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Insurance

Matters Newsletter April 2018

INSIDE THIS

ISSUE

1. Chairman’s Message

2. IAP Press Conference

3. IAP Table Tennis Competition

4. IAP Super Final Match

5. IAP Elocution Contest

6. IAP Family Carnival

7. Lahore & Islamabad Activities

8. EFU Life SOS Village Carnival

9. IGI Life’s Blood

Donation Drive

Special issue for the 6th Insurance Day celebrated in Pakistan on 5th April 2018

Insurance Matters

Description 2017 2016 Growth

Premium written (PKR bill ion) 285 253 12.8%

Claims Paid (PKR bill ion) 103 91 13.5%

Tax contributions to government

exchequer (PKR bill ion)16.14 15.64 3.2%

Number of Employees in insurance

companies17,917 17,288 3.6%

Chairman’s Message

The Insurance industry of Pakistan is one of the fastest growing service sectors

and plays a pivotal role in the Country’s economic revival, helping mitigate risks.

The China Pakistan Economic Corridor will act as a catalyst in uplifting the

economy and the Insurance sector is ready to play its part. I am honored to be

leading the Industry in these exciting times and I am proud of our Industry’s

acumen, competence and professionalism.

The Insurance Day 2018 also marks a milestone for IAP, this year we have moved

to IAP House. Our own state of the art purpose built building which will be our

base of operations and we are ready to serve the industry better.

I commend the efforts of the Insurance Day Committee for orchestrating various

activities across the country, helping promote and celebrate our Insurance

Industry. I am also thankful to all the members for participating in the Insurance

Day 2018 activities.

Insurance Day 2018

Insurance Day is observed in Pakistan each year to raise awareness about Insurance and various product options

available. The Insurance Day celebrations mark how the industry has been serving millions of people in securing

things that matter them the most. This year, IAP celebrated sixth “Insurance Day” on the 5th April 2018. The Day

commenced with the publication of special supplements on insurance in the newspapers followed by several

events throughout the week. Discussions were organized in educational institutions of Karachi, Lahore and

Islamabad. A first ever table tennis tournament was organized while the two qualifying cricket teams have played

the Super Final Cricket match in Karachi to mark this Day. An Essay Competition and Elocution Contest to

encourage young professionals within the industry have also been arranged. Family Carnivals in Karachi and

Lahore have been held to provide healthy entertainment for families.

Industry's contribution

• Withdrawal of tax on Capital Gains and Dividend Income at 31% • Withdrawal of Tax on issue of bonus shares under section 236M • Rate of Minimum Tax under section 113 should be reduced • Personal Lines / Micro insurance products of Insurance Companies should be exempted from Federal

Excise Duty. • Tax credit should be allowed to individuals on Personal lines / Micro insurance products premium

payments. • Tax on Dividends under Section 5 and 8 of the Income Tax Ordinance 2001 • Withdrawal of Federal Insurance Fee on Insurance premium

“Sales tax on insurance

products is

discouraging its

adoption; Pakistanis are

vulnerable against

personal and product

risks”

IAP together with the Karachi Insurance Institute held a press conference on 4th April at Karachi Press Club to share insurance industry concerns with media, this sector‟s economic contribution and factors impeding its growth. Mr. Tahir Ahmed Chairman Insurance Day Committee along with Mr. Kazim Hasan Senior Vice Chairman IAP, Mr. Ayaz Gad Chairman KII, Mr. Altaf Gokal, Mr. Muhammad Rashid, Mr. Abdul Majeed and Mr. N A Usmani Secretary General IAP were present. IAP highlighted key challenges being faced by the industry on the occasion including • Withdrawal of Sales Tax on Reinsurance • Withdrawal of Sales Tax on Corporate Health • Life Insurance should be permanently exempted from the levy of

sales tax • Compulsory Health Insurance Scheme • Compulsory Workmen Compensation/Employers Liability Insurance

Insurance Matters

The IAP organized the Super Final cricket match between the two qualifying teams of Jubilee General Insurance and United Insurance on 2 April 2018 at SKBZ Ground Karachi. Both teams proved their mettle and were indeed worthy competition for a final match. Playing first the United Insurance team set a massive target of 132 runs in 12 overs which was spectacularly chased by the Jubilee General team in the 11th over for the loss of 1 wicket.

