Alfalah Insurance Company

Iqra Sohail m1bba020

Alfalah Insurance CompanyAn ABU DHABI GROUP COMPANYThe Company One of the latest ventures of Abu Dhabi Group in Pakistan.It is a private limited companyStarted operations towards the end of 2006 Large paid up capitalProfitable results

ContBacked with the state of the art IT PlatformOffer tailor made insurance coverageOffices in major cities of Pakistan LahoreMultanFaisalabadIslamabadGujranwalaPeshawaretc.

Abu Dhabi Group One of the largest foreign investor in Pakistan. Group's other ventures presently operating successfully in the country: Bank Alfalah Limited Warid Telecom Wateen Telecom Taavun Limited Alfalah GHP Investment Management Limited Various other social and welfare projects.

Member ofInsurance Association of Pakistan (IAP) & Lahore Chamber of Commerce and Industry (LCCI).

VISION

To be a leading insurer by providing most comprehensive yet flexible cost effective risk management solutions to our clients backed with friendly and efficient claims service and enhance the Alfalah brand value for the benefit of all stakeholders.

MISSION STATEMENT

We undertake to provide world class service with unmatched security to our clients and help in increasing awareness about insurance in the country as well as enhancing public confidence in the insurance industry in Pakistan. We will introduce new modern insurance products comparable with international standards and will emerge as an innovative insurer providing complete risk management solutions to the insuring public in Pakistan

Award for 2012

The Federation of Pakistan Chamber of Commerce & Industry (FPCCI) provisionally selected Alfalah Insurance Company Limited for the First FPPCI achievement award for 2012

Market ShareThe Market Share of top four companies (including NICL) is 74%, while remaining companies share the balance of 26%. Big players in non life insurance:Adam gee insurance (27%)EFU general insurance (25%)National Insurance company limited(12%)and new jubilee insurance.(10%)others (26%)Market share of ALFLAH insurance company is very lessShare price is Rs.29.05 per share

CapitalPaid up Capital of Alfalah Insurance Co. Ltd., is Rs 230 million which is almost three times the minimum paid up capital requirement of Rs 80 million needed to establish a general insurance company in Pakistan.Issuance of Bonus Shares; able to increase the paid up capital to Rs. 300 Million

Board of Directors H.H. Sheikh Hamdan Bin Mubarak Al Nahyan Chairman H.E. Sheikh Saif Bin Mohammed Bin Butti DirectorMr. Khalid Mana Saeed Al Otaiba DirectorMr. Atif Bajwa Director And others

Head officeHead office is situated in LahoreAddress: 5-Saint Mary Park, Gulberg-III, Lahore

RatingPACRA has recently upgraded the rating of Alfalah Insurance Company Limited (AFIC) from A" to "A+ (Single A plus) Completion of rating update process of Insurer Financial Strength (IFS)This rating denotes: strong capacity to meet policy holder and contractual obligations. Risk factors are moderate, and the impact of any adverse business and economic factors is expected to be small.

PRODUCTS

Our products:Property InsuranceMarine Cargo, Hull & Aviation Insurance Energy Insurance Motor InsuranceEngineering Insurance Health InsuranceSidra Awaism11bba003

Property Insurance Secure assets against fortuitous losses.Widest possible forms of risks. Forms of covers: Fire & Allied Perils Property All Risks Comprehensive Machinery (Fire) Business Interruption following insured perils. Householder's Comprehensive Terrorism

Marine Cargo, Hull & Aviation Insurance Institute of London Underwriters clauses known as Clause A, B or C. 1. Clause A: Most comprehensive cover Subject to certain exclusions is known as ALL RISK coverCovers loss or damage to cargoes arising out of typical perils of sea or air carriage

Clause B & CCovers the loss of or damage to cargo reasonably attributable to following: Fire or explosion Vessel being sunk, grounded or capsized Collision Discharge of cargoEarthquake, volcanic eruption or lightning Jettison or washing overboardEntry of sea lake or river water. Total loss

Energy Insurance Covers a wide range of Energy risks such as oil & gas,petrochemicalselectric utilities and other entities. Coverage such asmaterial damagebusiness interruptioncontingent business interruption and downstream liabilities.

