Asia Insurance Company Limited is a prominent insurance provider in Pakistan, offering a wide range of insurance solutions since its establishment in 1979. Here's a comprehensive overview of the company:
Introduction: Asia Insurance Company Limited began its operations in 1980 as a Public Limited Company. It is listed and quoted on the Pakistan Stock Exchange. The company operates as a composite insurance entity, authorized by the Securities & Exchange Commission of Pakistan to transact all classes of General Insurance and General Takaful Business.
Operational Structure: The Company’s operational functions are managed through various departments housed in its head office in Lahore. These departments include Underwriting, Claims processing, Accounts, Management Information System (MIS), Human Resources, Administration, Legal, Health, Livestock, Corporate, Reinsurance, Research & Development (R&D), and Internal Audit. Marketing and sales activities are conducted through both the head office and a network of branches spread across Pakistan.
Reinsurance Treaties: Asia Insurance has established reinsurance treaty arrangements with leading reinsurers worldwide to manage its risk exposure effectively.
Credit Rating: The Company has consistently improved its Insurer Financial Strength (IFS) rating, currently rated as 'A++' by the Pakistan Credit Rating Agency (PACRA), indicating strong fundamentals.
Vision: Asia Insurance aims to become an ideal insurance company with a large equity base, focusing on profitability, resource mobilization, and operational efficiency while providing excellent service to clients and stakeholders.
Mission: The Company is committed to delivering excellent services through effective risk management and hassle-free claims settlement, leveraging its nationwide branch network and dynamic team.
Core Values: Asia Insurance upholds core values such as customer service, personnel stimulation, commitment to financial goals, focus on achieving results, and a commitment to excellence in quality of work.
Management:
Chairman:
Mr. Ihtsham ul Haq Qureshi, a respected figure in the business community, leads the company with a focus on sustainable growth and profitability.
A recipient of the Prince Henrick Medal of Honor by the Royal Kingdom of Denmark, Mr. Qureshi enjoys a very good reputation in the business community and he is the Chairman of the following companies:-
• C Soft (Pvt) Limited,
• Falcon Engineering Services
• Omega Project Management & Consulting (Pvt.) Limited
Chief Executive Officer:
Mr. Zain Ul Haq Qureshi brings extensive experience in project sales, customer relationship management, and general management to his role, driving special projects and business development initiatives.
Foreign Investment: Asia Insurance has garnered the confidence of international investors, including the German development bank KFW, which has invested significantly in the company, enhancing its equity base.
Financial Growth: The Company has witnessed positive growth in underwriting premium and has continuously increased its gross premium written over the past seven years, reflecting its financial stability and growth trajectory.
Asia Window Takaful Operations: In addition to conventional insurance, Asia Insurance offers Window Takaful Operations, based on Islamic principles, under the brand name Asia Window Takaful. These operation cover various classes of risks and are managed in accordance with Sharia rules.
Through its existing infrastructure in Pakistan and new staff dedicated to Asia Window Takaful Operations, Asia Insurance aims to bring to Takaful the same sense of responsibility, prudence and excellence in customer service which are being enjoyed by the conventional insurance clients. To achieve this goal and to promote Takaful Business in its proper perspective by Organizing the Company strictly on Sharia Rules, we are guided by a Shariah Committee of the following well renowned scholars in Fiqha.
• Mufti Muhammad Ikhlaq
Types of Cover:
Asia Insurance provides a diverse range of insurance products, including digital product solutions, fire & allied perils insurance, motor insurance, marine insurance, agriculture insurance, travel insurance, miscellaneous insurance, health insurance, home insurance, solar panel insurance, crop insurance, and livestock insurance.
Types of Cover offered:-
Digital Product Solution
In this digital age, the efficient policy management, API integration and claim lodgment is of utmost importance. That's why we have expanded our digital insurance offerings to include comprehensive coverage for crop, livestock, health, personal accident, travel, and motor insurance.
Fire & Allied Perils Insurance
This covers insurance for factories, offices and homes and coverage against perils like fire and lightening which can be extended to cover; Impact damage, storms, earthquakes, rain flood damages, riot and strike damage, burglary and malicious damage etc.
Motor Insurance
Motor Insurance is complete auto insurance plan for both individuals and corporate offering which includes theft, snatching, armed hold up, accidental damage, third party liability and terrorism. The liberty to have your vehicle repaired at the workshop of your own choice and cost of repairs being directly settled with the workshop.
Marine Insurance
We Cover imports and exports of consignments, loss or damage of cargo during transit by Air, Sea and Rail/Road, We also cover dispatch of finished goods from Insured’s factory to anywhere in Pakistan and outside Pakistan.
Agriculture Insurance
We provide crop and livestock insurance for farmers, banks and financial institutions. Asia Insurance Company Limited’s Agri. Division was established in 2012 and commenced business in 2013. Asia has grown into one of the largest providers of agriculture insurance in Pakistan, with a broad network of partner institutions and in-house expertise.
Travel Insurance
We provide Guarantees and Travel Insurance service to our corporate clients, Individuals, Students and offer special package for Hajj and Umrah Tour Operators and groups. Asia Insurance also offers online tracking of policies to its customers through its website.
Miscellaneous Insurance
We also provide customized insurance solution for our corporate clients. The covers range from the Insurance of Engineering Projects to Electrical Equipment and Machinery, Personal Accident, Guarantees, Cash in Safe, Cash in Counter and Cash in Transit etc.
Health Insurance
Asia Insurance gives health insurance coverage to individuals, groups and corporations, allowing for a large range of customization of coverage/benefits. Through a broad network of panel hospitals, Asia is able to ensure its customers the utmost ease of availing cashless services.
Home Insurance
Protect your residential and commercial buildings with our comprehensive home insurance. Our home insurance covers damage to structure, personal belongings, and liability. Flexible options, competitive pricing, and digital platform for easy policy management and quick claims compensation.
Solar Panel Insurance
Our insurance coverage for solar panels protects against damage to the panels, theft, and other perils, providing peace of mind to your customers.
Crop Insurance
Given your reputation as a leading financial institution with a strong focus on serving the agriculture sector, we believe that our weather index insurance product, which is unique to Asia Insurance, offers protection to crops against weather-related risks like flooding and drought, helping to ensure the stability and success of the farmers you serve. We gather data through satellite and when a specific threshold level is triggered, the claim becomes payable.
Livestock Insurance
We use a one-of-its kind smartphone to tag the animal digitally. Under Livestock Insurance, livestock owners and animals are registered by using artificial intelligence technology. The entire underwriting and claims process is managed on a real-time cloud dashboard.
Asia Insurance Company Limited stands as a leading player in the insurance industry, committed to innovation, customer service excellence, and sustainable growth.
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