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Sindh insurance carrying complete range of products for small entrepreneurs, poor segment

Having largest Pakistan economy, Sindh is the second largest province of Pakistan population wise after Punjab. Being historically home to the Sindhi people it is also locally known as the ‘Mehran’ and has been given the title of Bab-ul-Islam (The gateway of Islam). Sindh is known for its distinct culture, which is strongly influenced by Sufism. The provincial capital of Sindh is Pakistan’s largest city and financial hub, Karachi. With Karachi being its capital that hosts the headquarters of several multinational banks. Sindh is home to a large portion of Pakistan’s industrial sector and contains two of Pakistan’s commercial seaports –Port Bin Qasim and the Karachi Port. The remainder of Sindh has an agriculture based economy, and produces fruit, food consumer items, and vegetables for the consumption other parts of the country Sindh is also the centre of Pakistan’s pharmaceutical industry. As per last conducted Census of Pakistan indicated a population of 50 million. Just under half of the population are urban dwellers, mainly found in Karachi, Hyderabad, Sukkur, Mirpurkhas, Nawabshah District, Umerkot and Larkana.

On April 20, 2010, Pakistan’s parliament passed a landmark consensus constitutional amendment to restore Pakistan’s constitution to its original intent of a decentralized federation of provinces. Sindh Bank started its operations in year 2010. It was a success story. Now the Government of Sindh has taken yet another step leap forward by launching the formation of Sindh Leasing Company Limited, Sindh Modaraba Management Limited and Sindh Insurance Company Limited.

Sindh Leasing Company would supplement the activities in the financial sector by assisting the small entrepreneurs, offering finance lease, operating lease, factoring and working capital finance for small entities.

Sindh Modarba Company would be managing a multipurpose modaraba catering to small businessmen interested in availing Shariah-compliant Islamic modes of financing, like: Ijarah Financing, Modaraba Financing, Musharika Financing and Commodity Financing.

In order to cater insurance need for huge assets owned and financed by Sindh government its autonomous bodies Sindh Insurance was also launched with capital of Rs500 million.

ABOUT SINDH INSURANCE COMPANY LIMITED

Wholly owned by Government of Sindh, Sindh Insurance Ltd was incorporated in December,2013 with its registered head office in Karachi. With an authorized and paid up capital of Rs500 million, all fully paid-up, the company is sponsored by Government of Sindh. Sindh Insurance Limited is registered as non-Life Insurance Company with Securities and Exchange Commission of Pakistan from August, 2014 and has been licensed to transact all classes of non-life insurance business.

Sindh Insurance Limited has been incorporated under the Companies Ordinance, 1984 as public limited company and not listed to any stock exchange. It is wholly owned by Government of Sindh. Sindh Bank Limited, Sindh Leasing Company Limited and Sindh Modaraba Management Limited is associated companies.

Sindh Insurance Limited has been licenced to transact all classes of non-life insurance business in Pakistan and any part of the world. The authorized and paid-up capital of the company is Rs500 million. The registered office/Head office the company is situated in Karachi.

The Company have developed comprehensive operational system and providing matchless services with state-of-the-art on-line IT system across the country.

Company seeks to bring banking, leasing and insurance together in offering comprehensive financial solutions, to better service the customers.

Sindh Insurance Limited has developed strength in both the personal (esp. Micro Insurance) and Commercial Lines. The team of Sindh Insurance is driven by the basic principles of integrity, coherence, honesty and trust and each of them is committed to create an ethical corporate environment that covers the core values of respect and righteousness.

VISION: Reaching everyone for Insurance and to meet expectations of our customers and shareholders.

MISSION STATEMENT: To provide best returns to our shareholders, job opportunities to the people and premium service at competitive rates to our customers. The mission of company is to maximize market through adoption of comprehensive conventional and non-conventional distribution strategy by marketing innovative insurance products.

PRODUCTS

FIRE AND ALLIED PERILS INSURANCE (PROPERTY INSURANCE): This is the most important form of Insurance, which is essential for all types of business concerns. Providing covers in respect of loss of or damage to the property against the following perils:

– Fire & lightning – loss of or damage to the property (building, stocks, contents, furniture, fixture & fittings) directly caused by Fire & lightning.

– Riot & Strike Endorsement – loss of or damage to the property insured (building, stocks, contents, furniture, fixture & fittings) directly caused by the act of any person taking part together with others in any disturbance of the public peace.

– Malicious Damage Endorsement – loss of or damage to the property insured (building, stocks, contents, furniture, fixture & fittings) directly caused by the malicious act of any person.

– Atmospheric Disturbance Endorsement — loss or damage to the property (building, stocks, contents, furniture, fixture & fittings) directly caused by:-

Hail, Snow, Wind, Hurricane, Cyclone, Tornado; or Typhoon.

 

MACHINERY BREAKDOWN INSURANCE: This Insurance covers any unforeseen and sudden physical loss or damage from causes such as defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, carelessness.

COMPUTER ALL RISKS INSURANCE: The equipment described in the schedule and used in performance of its proper function shall suffer any unforeseen or accidental loss or damage from any cause, the Company will indemnify the insured in respect of such loss or damage.

CONTRACTOR ALL RISK INSURANCE: If the Insured suffer any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded, in a manner necessitating repair or replacement, the Insured shall be indemnified in respect of such loss or damage in any one event the limit of indemnity where applicable and not exceeding in all the total sum expressed in the Schedule as hereby covered.

ERECTION ALL RISK INSURANCE: If the Insured suffer any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded, in a manner necessitating repair or replacement, the Insured shall be indemnified in respect of such loss or damage in anyone event the limit of indemnity where applicable and not exceeding in all the total sum expressed in the Schedule as hereby covered.