Salman ul Haq of Jubilee General Insurance was declared the man of the match for his superb performance of taking 5 wickets and scoring 68 runs. Mr. Tahir Ahmed Chairman IAP Insurance Day Committee and Chief Executive Jubilee General Insurance, Mr. Abdul Majeed Executive Director SPI and Mr. N A Usmani Secretary General

IAP presented the winning and runner up teams their trophies.

IAP Super Final Match 2nd April 2018

IAP organized an elocution contest on 13th April where contestants tried to impress the adjudicating panel and audience with their public speaking skills. This year the topic was “is e-learning for me?” and the judges panel included Ms. Farzana Siddiq, Ms. Zehra Naqvi and Mr. Azfar Arshad.

Mr. Tahir Ahmed Chairman Insurance Day Committee was present at the occasion and addressed the audience, commending the contestants on their talent and the need to identify young professionals who have the zeal to carry this industry further. He congratulated the winners and handed over prizes to the three winners.

Mr. Mehran Khan Ghaloo of EFU Insurance won the first prize of Rs. 50,000/- while Mr. Ayaz Munir of Jubilee General Insurance won the second prize taking home Rs. 25,000/- and Mr. Waqas Mehmood of

IGI Insurance managed to bag the third prize of Rs. 15,000/-

Elocution Contest Insurance Day 13th April 2018

Insurance Matters

“IAP Congratulates Jubilee General Insurance for Winning the Super Final

Match 2018”

Insurance Matters

IAP Family Carnival 1st April 2018 The IAP organized a Family Carnival as part of the 6th Insurance Day celebrations for member companies‟ employees and their families on 2 April 2018 at Golden Chick Sea View Karachi. The day began with the recitation from the Holy Quran and flag hoisting ceremony where Mr. Tahir Ahmed Chairman IAP Insurance Day Committee, Mr. Naim Anwer Member IAP Executive Committee & Insurance Day Committee, Mr. Zeeshan Raza Member IAP Executive Committee and Mr. N A Usmani Secretary General IAP were present among other senior industry representatives. The carnival had several fun filled activities lined up for both kids and adults, horse & camel rides, beach buggies, beach football, jumping castle, face painting, magic shows, cotton candy stall, mehndi stalls and live karaoke were enjoyed by participants. The day provided an opportunity to the employees to unwind, relax and spend quality time with their families.

IAP Table Tennis Tournament 14th April 2018 The first ever IAP table tennis tournament was held at EFU House on 14th April, 16 of the best players were nominated by members who after a fierce competition reached the semi final and final matches. Coincidently all the winning individuals belonged to EFU General Insurance. The three winners of the day were

1. Hussain Mustafa of EFU General Insurance secured first position

2. Atif Haider of EFU General Insurance secured second position

3. Abdul Hameed of EFU General Insurance grabbed third position

With the overwhelming response IAP plans to hold this event each year.

Insurance Matters

Aaj Markets - TV SHOW 5th April 2018 Captain Azhar Ehtesham Ahmed of Alfalah Insurance and Mr. Azfar Arshad of Jubilee General Insurance represented the industry on a TV talk show titled “Aaj Markets” on Aaj TV 5th April 2018. The discussion was focused on the insurance industry‟s performance, the challenges being faced in improving national insurance penetration and how Pakistanis can utilize various insurance products to mitigate risks.

Insurance Day T-Shirts 5th April 2018 The industry wore special Insurance Day 2018 T Shirts on 5th April to mark and celebrate the occasion.

