Established in 1895 to represent fire and general insurers in New Zealand

The Insurance Council is an intermediary between the insurance industry and the world in which it operates. That world has experienced recent uncertainty over climate change, international conflict and rising crime

Insurance has never been a more vital part of commerce and communities than is today. We welcome you to our site where you may learn about the Council and its role.

The Council achieves significant changes that contribute to the efficient running of the industry both for practitioners and consumers. The Council believes this role to be its key function


The challenge of uncertainty

Insurance works best when both the provider and buyer gain from the partnership - when uncertainties can be guarded against.

Insurance hedges against the unknown and random events.

Learn in this site about insurance's role in your life and business and of the role that the Council fills in linking the industry, people, government and media to further the partnership.

Insurance Industry Scenario In Pakistan

The insurance industry in Pakistan, which should be described as a business rather than an industry – has shown some rapid progress in recent years. When Pakistan was established in 1947, there were 77 insurance companies in all. Today there are 52. In 1947, 70 of those 77 companies were foreign companies and/or their branches. Today there are 10. The seven local companies have 47 years later become 42, and might have been more had 32 of them not been nationalised on March 18, 1972, when their life insurance business was brought into the public sector, and consolidated under the aegis of the State Life Insurance Corporation of Pakistan.

Today, Pakistan has 52 companies conducting general business. They offer primarily Fire, Marine, Motor and Accident cover. The composition of general insurance business is Understandable, considering the lack of sophistication of our domestic environment. In 1993, Fire (including-Profits) accounted for 32.2 per cent of the Gross Direct Premiums, Motor for 33.1 per cent, Marine (including Hull) Premiums for 23 per cent and Accident (including Engineering) for 11.7 per cent.

The concentration of business amongst the insurers themselves presents a curiously disjointed picture. The 10 foreign companies have only a 10.5 per cent share of the Gross Direct Premiums, and of the 41 Pakistani companies operating in the market, 35 of them share 18 per cent of the business, while only 6 companies command and control 71.5 per cent of the general business.

What these companies share in common, though, is an obligation (an onerous one according to some) to reinsure a mandatory 20 per cant (it used to be 30%) of their insurance business with Pakistan Insurance Corporation (PIC), which was established in 1952 to provide reinsurance facilities within Pakistan and overseas, and to develop the insurance by offering technical and expert advice. PIC has grown substantially since 1953, with its Gross Premium Income in the last five years being above the 1 billion mark. Its overall profitability has wavered, falling from an all time high of Rs. 119 million in 1991 to below Rs. 50 million in 1991.

Apart from this obligation to reinsure with PIC, the general insurance companies are left largely to themselves and expected to be self-regulatory. Their Fire, Motor, Workmen's Compensation and Marine classes of business are governed by a Tariff which is determined by themselves through their Insurance Association. Their maximum statutorily approved agency commission rates of 15 per cent for Marine business and 20 per cent for Non-Marine business have become more gentlemanly statements of intent than rigorously enforced standards.

Student Health Insurance

If you're going off to college, you need student health insurance. Going to college is one of the most important things you can do to secure your financial future. But what happens if you get sick or injured while you're there?

Don't be lulled into a false sense of security by your relative youth and apparent good health. Catastrophic accidents and sudden ailments can happen to anyone at any time, and big medical bills could derail all of your carefully laid plans. So it's important to make sure you have health insurance coverage.

Here are some options:
Stay on Your Parent’s Health Insurance

If your parents carry you on their insurance, stay on it as long as you can.

With the passage of the Patient Protection and Affordable Care Act, beginning in September 2010, your dependent children must be allowed to stay on your health plan up to age 26 unless your young adult is eligible for employer health coverage.

Beware of the details, though. If your parents' coverage is a health maintenance organization (HMO), full coverage may only be available in the area where they live. Some HMOs have reciprocal arrangements that allow for full coverage in areas outside their local base, however, and that's something that you should investigate before you select this option.

Similar problems can arise with parental insurance that's based on a preferred provider organization (PPO). It typically requires you to get treatment from a medical provider within a predetermined network to get the best rates, and you might not find one if your school is far from home. You might have to go home to get the lowest copayments and coinsurance.

In the case of a medical emergency, your parent’s health plan is required to cover services from any provider or facility (such as an emergency room) that provides immediate care.
No Longer Working or Covered by Your Parents, Check Out COBRA

If you have recently left a job that provided you with group health insurance, a federal law called COBRA allows you to stay on that plan for at least 18 months as long as you pay the full premiums. The health reform legislation does not make any changes in COBRA.

If you are over 26 and still attending college, you may lose the health plan coverage that your parents have been providing. However, you may be eligible for COBRA continuation coverage for some period of time. Your parents, who have been carrying the insurance for you, will need to check with their insurance agent or benefits manager at work to make sure that you are eligible.
See if Your School Offers Health Insurance

Many colleges and universities offer low-cost health plans for their students through contracts with private health insurance companies. Check with your admissions office to see if your school does, and if so, what sort of coverage you can get.

