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Company Profile  IGI PAKISTAN Ltd
Company Profile  MULTIMEDIA TECHNOLOGY

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Company Profile

IGI PAKISTAN Ltd

Setting the standards for insurance

www.igi.com.pk 
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.

BACKGROUND

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.

CORPORATE PHILOSOPHY

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.

REINSURANCE ARRANGEMENTS

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.

FINANCIALS

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 their cost.

COMMITMENT

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 following addresses:

UAN: 111-308-308

Lahore:
 2nd Floor, Babar Ali Foundation Building, 308 Upper Mall, Lahore.


Karachi:
 Finlay House, 1st Floor, I.I. Chundrigar Road, Karachi
Tel. # 021-2426974-7 2423487: Fax. 021-2416710


Islamabad:
 1st Floor, Waheed Plaza, 52-west, Blue Area, Islamabad.
Tel. # 051-2277355, 2273840: Fax. 051-2277356


Faisalabad:
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.