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 m
embers 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.
