“To be a forum of active exchange on matters relating to insurance. To promote, support and protect common interests of member companies carrying on the business of insurance in Pakistan and to endeavor to increase insurance awareness and penetration in the country”.
The Insurance Association of Pakistan (IAP) is a dynamic and vision driven body that represents the insurance industry of Pakistan and voices the mandate of its member companies at various levels. Representing both life and non-life insurance companies that write about 238 billion worth of premium annually, IAP’s members are amongst the most influential of insurance companies of the country.
The members of IAP collectively contribute to approximately 97% of life and non-life insurance premium in the private and public sectors. Out of its stronghold of 37 member companies, 29 companies transact non-life insurance business, 6 transact life insurance business, 1 is a Takaful, 1 a state owned reinsurer (PRCL) in Pakistan.
IAP is driven with the objective to promote, support and protect the status, common interest and welfare of companies carrying on the business of insurance and takaful in Pakistan and in particular of those insurers who are members of the Association. The Association also acts on behalf of its members in any matter affecting their interest.
IAP is unique in as much as it provides a professional platform to guide the members in technical matters related to the industry which is recognized both at national and international level. The Insurance Association of Pakistan is a trade organization registered by the Ministry of Commerce as an All Pakistan Trade Association and is Member of the Federation of Pakistan Chambers of Commerce and Industry. The Association corresponds with the National Fire Protection Association, USA, WK Webster, UK, the Association of Average Adjusters, UK, Association of British Insurers & the International Underwriters Association of London. IAP’s interaction with these international professional bodies results in sharing of valuable international experiences and receiving regular updates of technical advances being made elsewhere in the world.
Locally, the Association subscribes to Federation of Pakistan Chamber of Commerce & Industry (FPCCI), Pakistan Insurance Institute (PII), Pakistan Institute of Corporate Governance (PICG), SAARC Chamber of Commerce (SAARC CCI) and internationally, National Fire Protection Association (NFPA). The Association provides Technical Inspection Service to its members. Association’s risk reports not only enable the insurers to analyze the risk correctly, but also recommend risk improvements to minimize losses and save valuable national assets.
The affairs of the Association are run by the Executive Committee (EC) elected annually. The Committee elects its own Chairman, Senior Vice Chairman and Vice-Chairman. The Chairman becomes Ex-officio member of the EC for the subsequent year. The EC is assisted by the following Technical Committees manned by expert professionals:
The IAP in the interest of insurance business has also developed a web based portal for its members to share information of motor vehicles thereby, minimizing insurance fraud to a great extent. This portal also acts as the repository of insured stolen and CTL vehicles.
The Association has developed a “No Fault Motor Third Party Liability Insurance” scheme for the benefit of public at large. It is encouraging to note that in line with this Scheme, SECP has recommended amendments in Motor Vehicles Act, 1939 to introduce “No Fault Model”.
It is a matter of great pride for the IAP that due to the efforts of its Regional Committee North (RCN), an Executive MBA Program in Insurance & Risk Management was introduced at Hailey College, University of Punjab. The program has been expanded to BBA (Hons) and Regular MBA in the same discipline.
The IAP is currently in process of building its very own “IAP House” to construct a customized building in Karachi. On site work has commenced and is due for completion in April 2017.