Top 10 Insurance Companies in Pakistan in 2024

In this article, we are going to discuss the 10 top insurance companies in Pakistan, where we will look into their backgrounds, key products, and the insurance schemes they provide to cater to the various requirements of the Pakistani people.

Insurance is an integral part of financial planning that helps people and businesses be secure against the risks and uncertainties of unforeseen events. In Pakistan, the insurance sector has undergone considerable development and growth, which is attributed to the presence of reliable companies that provide various types of insurance products and services. These companies are life insurance, general insurance, and Takaful, which are all instruments for protecting the financial welfare of their customers.

Top 10 Insurance Companies in Pakistan

The following are the most popular insurance companies in the country:

1. State Life Insurance Corporation of Pakistan

State Life Insurance Corporation of Pakistan holds a prominent position as one of the largest and oldest insurance companies in the country. Established in 1972, it operates under the jurisdiction of the Government of Pakistan. State Life offers a comprehensive range of life insurance products, including term insurance, endowment plans, whole life policies, and investment-linked insurance plans. Its policies cater to individuals, families, and groups, providing financial security and peace of mind.

Some of its key insurance plans include:

• Whole Life Assurance: Provides coverage for the entire life of the insured, with the sum assured payable upon death or maturity.
• Endowment Assurance: Offers both protection and savings, with a lump sum payable upon maturity or in case of death.
• Child Education & Marriage Plan: Designed to secure the future of children by providing funds for their education and marriage expenses.
• Group Life Insurance: Provides life coverage to members of a group, such as employees of an organization.

2. Jubilee Life Insurance Company Limited

Jubilee Life Insurance Company Limited is a leading private sector life insurance company in Pakistan. Since its inception in 1995, Jubilee Life has been at the forefront of innovation, offering innovative insurance solutions to its customers. The company provides a diverse range of life insurance plans, such as term insurance, savings plans, child education plans, and retirement solutions. Jubilee Life’s customer-centric approach and efficient claims processing make it a preferred choice among policyholders.

Some of its prominent insurance plans include:

• Jubilee Smart Protect: A term insurance plan that provides financial protection to the insured’s family in the event of death.
• Jubilee Cash Surplus: A savings and investment plan that offers regular cash payouts along with life coverage.
• Jubilee Medipal: A health insurance plan that covers medical expenses, hospitalization, and critical illnesses.
• Jubilee Takaful: Shariah-compliant insurance solutions that adhere to Islamic principles.

3. EFU Life Assurance

EFU Life Assurance is another prominent player in the life insurance sector of Pakistan. With a legacy spanning over 85 years, EFU Life has earned the trust of millions of customers nationwide. The company offers a variety of life insurance products designed to meet the evolving needs of individuals and families. These include traditional life insurance plans, investment-linked insurance plans, and health insurance solutions. EFU Life’s commitment to excellence and innovation has made it a market leader in the insurance industry.

Some of its notable insurance plans include:

• EFU Smart Life: A flexible life insurance plan that offers protection, savings, and investment opportunities.
• EFU Young Life: Designed specifically for young individuals, this plan provides financial protection and savings benefits.
• EFU Health Shield: A comprehensive health insurance plan that covers medical expenses, hospitalization, and critical illnesses.
• EFU Education Plan: Helps parents save for their children’s education by providing a lump sum amount at the time of maturity.

4. Adamjee Insurance Company Limited

Adamjee Insurance Company Limited is one of the largest general insurance companies in Pakistan. Established in 1960, Adamjee Insurance has a strong presence across the country, offering a wide range of general insurance products to individuals, businesses, and corporations. The company’s product portfolio includes motor insurance, property insurance, marine insurance, travel insurance, and various other lines of coverage. Adamjee Insurance’s prompt claim settlement and customer-focused services have earned it a reputation for reliability and integrity.

Some of its key insurance plans include:

• Motor Insurance: Provides coverage for vehicles against damages, theft, and third-party liabilities.
• Property Insurance: Protects against losses or damages to property due to fire, theft, natural disasters, etc.
• Marine Insurance: Covers goods in transit by sea, air, or land against risks such as damage, loss, or theft.
• Travel Insurance: Offers protection against unforeseen events during domestic or international travel, including medical emergencies, trip cancellations, and baggage loss.

5. TPL Insurance

TPL Insurance is a relatively new entrant in the Pakistani insurance market, but it has quickly established itself as a key player in the industry. Since its inception, TPL Insurance has been committed to innovation and technology, offering innovative insurance solutions to its customers. The company provides a diverse range of general insurance products, including motor insurance, travel insurance, health insurance, and property insurance. TPL Insurance’s user-friendly digital platforms and efficient claims processing have made it a preferred choice among customers seeking convenience and reliability.

Some of its prominent insurance plans include:

• Auto Direct: Motor insurance coverage for cars, motorcycles, and commercial vehicles, offering protection against various risks.
• TPL Shield: A comprehensive health insurance plan that covers medical expenses, hospitalization, and critical illnesses.
• TPL Trakker: Vehicle tracking and security solutions that help prevent theft and recover stolen vehicles.
• TPL Protect: Home insurance coverage that protects against damages, theft, and natural disasters.

