable to hold big risks.
The United Insurance Company is striving hard to provide superior services to their Customers through high quality business solutions and health protection, based on expert advice and financial management and adding value to all corporate and non-corporate customers. UIC is also vigilant about its responsibilities towards society, UIC are taking productive measures to ensure good governance by maintain high ethical standards and risk coverage.
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