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Insurance Industry’s Vast Potential in Pakistan

Karachi, May 10, 2019: The global insurance industry has evolved rapidly over the past decades, to play a key role in protecting the health, lives, and assets of individuals and communities all over the world. While it continues to achieve tremendous growth in every region, its pace of growth in Pakistan has remained quite slow, due to some religious misconceptions and other socio-economic factors. In fact, the growth rate of insurance in Pakistan is only 0.3%, the lowest in the whole region, while in neighboring India, the growth-rate of Insurance sector currently stands at 0.6 percent per annum.

The insurance sector in Pakistan has been enriched with a wide range of products, backed by highly credible, local or multinational enterprises. The various insurance companies in Pakistan are currently providing diverse services in Life, Corporate, Retail, General and Health Insurance categories.

Among these companies, TPL Insurance has the honor of being the best insurance company in the retail sector of the country. It has invested continuously, to deploy the latest technologies for creating the most innovative products and highly competitive services.

Promising complete protection to all segments of the consumers, TPL is Pakistan’s first direct-insurance provider that has the futuristic vision to be the most responsive insurer, providing the highest level of convenience to the consumers. It has pioneered seamless insurance services, available instantly to its customers, through its 24 / 7 call center and digitally integrated systems.

Sharing his insights with the media, about the vast potential of the Insurance industry in Pakistan, the Chief Executive Officer of TPL Insurance – Muhammad Aminuddin highlighted that: “The regulatory authorities in Pakistan must take effective measures to increase public awareness about the valuable benefits of insurance and protection-business in the country. The government must facilitate new large-scale investors to enter this sector that promises great financial security with healthy returns on investment. 

Pakistan’s first Digital App for Insurance customers has also been launched by TPL. The highly responsive App allows the customers to buy insurance policies, round-the-clock. Its distinguished features include; policy issuance, claim lodging, self-surveys, endorsements, and renewal of policies. Many more features and products will be included soon, on the TPL App, which is now available on both the Google Play store and the iPhone App store.

The CEO of TPL expressed his concern that: “Due to a weak regulatory framework in Pakistan, the progress of insurance has been the least, compared to other countries in the region. If the policy-makers of the nation can create a more conducive regulatory environment, this one industry can promise a rapid acceleration in the economic growth of the country. Assuring a financially secured future for the nation can nurture bigger opportunities for the whole nation, to ensure the well-being of the common people.”

Currently, the best of health-insurance policies, available in Pakistan, is being provided by TPL, catering to both, individual and corporate customers. Currently, 85% of TPL Insurance’s business is spread out in the retail sector, while 15% of its coverage comprises of the corporate sector.

This industry-leading enterprise is already offering all lines of general insurance, which includes; Auto, Fire, Marine, Health, Home, and Travel, with a wide range of conventional and Takaful – the (Shariah-Compliant) Islamic insurance solutions, that are ensuring complete peace of mind for TPL customers. 

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