KII Chess Competition 30th March 2018 Mr. S. Mansoor Ali of EFU, has won the first KII (Karachi Insurance Institute) Chess Tournament 2018. The EFU Sports & Recreation Club had prestigious honor to host first KII-Chess Tournament 2018

Our Members

Insurance Matters

EFU Life celebrated the Insurance Day 2018 with SOS Children‟s Village Pakistan. SOS Pakistan is one of a large family of SOS Children Villages active in 133 countries, and provides shelter to over 200 children in Karachi. EFU Life arranged a carnival for the kids at Sindbad, which involved different fun rides, various food stalls, fun activities and games run by the EFU Life employees. The carnival was attended by the entire SOS Village, the EFU Life employees including senior management.

IAP is thankful to EFU Life for remembering SOS kids in

celebrating the Insurance Day 2018.

EFU Life’s Insurance Day Celebrations

5th April 2018

Insurance Matters

Insurance Matters

IGI life’s Blood Donation Drive

IGI Life celebrated Insurance Day by organizing a voluntary blood

donation camp at its Head Office located in Karachi. Each year on 5th

of April, the company performs a social activity to contribute towards

the society that it operates in.

Insurance Day is marked each year as a reminder of the efforts the

industry has made in the past and the amount of work that is required

to be done to make life insurance part and parcel of each household

in the country. IGI Life marks this day through activities which are for

the betterment of common individuals as the company believes that

working for common good resonates with its objectives of serving the

society at large through life insurance. The “Blood Donation Drive”

was conducted in collaboration with Indus Hospital which is a

household name for such causes. The employees of IGI Life

participated with zeal and vigor and donated blood for this selfless

cause.

Speaking on the occasion The Deputy Chief Executive of IGI Life Mr.

Nadeem Malik said that blood donation is an activity which is

synchronous with life insurance business as both are aimed towards

the well –being of the society at large. He also thanked Indus Hospital

for their services and partnership in making the event successful.

Participation from the employees was exemplary. A total of 82 donors

volunteered out of which blood was donated by 62

Insurance Matters

Insurance Day 2018 Activities in

Lahore and Islamabad

IAP’s Regional Committee North planned different programs to

support insurance awareness amongst general public and to promote

the industry. Major activities included radio programs on different

stations, SMS campaign for public awareness, seminars in universities

of Lahore and Islamabad on different topics and banners installed at

prominent places of city.

Special thanks to the Lahore Insurance Institute and

Rawalpindi/Islamabad Insurance Institute for helping organize

different events.

Seminars on the following topics were held at Hailey College of

Banking & Finance. Around 200 MBA & IRM students and industry

representatives participated in the event.

1. Importance of Insurance, general awareness by Mr. Zulfiqar Ali

Khan, EFU General.

2. Impact of technological progress in insurance industry by Ms.

Furkhanda Jabin ACII, MBA (IRM) of EFU General.

3. Contribution of Insurance sector in development and growth of

Micro and SME businesses by Mr. Zahid Chohan (HCBF).

4. Opportunities & Challenges of Insurance Sector by Mr. Imran Yousaf

of HCBF.

Insurance Matters

IAP’s Regional Committee North in collaboration with Rawalpindi/Islamabad Insurance Institute (RIII) also organized

Insurance Day discussion at Grand Ambassador Hotel Islamabad on 18th April, 2018 from 3:0 pm till 6:00 pm. Organizing

committee consisted of Syed Aftab Zaidi of EFU, Dr. M. Amjad of IGI, Khurram S. Paul of IGI and Rana Shahbaz of Askari

General Insurance. Guest Speaker was Mr. Abdul Waheed, CEO of Askari General. Senior professional Mr. Mehmood of

UIC also graced the event.

Vote of thanks was done by Dr. M. Amjad GM, IGI Islamabad. Dr. Amjad emphasized on the role youngsters could play for

the betterment of this industry. Souvenirs were presented to the speakers and refreshments were served to all

participants.

Radio programs were telecasted successfully on FM-101, FM-93 and MW-I at Islamabad, Rawalpindi, Karachi, Lahore,

Faisalabad, Sialkot and Multan Stations.