Earthquake Fire & Shock – loss or damage (including loss or damage by fire) to any of the property insured (building, stocks, contents, furniture, fixture &fittings) by this policy occasioned by or through or in consequence of Earthquake.\

Standard Explosion – loss or damage to the property insured by fire or otherwise directly caused by explosion, but excluding loss of or damage to boilers, economizers, or other vessels, machinery or apparatus in which pressure is used or their contents resulting from their explosion.

Impact Damage – loss or damage to the property insured (building, stocks, contents, furniture, fixture & fittings) directly caused by impact damage by vehicles resulting from actual physical contact of vehicles or with the building containing the property covered there under.

Aircraft Damage Endorsement – loss or damage to the property insured (building, stocks, contents, furniture, fixture & fittings) directly caused by Aircraft and other aerial devices and/or articles dropped there from.

Electrical Clause ‘B’– loss or damage by fire to the electrical appliances and installations insured by item of this policy arising from or occasioned by overrunning excessive pressure, short circuiting, self-heating or leakage of electricity from whatever cause (lightning included).

Burglary – Loss of or damage to the insured contents as a result of (a) theft involving entry to or exit from the premises by forcible and violence means (b) hold-up by violence to the insured or his employees.

Truly a business need, this product covers loss of or damage to cargo whilst in transit by Sea/Air and rail/road; in case of Import/Export and inland transit.

Depending upon the needs of a client, there are various covers available for the following type of cargo:

Marine Imports; Marine Exports and Marine Inland Transit.

Coverage as per Institute Cargo Clause ‘A’ ‘B’ or ‘C’.

MONEY INSURANCE

Cash in Safe: Money whilst in Safe at Insured’s premises under lock & key.

Cash in Transit: Loss of money whilst in transit (Office to Bank & vice versa, etc.)

Cash on Premises: Loss of money during hold-ups within the business premises.

FIDELITY GUARANTEE

The Company shall reimburse the loss caused by the dishonesty or fraudulent act of the employees of the Insured.

PERSONAL ACCIDENT: This Insurance covers the ‘Death’, bodily injury, Total and Partial Disablement directly or indirectly caused by an accident.

WORKMEN’S COMPENSATION INSURANCE: If at any time during the period of Insurance any employee in the Insured’s immediate service shall sustain personal injury by accident or disease arising out of and in the course of his employment.

The Insured shall be liable to pay compensation for such injury then the company will indemnify the Insured against all sums for which the Insured shall be so liable and will in addition be responsible for all costs and expenses covered with its consent in defending any claim for such compensation as per Workmen Compensation Act 1939 and its subsequent amendments.

HEALTH INSURANCE

An in-house health management team of Sindh Insurance Limited are:

– Internal units of Sindh Insurance Health Team.
– Call Center: 24 X 7 Helpline to cater to customer queries.
– Doctor Availability: 24 X 7 Helpline to cater to customer queries.
– Case Approvals: 24 x 7 Doctor Availability.
– Provider Management: 192 + panel hospitals & 200+ diagnostic centers all over Pakistan.
– Research and Analysis: Analysis, Feedback & monitoring.
– Compliance: Regular Case Management, strict vigilance for fraudulent activity.
– Value Added Services: Awareness and Training sessions, SMS/Email Alerts and Web Portal.

MOTOR

Motor Insurance provides comprehensive protection for loss of or damage to the insured vehicle, whether private or commercial, and to the accessories whilst thereon caused by:

– Accidental damage
– Malicious act, riot & strike
– Theft/snatching at gunpoint
– Legal liability arising out of an accident to third party
– Personal accident to drivers and passengers
– Fire, external explosion, lightning or frost
– Whilst in transit by air, road, rail, inland waterway, lift or elevator
– Except those perils which are expressly excludes.

SIL RECEIVES WINDOW TAKAFUL OPERATOR LICENCE

Sindh Insurance Limited (SIL) has received window Takaful operator license from Securities and Exchange Commission of Pakistan (SECP) under Takaful Rules 2012.

This will make SIL the first public sector general insurance window Takaful operator in Pakistan. SIL will start takaful operations as ‘Sindh Widow Takaful’ offering a full range of Shariah-compliant products to its customers all over the country, said Chief Executive Officer M. Faisal Siddique.

S. Aquib Hashmi will look after ‘Sindh Window Takaful’ as Head of Takaful and Mufti Adnan has been appointed as Shariah Advisor of the company, said Muhammad Raza, Head of Operations SIL.

SINDH’S ADULTS INSURED AGAINST TERRORISM, ACCIDENTAL DEATHS

Families of terrorist attack victims – between the ages of 18 and 65 – would be provided immediate financial relief worth Rs100,000 in case of loss of life, under the Universal Accidental Insurance and Social Benefit agreement signed by the Sindh government.

Signed with the Sindh Insurance Limited, the agreement would also cover victims of other accidental deaths occurring in the province.

The entire adult population was insured from October 1, 2016 up till June 30, 2019; it would thereafter be extendable.

During his address, Sindh Chief Minister Syed Murad Ali Shah reiterated that the provincial government was making continuous efforts to provide welfare and benefit to the people of Sindh, especially to families who have had to bear the loss of its sole bread winner owing to accidents. He further emphasized over further developing the scheme and adding to it the element of social benefits, irrespective of political or geographical considerations.

Sindh Secretary Finance Syed Hasan Naqvi signed the agreement on behalf of the Sindh government, with SIL CEO M. Faisal Siddiqui.

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