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Pakistan Life Industry Growth. Pakistan’s Life Insurance Market has displayed significant growth over the last 2 years Year on year growth over the last two years has been around 29% State Life continues to dominate the market with a 62% share . Growth Drivers (Life).

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pakistan life industry growth
Pakistan Life Industry Growth
  • Pakistan’s Life Insurance Market has displayed significant growth over the last 2 years
  • Year on year growth over the last two years has been around 29%
  • State Life continues to dominate the market with a 62% share
growth drivers life
Growth Drivers (Life)
  • Success in developing distribution channels has been the main factor for the life industry’s success
    • The growth in the last few years has been mainly driven by growth in bancassurancewhich constitutes a significant proportion of the business of most of the private sector players
  • The life industry may have also benefited from the tax incentive introduced bringing the industry at par with mutual funds in allowing a tax credit for premiums paid into a life insurance policy
significant changes life
Significant Changes (Life)
  • The most significant change in the last couple of years has been the exit of yet another multinational from the life industry
    • Metlife ALICO has decided to exit Pakistan
  • As in the case of Commercial Union’s exit the life company has been bought over by a major non-life company – in this case IGI
  • Major global multinationals do not appear to have an interest in Pakistan
    • This has, however, probably more to do with our overall security environment rather than market dynamics
  • The other potential significant change – the possibility of introduction of window takaful players in 2012 – was pre-empted by the family takaful players taking the SECP to court and having the 2012 Takaful Rules suspended
the future life
The Future (Life)
  • The life industry has only 9 players ignoring Postal Life (SECP 18 May 2013)
  • The industry, given its recent growth, has shown that there is room for more players
    • It is understood that there are a couple of parties interested in setting up new life companies
  • The major constraint appears to be human resources
    • This is an area where the industry has to focus if the impressive growth of the past few years is to be carried forward into the future