Motor InsurancePrivate Car, Commercial Vehicle and Motor Cycle Comprehensive PolicyIndemnifies against loss of or damage to the Motor Car/Cycle and / or its accessories by:a) Accidental external means b) Fire external explosionc) Burglary, house breaking or theft d) Malicious act e) Riot, strike f)Natural calamity

Road Traffic Act 1939.

For Private vehicle:Death, bodily injury or Damage to property of third partiesFor Commercial Vehicle:Bodily injury or death of a third party

Engineering Insurance Contractors All Risk Policy (CAR) Machinery Breakdown InsuranceTerrorism Insurance

Contractors All Risk Policy (CAR)

Parties involved in a construction project Cover against: Loss or damage to contract works of civil engineering projects. Third party claims for Bodily Injury or property damage. Loss or damage to contractors plant and equipment.

Machinery Breakdown Insurance

Protection against a sudden break down of the machinery. All Risk policy and affords protection against unforeseen and sudden physical loss or damageRepair or replacement.

Terrorism InsuranceProtection against loss or damage attributable to an act of terrorism and sabotage. Wider covers affording protection against Riots, malicious act andcivil commotion

HEALTH INSURANCEHospitalization Cover (Basic Cover)Maternity Cover (Optional Cover)OPD Benefits (Optional Cover)

Main Exclusions Mental illnesses Treatment or investigation of fertility, infertility, sterilization, contraception General check-ups Supply or fitting of eye glasses, contact lenses or hearing aids. Cost of limbs or supporting equipment Dental examinations, extraction or filling Cost of radial keratotomy Cosmetic surgery Personal comfort items Any outpatient treatment

MISCELLENOUSWorkman Compensation InsurancePersonal Accident Insurance: Money Insurance:

Zunaira Anis m11bba004UNDERWRITINGUnderwriting process consist of:Complete information on the proposal formEvaluation of informationRisk inspection (mandatory) Physical hazardsMoral hazardsAssessment of the riskPolicy issuance on the basis of evaluationUnderwriting (normal premium/loading)

FACTORS OF UNDERWRITINGAGEWEIGHTHEIGHT NOMINEE OCCUPATIONADDRESSMEDICAL REPORT DISEASE

Claim Settlement Procedure Send a written request along with following documents to your servicing NICL zonal office.Related documents: Original policy document Copy of National Identity Card Claim form Invoice F.I.R copy

All the documents of claim will be forwarded to Internal Audit departmentEvaluation will be doneOn the basis of risk evaluated polices are given

SWOT Analysis

STRENGTHS

Strong credit ratingAdequate financial resourcesOffices in major cities of PakistanGood willEfficient Human resourceNo grievance has been reported by Investor as of now

WEAKNESSES

More branches are required in small citiesLong processing of claimAwareness problem in populationEconomic conditions

OPPORTUNITIES

Increase in market shareInnovationLivestock insuranceProviding services as an insurance consultant.

THREATS

There is cut throat competition among rivals in insurance industryThreats of new entrantsChanging customer requirementsNatural calamitiesMinistryoffinancecontrolsalltheinsurancecompaniesthatareinthe industry at present hence there are less chance of exit

RECOMMENDATIONSTraining should be done of employeesI.T limitation should be improvedExpenditures should be controlledIndirect marketing channel electronic media like press, internet and other publication sources should be usedSystem should be defined and organizedShould increase awareness in population

CONCLUSIONALFALAH Insurance Company offers quality, affordable insurance for citizens of Pakistan. It provides most comprehensive yet flexible cost effective risk management solutions. However, it needs to focus on increasing its customer base resulting in the growth of its current market share.