Setting the standards for insurance
Oct 29 - Nov 04, 2001
International General Insurance Company of Pakistan
Limited (IGI) is one of the few financially sound insurance
establishments in the country, which has been focusing mainly on
building its reputation in the domestic as well as international
insurance markets through quality business and adherence to high ethical
and professional standards.
IGI is a company of the Packages Group and was
established in 1953 in collaboration with Alliance Assurance of Great
Britain. Syed Maratib Ali was its first Chairman and Syed Babar Ali the
first Managing Director. The present Managing Director is Syed Hyder Ali
and the General Manager Basit Hassan Syed is currently the Vice Chairman
of Insurance Association of Pakistan (IAP). Packages Group is one of the
leading business houses in Pakistan with interests in paper, board and
packaging, dairy and food, polypropylene film, pharmaceuticals,
chemicals and investment banking sectors besides insurance.
During its 47 years of operations IGI has built a
reputation that has strengthened its business. IGI is ranked second
amongst the general insurance companies in Pakistan on the basis of
Market/ Realizable value of its assets.
IGI maintains a very high solvency margin of 341%.
Its policy of prompt and fair claim settlement is evident of the fact
that it has one of the lowest outstanding claims in the domestic market.
IGI's total commitment to customer's satisfaction, professional/ethical
approach and prudent management practices has enabled it to develop very
cordial and long lasting relationship with its clients, which include
highly reputed local as well as multinational companies. Recently it has
been awarded "AA" Claims Paying Ability (CPA) rating by the
Pakistan Credit Rating Agency (Private) Limited, an affiliate of FITCH
Rating Limited, London. This is the highest rating amongst the local
general insurance companies and has given a lot of confidence to the
Company as well its clients.
IGI's corporate philosophy is embedded in customer
satisfaction through superior service, prompt payment of claims,
professional and ethical practice. The prompt payment of claims can be
judged from its AA rating of CPA (Claims Paying Ability), which is the
highest amongst the local general insurance companies in Pakistan. In
addition to this IGI is also the first general insurance company to
achieve ISO 9002 certification this year.
For any insurance company, reinsurance arrangements
with professional, dependable and financially sound re-insurers are very
essential. IGI has prestigious reinsurance arrangements with the
worldwide acclaimed re-insurers including; Munich Re of Germany, Swiss
Re of Switzerland and General Colongne Re of Germany. All these enjoy an
international rating of AAA, providing a reliable risk diversification
base to the company and confidence to its clients.
Currently IGI has a paid-up capital of Rs. 97
million. Due to the immense public trust and confidence and the market
respect commanded by IGI over the years, its shares of Rs. 10 is
presently being quoted around SIX times its face value.
The solvency margin, at 341%, is very high amongst
the insurance companies in Pakistan.
The gross premium for the business underwritten by
the company has increased around 10 times from Rs. 24 million in 1985 to
Rs. 228 million in 2000. The reserves of the company at Rs. 21 million
in 1985 have increased to about Rs. 259 million in 2000.
The total assets of the Company have increased more
than 13 times from Rs. 50 million in 1985 to Rs. 696 million in 2000.
The current market value of quoted assets and realisable value of
unquoted assets is more than Rs. 1.8 billion or around 2.5 times of
The figures speak for themselves. Our commitment to
excellence and our efforts have paid us rich dividends resulting in
commendable growth. Today, thanks to the incessant efforts of our staff
and the trust and confidence reposed on us by our valued clients, we are
ranked amongst the top 10 insurance companies of the country. Our
thorough professionalism and our business like approach have helped us
to compete with the very best and achieve positive results. The results
achieved, as always, look bright and hopefully with the passage of time
we will be able to scale new heights.
IGI has its offices in Karachi, Lahore, Islamabad and
Faisalabad. It has been operating profitably from its inception. It
underwrites all the three main classes of general insurance business —
Fire, Marine, Motor and Miscellaneous.
For your kind convenience we are available at the
2nd Floor, Babar Ali Foundation Building, 308 Upper Mall,
Finlay House, 1st Floor, I.I. Chundrigar Road, Karachi
Tel. # 021-2426974-7 2423487: Fax. 021-2416710
1st Floor, Waheed Plaza, 52-west, Blue Area, Islamabad.
Tel. # 051-2277355, 2273840: Fax. 051-2277356
2nd Floor, Sitara Towers, Bilal Chowk, Civil Lines,Faisalabad.
Tel. # 041 -629416: Fax. 041-629415
Whether you are buying insurance for the first time
or you have decided to try a new company, just walk into any of our
offices and discuss your needs in a friendly and cordial atmosphere.
Even if your requirements are unusual we are sure that at IGI we can
customize a policy to suit your needs.