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

VISION

To be a leading insurer by providing most comprehensive yet flexible cost”

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 RATING

PACRA UPGRADES RATING OF ALFALAH INSURANCE “A+ with positive outlook”

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

ANILA SARDAR

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

•FOUZIA RASHID

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 

•FATIMA JAMAL

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.

UNDERWRITING

Insurance company gets information from

Purposal form Surveyors Report Insurance agent

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.

•ASMA IJAZ

SWOT ANALYSIS

STRENGTHS

A+ rating Competitive Staff Friendly Claim Settlement Proper Guidelines

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

THREAT

Unhealthy Competition Follow the Adam G

FINANCIAL HIGH LIGHTS

FINANCIAL HIGH LIGHTS

FINANCIAL HIGH LIGHTS

FINANCIAL HIGH LIGHTS

CONCLUSION

“Alfalah company is earning business increasingly last year they achieved 1 Billion

premium , will be converted to general insurance company ”