Shaheen Insurance growing company in Pakistan Insurance Sector

Shaheen Insurance Company Ltd. (SICL) is a group company of Shaheen Foundation, PAF which owns major shareholding of the Company. Shaheen Insurance was incorporated in 1995 as a public limited company, listed with Pakistan Stock Exchange (PSX) and also registered with the Central Depository Company of Pakistan (CDC). The shares of the Company are quoted and traded on PSX.Shaheen Insurance is one of the most reputable and brightest names in the insurance sector. Its sustained growth over the years has secured a prominent place among the reputed insurers of Pakistan. Shaheen also commenced Takaful operations in 2018. Shaheen Insurance Company Limited (SICL) is a progressively growing company, surpassing all expectations, its gross premium including takaful has been surpassed the landmark of Rs. 1 Billion during the period ended Sept. 30, 2024. SICL is one of the most well managed and fast growing company in the market. Shaheen Insurance underwrites all classes of general insurance & general takaful. The Company provides a full range of insurance services through its branch network spread across all Pakistan to meet the needs of the business fraternity, banks, financial institutions, and corporate, commercial and individual clients. Our product portfolio includes:

• Fire and Property Damage
• Marine, Aviation and Transport
• Motor Vehicles (Personal & Commercial)
• Health + Medical (IPD, OPD)
• Miscellaneous classes
• Window Takaful Operations (full range of general takaful products)

The Company’s financial results are consistently improving; Authorized Capital of the Company is Rs.1 billion, while Paid-Up Capital will grow to Rs.645 million after issuance of Bonus Share @7.50%. Shareholder’s Equity has also grown to Rs.844.61 million as at December 31, 2023. Strong backing of sponsors, capital base, prudent underwriting, efficient claims management, strong reinsurance & retakaful arrangements and sound financial position place Shaheen Insurance at par with any quality insurer in Pakistan.

The Rating of the Company was reaffirmed to “A+” with ‘Stable’ outlook by PACRA which denotes “Strong capacity to meet policy holders and contractual obligations:- Risk” Shaheen Insurance has excellent reinsurance & retakaful treaty arrangements with sound & well reputed international reinsurer. Besides treaty backup, the Company has back to back arrangements with foreign and domestic “A” rated insurers, reinsurers and world renowned brokers for placements of large and specialized risks abroad and also locally on facultative basis.The Company is managed by a team of professionals who is fully equipped with technical and managerial skills for smooth operations for both traditional and specialized insurance & takaful covers.Shaheen Insurance is fully geared up to take on challenges with a vision to play its role in the development of insurance industry, country’s economy and to be recognized as one of the most professional, preferred and reputed insurance company of Pakistan.

The Contributor is a CEO, Shaheen Insurance Company Limited,