Life is so busy and beautiful. We get indulged into it and forget about the fact that it is unpredictable and uncertain too. Our day-to-day chores are not allowing us to think beyond our usual income and create resources for our future. It may be in the form of savings, investments, or insurance. Insurance is also a form of investment that allows you to plan your financial protection for an unpleasant situation.
People in Pakistan have reservations about investment plans because of their religious and cultural believes, but there are a lot of people who endorse it for a better and secured future. According to a Global Data report, the gross written premium of the Pakistan insurance industry was PKR 401.2 billion ($2.4 billion) in 2021.
If you are also planning to get covered, we are bringing you a list of the best insurance companies in Pakistan. Review each of them to contact and get a customized plan according to your budget, family, and savings goal.
Let’s understand Insurance first!
Insurance is a kind of risk management or minimization, or to get financial protection for loss and damage. In general, when we talk about insurance in Pakistan, it is about life insurance that provides financial assistance to the family of the deceased upon death or injuries.
There are a variety of insurance plans the top insurance companies in Pakistan offer. It aims to protect the people themselves against potential losses. For example, we have insurances for car, health, home, travel, business, and agricultural.
A company (the insurer) that manages insurance agrees to compensate the person or company (insured) compensation upon loss, damage, natural calamity, or health issues. The insured entity pays regular payments to make sure they will be compensated well when they need the most.
Why you may need insurance in Pakistan?
Pakistan, being an independent state, still has to greatly rely on foreign loans and funding to make the economy run smooth. We are still a developing country that’s why financial turmoil is an all-time struggle for the people of Pakistan, whether living in or outside the country. Best insurance companies in Pakistan give them hope that their or their kids’ future will be better, or they won’t suffer if the head of the family dies or becomes unable to earn. You may need insurance for:
Life protection – We all are burning the midnight oil to provide food for our families. There is always confusion as who is going to provide them if we are not around. Life insurance gives you the confidence to rely upon a company that aims to take care of your loved ones when you are there.
Financial protection – insure your business, house, crops, car, or any other valuable asset to get protection against losses due to floods, earthquakes, or any untoward situation.
Health coverage – Medical expenses may sometimes increase too much that you have to sell personal property and gold for it. Getting health coverage may give you access to quality healthcare facilities at a nominal price per month.
Car safety – Auto insurance gives you peace of mind in possessing a car. It covers the cost if the car gets damaged, meets an accident, or stolen from the site.
Business security – Starting a business is a whole lot of struggle, but maintaining it is more difficult in Pakistan. Avail protection against uncertain market demand and stock prices, or incidents like fire, flood, theft, or lawsuit.
Top 10 Insurance Companies in Pakistan
Choosing among the list of insurance companies in Pakistan is difficult when you are not quite familiar with them. You need to be smart enough in finding your needs and asking them for multiple plans that suits your needs. Ask for their premium plans and check your affordability. Check if the companies are financially stable and investing in well-reputed projects and industries. To cut short the process for you, we have compiled a list of top insurance companies in Pakistan. Consider each of them against your needs and you will settle with a suitable investing partner.
1. State Life
State Life Insurance Corporation of Pakistan stands tall as the beacon of financial security in the nation. It was established in the year 1972. With a myriad of captivating life insurance products, ranging from individual plans to group schemes and pension marvels. State Life Insurance emerges as the epitome of protection and reassurance. Every policy crafted by this mighty entity encapsulates the essence of safeguarding against the unforeseen, be it the merciless grip of death, the harrowing shackles of disability, or the heart-wrenching battle against critical illness.
Picture a network of branches spreading like wildfire, intertwined with the zealous efforts of dedicated agents, who tirelessly strive to bring this umbrella of security to every corner of the nation. State Life Insurance Pakistan not only signifies stability but also ignites a sense of trust, ensuring that the dreams and aspirations of individuals and their loved ones remain sheltered from the tempestuous storms of uncertainty.
Jubilee Life Insurance starts cooperating on June 29, 1995, as a public limited company. It started business in Pakistan on June 29, 1995. This is the best insurance company in Pakistan. The company uses the word “Happiness” to represent and for all right reasons. This is considered to be one of the best life insurance companies in Pakistan.
The company is committed to helping people fight back with uncertain conditions. Its head office is located in Karachi. This company is also considered to be in the top 10 insurance companies in Pakistan 2023.
Adamjee Insurance was launched in Pakistan on 28 September 1960. This is known as one of the largest health insurance companies in Pakistan. It has a major share in the corporate sector as it contributes a lot to the health coverage of private-sector employees.
It also have presence and strong hold outside Pakistan in the United Arab Emirates. However, the company has not confined itself to health insurance alone. They have a variety of insurance plans.