Some colleges and universities may require that you carry some type of comprehensive health care coverage as a condition of enrollment.

Your school may offer several types of student health policies ranging from a simple accident policy to one that covers major medical needs. It is probably a good idea for you to purchase a comprehensive medical policy that will cover visits to the student health service, specialists, medically-necessary procedures and diagnostic tests.
Buy Your Own Insurance

If your school does not offer a low-cost health plan, you may want to consider buying an individual health insurance policy through an insurance broker or agent.

Individual policies can be expensive, and the health plan will evaluate your health before making a decision to provide you with coverage. If you have a pre-existing medical condition, a health plan may either refuse to cover you or impose a pre-existing condition exclusion period.

However, effective January 1, 2014, health plans will no longer be allowed to impose a pre-existing condition waiting period or refuse insurance to anyone with such a condition. Also, stasrting in 2014, you will be able to purchase health coverage in a health insurance exchange in your state or region.
Health Insurance Through Medicaid

If your family's income is low, your family is beset by high medical bills, or you have a disability, you may qualify for Medicaid. To find out if you are eligible, check with your state’s insurance department.

The health reform law will also expand Medicaid eligibility to include all Americans under age 65 with incomes up to 133% of the federal poverty level, including adults without dependent children.
Apply for Health Coverage Through Your State’s Health Insurance Pool

Many states have special health plans for residents who do not qualify for Medicaid, cannot afford health insurance, or have been denied coverage from a private insurance company. The following is an up-to-date list of states with high risk health insurance programs:

* States with High Risk Pools

Find a Community Health Center

If you currently have no insurance but need treatment, try looking for a federally-qualified community health center (FQHC) near your college. Community health centers can be found in most cities and many rural areas of the country. These health care facilities provide care to people without health insurance and have sliding fee scales based on income.

Community health centers provide checkups, treatment of illness, prenatal care, immunizations and care for your children, and treatment of mental health and substance abuse problems. Many health centers also have dental clinics and pharmacies in their buildings.

* Find a health center in your community

Suggested Reading

* Tips to Save Money on Health Insurance
* How to Find a Individual Health Insurance
* When Laid Off, COBRA Insurance May Be an Option

Understanding Health Reform

* How Will Health Reform Affect Me?
* Health Insurance Coverage Mandate
* What Is a Health Exchange?

Related Articles

* Laid Off? More Ways to Find Affordable Coverage
* Student Health Insurance-How to Make Sure You are Covered
* Health Insurance - Health Insurance Coverage for Recent Graduates
* Health Insurance for Unemployed Workers
* Health Insurance Coverage - Health Insurance Coverage for College Students

Michael Bihari, MD

Michael Bihari, MD
Health Insurance Guide

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* My Forum

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MARINE INSURANCE (POLICY FOR ADAMJEE)

Marine Insurance
Despite thorough and meticulous planning no one can foresee the challenges and difficulties faced during transit; whether they are in form of natural calamities, accidents, intentional harm or anything else. This is where Marine Insurance comes in; to ensure that the vessel carrying your valuable cargo finds safe passage without you worrying about any of the perils.

Why Adamjee Engineering Insurance
• Strong treaty based overseas vessel hull insurance
• Coverage of International marine cargo trait other then Pakistan as well
• Coverage Demolition voyage in Pakistan
Adamjee Insurance offers coverage for the following:

MARINE HULL
This policy covers losses / damages to the shell and machinery of the vessel caused by maritime perils.

MARINE CARGO
Marine Cargo caters to losses /damages pertaining to cargo / freight carried on the vessels. We provide all risks coverage as well as policies covering limited risks depending upon the needs of our customers.

MARINE UMBRELLA
Marine Umbrella Liability is a broad spectrum cover offering protection against liabilities to shipping / logistics and transport related companies.

BENEFITS AND COVERAGE

MARINE HULL COVERAGE

This insurance policy covers the following perils, loss and damages:
• Perils of the seas, rivers, lakes or other navigable waters.
• Fire and explosion
• Violent theft by outside persons: Jettison or Piracy.
• Contact with land conveyance, dock or harbor equipment or installation.
• Earthquake, Volcanic eruption or lightning.
• Accidents in loading, discharging or shifting cargo or fuel.
• Bursting of boilers, breakage of shafts or any latent defect in the machinery or hull.
• Negligence of Master Officers, Crew or Pilots.
• Negligence of repairers or charterers.
• Barratry of Master Officers or Crew Contact with aircrafts, helicopters or similar objects, or objects falling there from.
• Salvage charges when general average is declared.
MARINE CARGO COVERAGE
Our marine cargo insurance covers different risks depending upon the type of coverage sought by our customers.