6. Askari General Insurance Company Limited

Askari General Insurance Company Limited is a subsidiary of the Army Welfare Trust, operating in the general insurance sector of Pakistan. Established in 1995, Askari General Insurance has built a strong reputation for providing quality insurance solutions to its customers. The company offers a wide range of general insurance products, including motor insurance, property insurance, marine insurance, and travel insurance. Askari General Insurance’s commitment to customer satisfaction and ethical business practices has earned it the trust of policyholders nationwide.

Some of its key insurance plans include:

• Askari CarSure: Motor insurance coverage for cars, offering protection against damages, theft, and third-party liabilities.
• Askari HomeShield: Home insurance coverage that protects against losses or damages to property due to fire, theft, natural disasters, etc.
• Askari HealthCare: Health insurance plans tailored to meet the diverse medical needs of individuals and families.
• Askari TravelCare: Travel insurance coverage for domestic and international trips, providing protection against various unforeseen events.

7. UBL Insurers

UBL Insurers is a leading general insurance company in Pakistan, operating as a subsidiary of United Bank Limited (UBL). With a legacy spanning over three decades, UBL Insurers has a solid track record of delivering reliable insurance solutions to its customers. The company offers a comprehensive range of general insurance products, including motor insurance, property insurance, marine insurance, and health insurance. UBL Insurers’ strong financial backing and efficient claims settlement process make it a preferred choice among customers seeking financial protection and security.

Some of its prominent insurance plans include:

• UBL Car Insurance: Motor insurance coverage for cars, motorcycles, and commercial vehicles, providing protection against various risks.
• UBL Home Insurance: Home insurance coverage that protects against damages, theft, and natural disasters.
• UBL Travel Insurance: Travel insurance coverage for domestic and international trips, offering protection against medical emergencies, trip cancellations, and baggage loss.
• UBL Health Insurance: Health insurance plans that cover medical expenses, hospitalization, and critical illnesses.

8. Adamjee Life Assurance Company Limited

Adamjee Life Assurance Company Limited is a subsidiary of Adamjee Insurance Company Limited, specializing in life insurance products. Established in 2016, Adamjee Life aims to provide innovative and customer-centric life insurance solutions to its clients. The company offers a diverse range of life insurance plans, including term insurance, savings plans, retirement solutions, and investment-linked insurance products. Adamjee Life’s focus on customer satisfaction and financial planning makes it a trusted partner for individuals and families seeking long-term financial security.

Some of its notable insurance plans include:

• Adamjee Term Assurance: Provides financial protection to the insured’s family in the event of death during the policy term.
• Adamjee Child Education Plan: Helps parents save for their children’s education by providing a lump sum amount at the time of maturity.
• Adamjee Retirement Plan: Offers financial security during retirement by providing a regular income stream or lump sum payment.
• Adamjee Savings Plan: A flexible savings and investment plan that helps individuals achieve their financial goals.

9. Alfalah Insurance Company Limited

Alfalah Insurance Company Limited is a leading general insurance company in Pakistan, operating under the umbrella of Abu Dhabi Group. Since its inception in 2006, Alfalah Insurance has been committed to excellence and professionalism in the insurance industry. The company offers a wide range of general insurance products, including motor insurance, property insurance, marine insurance, and health insurance. Alfalah Insurance’s strong financial stability and customer-oriented approach have earned it a reputation for reliability and trustworthiness.

Some of its key insurance plans include:

• Alfalah Motor Insurance: Motor insurance coverage for cars, motorcycles, and commercial vehicles, offering protection against various risks.
• Alfalah Property Insurance: Property insurance coverage that protects against losses or damages to property due to fire, theft, natural disasters, etc.
• Alfalah Marine Insurance: Marine insurance coverage for goods in transit by sea, air, or land, providing protection against risks such as damage, loss, or theft.
• Alfalah Health Insurance: Health insurance plans that cover medical expenses, hospitalization, and critical illnesses.

10. Pak-Qatar General Takaful Limited

Pak-Qatar General Takaful Limited is a pioneer in the Takaful industry of Pakistan, offering Shariah-compliant insurance solutions to its customers. Established in 2007, Pak-Qatar General Takaful operates on the principles of mutual cooperation and shared responsibility. The company provides a range of general Takaful products, including motor Takaful, property Takaful, marine Takaful, and health Takaful. Pak-Qatar General Takaful’s adherence to Islamic principles and ethical business practices make it a preferred choice among customers seeking Takaful coverage.

Some of its prominent Takaful plans include:

• Pak-Qatar Motor Takaful: Shariah-compliant motor insurance coverage for cars, motorcycles, and commercial vehicles.
• Pak-Qatar Property Takaful: Property Takaful coverage that protects against losses or damages to property due to fire, theft, natural disasters, etc.
• Pak-Qatar Marine Takaful: Marine Takaful coverage for goods in transit by sea, air, or land, providing protection against risks such as damage, loss, or theft.
• Pak-Qatar Health Takaful: Health Takaful plans that cover medical expenses, hospitalization, and critical illnesses, complying with Islamic principles.

These are the top 10 insurance companies in Pakistan that offer a wide range of insurance plans, including life insurance, general insurance, and Takaful, catering to the diverse needs of individuals, families, and businesses. Whether it’s protection against unforeseen risks, savings for the future, or financial security during retirement, customers have access to innovative insurance solutions designed to provide peace of mind and financial stability.

Read More: Jubilee Life Insurance Partners with NOWPDP to Empower Persons with Disability.

Follow INCPAK on Facebook / Twitter / Instagram / YouTube  for updates.