SMS Campaign for public awareness was arranged and 200000 SMS conveying message “Insurance provides protection

against your Assets and life eventuality – The Insurance Association of Pakistan, Regional Committee North celebrating

Insurance Day 2018” were sent on mobile numbers on 5th April, 2018 to celebrate Insurance Day.

The Insurance fraternity appreciated the Insurance Association of Pakistan for arranging these activities.

Insurance Matters

SINDH INSURANCE - UNIVERSAL

ACCIDENTAL INSURANCE Benefits of the Scheme: - The scheme shall cover all adult (18 years and

above) population of province Sindh. - The scheme provide compensation of Rs.

100,000/- in case of accidental death to the families‟ of victims.

- The Scheme is fully funded by GOS and effective date of Scheme is 01st October, 2016. The scheme period is three year. (01st October, 2016 to 30th June, 2019) from the date of inception.

- It will also help in maintaining primary database of the accidental death in the province of Sindh.

- All claims are eligible, intimated within two years (24 months) from date of death and during the period of scheme.

Insured : All resident citizen of Province of Sindh: - Having age group of 18 years and above; - Having „Computerized National Identity Card‟

(CNIC) or Form „B‟ (if CNIC not issued) with address of province of Sindh.

Coverage: Accidental death occurs on account of occurrence of accident within the geographical boundary of Sindh and caused solely by external and visible means resulting in any of the below mentioned („accidental death‟): 1- Terrorism (Target Killing, Bomb blast, firing); 2- Collapse of Building or falling from height; 3- Drowning; 4- Road or Rail or Aircraft Accident; 5- Snake Bite or attack by wild animals; 6- Burning by Acid, Electric current or Fire; 7- Electric Shock; 8- Stampede; 9- Floods; 10- Hurricanes; 11- Riot and Civil Commotion; 12- Industrial accident or mining accident; 13- Murder by violent or external means; 14- Toxication or poisoning caused by gas fumes or other poisonous gases.

Contact: Mr Sarfaraz Ahmed Acting Head – UAIS Scheme Sindh Insurance Limited 1st floor, Imperial Court, Dr. Ziauddin Ahmed Road, Karachi Phone: +92-21-35-64-0715 Ext # 109

UAN : 111 745 110

Insurance Matters

The Insurance Association of Pakistan, IAP House 3 r d Floor, 5C Nishat Lane 1 DHA Phase VI, Karachi 75500 Tel: (021) 35171571-574 Fax: (021) 35171576 Email: [email protected]

Web: www.iap.net.pk

IAP Appoints Deputy Secretary

General IAP has appointed Nabeel W. Sabir as the Deputy Secretary General. He brings a diverse set of experience with him from banking, pharmaceutical, fertilizer, technology and nonprofit companies; his most recent assignment was at the Pakistan Software Houses Association for IT & ITES where he was heading the research and policy department. Mr. Sabir has done his masters (MBA) and undergraduate program from The Institute of Business Administration Karachi and we are confident the experience he brings to the Association will add value for our member companies. He can be reached at [email protected] Tel: 021 35171 571-574

Obituary IAP and the Executive Committee have learnt with deep regret of the sad demise of Mr. Abdul Basit of IGI Insurance. We convey our heartfelt condolences and pray to Almighty Allah to rest the departed soul in eternal peace. May Allah give strength to the family to bear this irreparable loss.

New Hampshire Relocation New Hampshire Insurance Company has informed that with effect from 12th March 2018 their office in Pakistan has been shifted to the new location. Office No. 127-128, 1st Floor Bahria Complex III M.T. Khan Road Karachi Tel: +9221 35202800

PII Roadshow at KU Pakistan Insurance Institute (PII) organized a seminar on “Takaful, Risk Mitigation in Islam” on 10th April 2018 at Karachi University Business School.

“LiveWire with Nida Ameen”

TV Show IAP‟s Executive Committee Member Mr. Naim Anwar was at the TV Show “LiveWire with Nida Ameen” on Business Plus, 5th April 2018. The program was part of the Insurance Day activities and the discussion revolved around the historic significance of this industry, importance of insurance and why the industry celebrates the Insurance Day each year.

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