The policy provides:
• Protection against ?All Risk? for loss and damage to cargo resulting from a fortuity during transit by sea, air, road and rail
• Restrict coverage depending upon customer need other then all risk for transit by sea, air, road and rail
MARINE UMBRELLA
This insurance could be of substantial benefit to:
• Ship or vessel Operators
• Freight Forwarders, Road Transport Operators, NVOC, Railway Operators, Carriers by Air, Ware house Depot operators
• Ship agents, Brokers and the services associated with shipping transportation
• Terminal Operators, Stevedores Operators, Operators of Container/Trailer, Storage and Repairers
• Port Harbors or Port Authorities

tarik rashid (pvt)ltd

Pleasing The Customers

We are dedicated to developing a long-term relationship with our clients by providing them outstanding services.


Custom Tailored Insurance Program

We are experienced and knowledgeable when it comes to designing the right coverage for your business and help you place the insurance with the best insurance provider.As the only independent and largest insurance agency in Pakistan,we have the buying leverage to negotiate better terms for you.

Life Insurance Claim Documentation

We also help foreign and multinational insurance companies in acquiring Birth,Death and Burial certificates for their Life Insurance Claims pertaining to citizens or residents of Pakistan.
contact with us
email:trpl@pakistaninsurance.com
Website:http://www.pakistaninsurance.com


Our purpose right way to serve people
SALEEM GROUPS

Concept of Insurance in Islam

I have forever been very bemused about the plan of cover in Islam and its reliability. freshly, I had a conversation on this theme with three of my very close associates and have got some more insight from them. Two of my friends were in favor of assurance in some form and had their own views about the topic, please note that these two have good knowledge of Islam. I would not call them molvis, they are moderate Muslims but have good information on a mixture of subjects in Islam (although this is no yardstick). I will put down my reservations, their answers and a few other views here and would like to have views from the rest of the users here. Please do contribute in the conversation with your own sympathetic (whatever that may be) and please be open in your views as this might clarify some ambiguities they you or others might have. Thanks.

What is Sod (attention) that is stated as Haram (prohibited) in Islam ?
My understanding is that any income that falls under the following criteria

1. Is fixed
2. Is absolutely profit (no risk of loss)
3. Does not involve any effort/ work

investments account in a Bank
To me a savings account in bank is the purest form of interest and is Harem. It give a fixed return over an year, is always a profit over the deposited money and it does not require any work or any effort from me. No risk.

There are two other viewpoint on the bank deposits in savings accounts.
If a family does not have any sources of income and they don't know how and what business to invest in, the interest money from the bank is Halal (allowable). Just to give you an extreme example, if say a women is a widow and her children are young, and there is just the cash that they have and nothing else, the interest money from the bank is HALAL (allowed).
In early days of Islam, when interest was made Haram (prohibited), the currency used to be of GOLD and thei value did not use to depreciate. Gold used to appreciate with rising inflation and people could buy the same amount of goods even after many years of price hike. In modern times, with currency notes in fashion and value of currency depreciating daily with rising inflation, people cannot buy the same amount of goods after one year with the same money that they have now. Keeping money in savings accounts of the banks only safeguards against the possible depression of money in the form of interest. So it is actually not interest and is acceptable.

Insurance
now let’s talk about cover. There are two forms of insurances, insurance of a manufactured goods (object/ material) and life insurance of humans.

Product Insurance
If a person or company owns some product (e.g. car or house or goods) and wants to insure it against any possible harm (e.g. theft, fire, accident etc.), the person or company would get the product insured by some insurance company. There will be some fixed expense in the form of insurance fee that the person or business will pay to the cover company and in-turn the product would be insured. Now if any harm is inflict upon the product, the insurance corporation bears the cost to the tune it is insured. But the key point is that the payment money in the form of insurance fee is not return, if there is no claim.

Life Insurance
Life insurance of a human is a somewhat newer concept as compare to product insurance, which has been there for many centuries (so it is known). In life insurance, a person keeps on making a certain amount of payment for a certain number of years (we have 20 years normally offered by State Life and EFU) and it covers three areas.

1. If the person dies within those 20 years, his family (beneficiaries) receives a handsome sum of money, by now determined at the time of signing the insurance agreement.
2. If the person does not die within those 20 years, a attractive some of money is given to him as profit incurred on the yearly installments of payments he had been production to the insurance company.
3. In some cases, in adding to one of the above, if the person falls ill, his medical operating cost are borne by the insurance company during those 20 years.

My question specially relates to the first 2 points. If the person dies, the family gets a fixed amount of cover money (as is the case with produce insurance). However, in life insurance, if a person does not die, he still gets a fixed profit on his actual repayment in addition to the total real quantity paid to the insurance company.
Now this is a win-win circumstances and this income somewhat falls under my definition of interest i.e. Is fixed, Is absolutely profit (no risk of loss), Does not engage any effort/ work.

HOME INSURANCE

If you are looking for buildings and contents cover, so let us help you find competitive quotes by comparing insurers. We'll go around the most competitive quote for your coverage, and we'll take care of the application to help you covered immediately. It's not only homeowners who help us, if you are a Tennant content we can provide cover. We have access to insurers who accept higher risks than normal and difficult to dismiss the case, if in doubt, contact us for other indications.
Our helpful and friendly staff will happily search for the right policy to provide the most suitable cover.

Simply click the button below and we'll get you a quote for your Home Insurance.


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