Home / This Week / Cover Stories / Company Profile: Asia Insurance At A Glance

Company Profile: Asia Insurance At A Glance

Asia Insurance Company Limited is one of the fastest growing Insurance Companies of Pakistan. The company offers various solutions which are inclusive, economical and tailored for its valued clients. The company’s aim is to provide a steady hand, helping people to stand back onto their feet when they experience a mishap while prudently managing risks.

Introduction

Asia Insurance Company Limited was established in 1979 as a Public Limited Company and commenced its business in 1980. The Company is listed and quoted on Pakistan Stock Exchange.

We are a composite Insurance Company which has been authorized by Securities & Exchange Commission of Pakistan to transact all classes of General Insurance and General Takaful Business including Fire & Allied Perils; Marine Cargo; Marine Hull; Motor; Personal Accident; Travel Insurance; Agriculture Insurance; Livestock; Corporate Health; Cash-in-Transit & Cash-in-Safe; Machinery Breakdown; Guarantees and Bonds etc.

The Company’s operational functions are split into various departments, each of which is housed in the head office in Lahore. These include Underwriting, Claims processing, Accounts, MIS (Management Information System), Human Resources, Admin, Legal, Health, Livestock. Corporate, Reinsurance, RND (Research & Development) and Internal Audit. Marketing and sales are carried out through the head office and a network of branches that extends throughout Pakistan. The entire branch network is connected to the Company’s MIS system, which allows fluid, paperless operations in real-time.

Reinsurance treaties

Asia Insurance has a bouquet of reinsurance treaty arrangements with leading Reinsurers of the world.

Credit rating

As a sign of Asia Insurance’s growing stature on the basis of sound fundamentals, the Company has seen a consistent increase in its Insurer Financial Strength (IFS) rating by the Pakistan Credit Rating Agency (PACRA).

PACRA currently rates Asia Insurance as ‘A’ (stable).

Our Vision

Asia Insurance Company Ltd. aims to be an ideal Insurance Company with a large equity base (over a Billion Rupees at present) to provide more opportunities and options for utilization of funds and to increase profitability through economies of scale, better resource mobilization and reduction in operational cost; to achieve this while providing better service to our clients and stakeholders.

Our Mission

To provide excellent services by way of best risk management and hassle-free settlement of claims through a nation-wide network of branches managed by a sound, dynamic team, ensuring good governance.

Core Values

Our Core values derived from ASIA Code of Conduct:

  • Customer Service
  • Stimulate Personnel, Reward them and enhance their skills
  • Contribution towards Company’s financial goals and focus on achieving results.
  • Commitment towards excellence in quality of work

mgmt-1

Foreign investment

Asia Insurance has won the confidence of German development bank KFW, who, through their InsuResilience Investment Fund (Rated AAA by Fitch, AA+ by Standard & Poor’s) and managed by Swissed based manager BlueOrchard Finance, has invested Rs.350-Million for taking 25.4% shareholding in Asia Insurance Company Ltd. Taking the Company’s total equity to over Rs.One billion.

Financial growth

Asia Insurance Company is pursuing profitable business and responsible leadership within the insurance industry. The company witnessed a positive growth in underwriting premium. Asia Insurance Company Limited has made a significant improvement in 2017 and our achievement for year ending 2017 is showing the continuous progress.

The gross premium written by the company has increased from previous year. The Business figures of 2017 and the last six years in millions are depicted as under;

Asia-gph

The Company’s ability to create new modes of operation relies on the aforementioned financial growth. It also helped to improve corporate infrastructures and support of a new foundation of IT that is flexible and adaptable.

Asia Window Takaful Operations

Asia Insurance Company Limited has been granted license of Window Takaful Operations by SECP. Takaful is a system of Islamic insurance based on the principle of Ta’awun / Waqf (mutual assistance) and Tabarru (voluntary contribution), where risk is shared collectively by a group of participants, who by paying contributions to a common fund, agree to jointly guarantee themselves against loss or damage to any one of them as defined in the contract. Takaful is operated on the basis of

  • Shared responsibility
  • Brotherhood
  • Solidarity
  • Mutual cooperation

Takaful is an Islamic way to Insurance. It has benefit of “Profit Sharing” and recognized by Shariah Advisory Board. Window Takaful operations of the Company offers modified services according to customer’s need. The company’s Window Takaful operations under the Brand name of Asia Window Takaful transacts in all classes of risks namely Fire, Marine, Engineering, Motor Vehicles and miscellaneous.

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 Farhan Farooq
  • Mufti Zeeshan Abdul Aziz
Group/corporate health insurance

In a changing environment of stress, strain and anxiety, coupled with ever increasing cost of health care, falling sick and being hospitalized is indeed a traumatic experience for every individual.

As a prudent employer, you can appreciate that a fit and healthy work force is essential for successful running of a business. Employees’ medical problems and illnesses can adversely affect an efficient and effective working system. Moreover, medical costs have a tendency to escalate at a much higher pace than our historical inflation rate particularly where hospitalization expenses are involved.

 

Salient features of Asia Insurance products:

(a) 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.

(b) 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 workshop.

(c) 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.

(d) Agriculture Insurance:
We provide insurance services like “Agriculture and Livestock” insurance for farmers, banks and financial institutions. Asia Insurance Company Limited’s Agri. Division was established in 2012 and commenced its agri. business in 2013.

(e) 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.

(f) 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.

(g) Group/corporate health insurance benefits:

  1. Health Insurance enables employers to contain medical expenses within their budgeted limits, thus ensuring adequate provision of medical care for employees against contingencies.
  2. Unexpected medical expenses, if not budgeted, can put an undue strain on financial resources of an employer. With our Group Hospitalization Insurance Cover, employers will experience the following benefits:
  • Sharp fluctuations in their health costs can be smoothed out, making it possible to contain expenses within budgeted amounts.
  • Their healthcare related administration costs can be almost eliminated as we do the work for them.
  • The network of our panel hospitals are accredited based upon the credentialing of their physicians/surgeons and favorable assessment of their facilities, which can ensure better quality care for their employees.
  • Unreasonable and inflated bills can be screened out by our expert case managers.
  • Health insurance premium is a tax-deductible expense.

Check Also

Islamic finance education in Pakistan – challenges and growth

Islamic finance education in Pakistan – challenges and growth

Islamic finance industry in Pakistan has witnessed a strong growth in Pakistan over the last …

Leave a Reply