Submited by:Noorulain Mi12MBA048Anila Sardar Mi12MBA021Fouzia Rashid Mi12MBA055Fatima Jamal Mi12MBA040 Asma Ijaz Mi12MBA061
Submited to:MissAnum Masood
COMPANY OVERVIEW
Alfalah Insurance Co. Ltd., is one of the latest ventures of Abu Dhabi Group in Pakistan. Alfalah Insurance started operations towards the end of 2006
MISSION
“We undertake to provide world class service with unmatched security tour 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”
COMPANY OVERVIEW
We are member of Insurance Association of Pakistan (IAP) & Lahore Chamber of Commerce and Industry (LCCI). The Federation of Pakistan Chamber of Commerce & Industry (FPCCI) provisionally selected Alfalah Insurance Company Limited for the FirstFPPCI achievment award for 2012.
COMPANY OVERVIEW
Paid up capital 230 million paid up capital requirement of Rs 80
million needed to establish a general insurance company in Pakistan.
Backed with the state of the art IT Platform
During the past six years, the company has posted profitable results and thus has been able to increase the paid up capital to Rs. 300 Million through issuance of bonus shares.
ABU DHABI GROUP
Bank Alfalah Limited Warid Telecom Wateen Telecom Alfalah Securities (Pvt) Limited TAAVUN Limited Alfalah GHP Investment Management
Limited United Bank Limited Various other social and welfare
projects.
BOARD OF DIRECTORS
H.H. Sheikh Hamdan Bin Mubarak Al Nahyan – Chairman
Mr. Nasar us Samad Qureshi – Director & CEO.
H.E. Sheikh Saif Bin Mohammed Bin Butti – Director
Mr. Khalid Mana Saeed Al Otaiba – Director
Mr. Atif Bajwa – Director Mr. Adeel Bajwa – Director Mr. Mohammad Yousuf – Director Mr. Atif Bajwa – Director
COMPANY BRANCHES
offices in major cities of Pakistan including
* Lahore * Karachi * Islamabad * Faislabad * Peshawar * Gujranwala * Sialkot * Multan * Hyderabad
HEAD OFFICE
Our Registered Office Address : 5 - Saint Mary Park, Gulberg III, Lahore. Registered Number: 15638 National Tax Number: 2636306 - 4 Statutory Auditors: Ernst & Young Ford Rhodes Sidat Hyder Charatered Accountants
PROPERTY INSURANCE PRODUCTS
Fire & Allied Perils Property All Risks Comprehensive Machinery (Fire) Business Interruption following insured
perils. Householder's Comprehensive Terrorism
PROPERTY PRODUCTS
) Flood, hail, wind, hurricane, cyclone, tornado or typhoon g) Earthquake, volcanic eruption or other convulsion of nature and h) Whilst in transit by air, road rail inland waterway, lift or elevator
MONEY INSURANCE
(Cash in safe &/or on counter and whilst in Transit)
The cash in safe cash in transit policies are available for
corporate groups. Cash in transit is covered during cash
being transited between defined points and during office hours.
MONEY INSURANCE
The typical coverage is against;
• loss of money due to Burglary, armed hold up and snatching at gun point.
• The cover is restricted to the cash belonging to the insured and does not involve cover against loss of cash to sister concerns.
MACHINERY BREAKDOWN INSURANCE
Our Machinery break down policy provides
protection against a sudden break down of the
machinery.
This is an All Risk policy and affords protection
against unforeseen and sudden physical loss or
damage from causes not excluded, in a manner
necessitating its repair or replacement
ENGINEERING INSURANCE:
CAR insurance provides an “All Risk Cover” and
This type of “All Risk Cover” stipulates an indemnity
to the insured against almost all/any loss or
damage to the property insured which is not
otherwise excluded by the policy. plant and machinery are available as
addition to CAR.
ERECTION ALL RISK INSURANCE (EAR)
Our EAR Policy is similar in nature as the CAR
however this product is required by the projects
involving erection of machinery and the civil
works. This therefore is a very useful protection for construction of industrial units.
ERECTION ALL RISK INSURANCE (EAR)
construction of industrial units.
The cover generally starts from the receipt of
machinery at site or commencement of civil works
and concludes after commissioning and testing or
on a specified time.
TERRORISM INSURANCE
Our terrorism insurance policy offers protection
to the insured property against loss or damage
attributable to an act of terrorism and sabotage.
Wider covers affording protection against Riots,
malicious act and civil commotion are also available
ENDORSEMENTS/EXCLUSIONS
Cover for cross liability Maintenance visit cover Extended maintenance cover Special condition concerning the
construction and /or erection time schedule
Cover of extra charges for overtime, night work, work on public holidays, express freight
Cover of extra charges for airfreight Warranty concerning structures in
earthquake zones
ENDORSEMENTS/EXCLUSIONS
Exclusion of loss, damage or liability due to earthquake
Exclusion of loss, damage or liability due to flood and inundation
Exclusion of loss, damage or liability due to windstorm or wind-related water damage
Property in off-site storage
CLAIM PROCEDURE
Notify Us Appointment of Surveyor Provide information Settlement and acceptance Payment of claim Disputed Claims Documents covered under the policy.
FIRE AND OTHER PROPERTY CLAIMS
The Loss or damage should be reported to the company immediately
All possible steps / measures be taken to mitigate / minimize the loss, a timely reporting may provide you surveyor’s assistance in mitigating the loss.
The Fire Brigade should be informed immediately.
FIRE AND OTHER PROPERTY CLAIMS
FIR may be lodged with the nearest Police Station, police reporting is important in all cases where a criminal or malicious intent is feared
Co-operate and provide all the information and assistance to the surveyor appointed by the company .
Protect and evacuate your staff and take all necessary measures for personal safety
DISPUTE, DISSATISFACTION, COMPLAINS
In case of a dispute or dissatisfaction you may approach any of the following.
Contact the branch manager or claim manager of the branch.
Contact the claims head at head office on 042 111 786 234
UNDERWRITING
Definition
“It is a process in which an underwriter has to decide whether to accept a particular risk or not and if it is to
accept on what terms and conditions.”
STEPS OF UNDERWRITING
Surveyor Insured Information Occupation The Premises Location in town or industrial area Nature of Surrounding Property
STEPS OF UNDERWRITING
Condition of the Premises and the land Age Type of construction Activities Carried out in the Premises Visitors (the number of people) PML (Probable Maximum Loss) CEO Analysis
RISK FACTOR
The risk is insurable History of Person History of Property Risk is vary in textile and steel Mill Average risk or below risk. In surveyor report it must be mention
that Precaution measurement 20% loss can be take place.
THE APPLICATION
Part 1of the application requests the insured's general or personal data.
Additionally, if the policy applicant and the insured are not the same person,
the applicant's name and address would also be required in this section.
APPLICATION
Part 2 of the application is designed to provide information regarding property or business
Period of insurance
APPLICATION
The Agent's Statement, which is part of the application, requires that the insurance agent provide certain information regarding the proposed insured
The signature of the insured – And the policy owner if not the same
person - must be obtained in the appropriate places on the application.
The producer usually also signs the document as a witness to the applicants' signatures.
WEAKNESSES
Not known in market More Centralization Not general Captive insurance company Lack of pool of market information
OPPORTUNITIES
Conversion of captive to general insurance
Expand business network Extend the products in property and
pecuniary insurance
CONCLUSION
“Alfalah company is earning business increasingly last year they achieved 1 Billion
premium , will be converted to general insurance company ”