EFU started its operations in 1932 with a status of private limited company. It is a renowned name in the insurance industry in Pakistan. It is committed to providing support to the community with a number of financial products and savings plans.
The company has secured a reputable name in life assurance services. It facilitates clients with a mobile application, which is named as EFU Life PlanIT. The app works as a real-time information desk. Clients can logon to the app and track information about the plans and policies they have subscribed to. It is also among the few companies in Pakistan that are ISO certified for following best practices in their industry.
Alfalah Insurance Company was established in 2006 in Pakistan. The company rose to fame in a short span of time. It has grown exponentially with offices in major cities like Lahore, Karachi, and Islamabad, besides branches in other cities of the country. It is a proud venture by the giant Abu Dhabi Group.
It leads the way because of its membership with Insurance Association of Pakistan (IAP). Its excellence was recognized by the FPCCI – Federation of Pakistan Chamber of Commerce and Industry. The company is known for bringing affordable insurance plans for people from every walk of life.
If you are looking for a Takaful coverage, Pak Qatar is here to seek assistance from. It is among the few companies that introduced the idea of takaful coverage. It comes up with two different forms for you to select. The first one is Family Takaful and second one is General Takaful. People who are looking for the insurance plans which are Shariah Compliant must visit this company and consider their products for savings.
The company is serving the country proudly with the help of hundreds of branches and locations. People who are not comfortable visiting their branches or outlets can ask for details using their online portal or mobile application. The company is owned by Qatar International Islamic Bank and Qatar Insurance Islamic Company.
AGICO started in 1995 as a private limited company. It has flourished by leaps and bounds with the supervision of the Securities and Exchange Commission of Pakistan (SECP). Unlike the rest of the insurance companies in Pakistan, Askari has got a unique status and repute because it is the first one to be listed on the Pakistan Stock Exchange.
The company is on a mission to offer client-centric services to help them make the most out of their premium payments. It has a professional and cooperative staff. If you are fed up with the time-consuming process of other saving products, you must review their plans and review the speedy process. Askari has also been awarded by the FPCCI for achieving excellence in financial services.
Alpha is another prominent name among the best insurance companies of Pakistan in the private sector. It is among the pioneers as it started operations back in 1951. It is a subsidiary of Start Life Insurance Company. It has a vast network of locations with more than 100 branches nationwide.
The company offers valuable financial planning services to the people with better returns. State Life, being the parent company, holds 95% of the shares in Alpha Insurance. It has grown into a favorable company because of its successful track record and affiliation with State Life.
TPL was established in 2005 with the aim of delivering quality services to the public at large. It was powered by the vision of displaying exemplary leadership, passion, and teamwork. They are strictly adhering to their quality standards and rules, which is the reason they have done wonders in the insurance markets of Pakistan.
The company offers insurance coverage for a number of products. However, it leads the way in health insurance because of its around-the-clock services. It makes its services available 24/7 to ensure absolute customer satisfaction. Additionally, they also have an app to enable customers add and track information. For auto insurance, TPL comes with an astounding solution of GPS locator to make sure your car is stolen.
United Insurance tops the list of insurance companies of Pakistan for being the oldest company to serve the people. It was established in 1959 to educate the people about financial management. It introduced a number of plans to help the citizens of Pakistan save for the better future of their next generation. It has a strong network of 100 branches that are operating mainly in Faisalabad, Abbotabad, Bahawalpur, Gujranwala, Karachi, Islamabad, Bahawalnagar, Gilgit Baltistan, and Lahore.
UIC is a reliable and trustworthy insurance company as it brings a number of solutions that are tailored specifically for their customers. It has comprehensive products and a tracker system. It is said to be the 4th largest general insurance company.
Pros and Cons of Using Insurance Companies in Pakistan
The way every saving plan or investment option has its advantages and disadvantages, insurance also have a set of pros and cons. Let’s discover them in this section before you invest with the insurance companies in Pakistan.
- Protection – it protects you and your family from any financial difficulties you may have to face due to a number of incidents.
- Peace of mind – Knowing that you and your loved ones are financially protected can bring peace of mind.
- Savings – Many insurance policies incorporate savings plans. It keeps growing your investment.
- Cost – Insurance can be expensive, specifically, if you do not signup with the best insurance companies in Pakistan.
- Coverage – An insurance plan may not give you complete coverage. Every plan has its terms and condition that defines its scope.
- Time-consuming – Insurance claims may involve documentation and lengthy processes. It may the claim more time-consuming and disappointing.
Selecting the right insurance company in Pakistan can be a daunting task. However, by conducting thorough research and comparing the top 10 insurance companies as discussed in this post, you can find an insurer that provides reliable coverage at reasonable prices.
By investing time upfront in research and evaluation, you can rest assured that you are making an informed decision about your policy and understanding precisely what it entails.