New Financial Services research report from Timetric is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 10/27/2012 -- Over the forecast period, the growth of the reinsurance segment is expected to be driven by the expansion of Pakistan’s life, non-life, and personal accident and health direct insurance segments. Notably, as insurance companies tend to share at least some proportion of their risk coverage with reinsurance companies, this created significant business opportunities for reinsurance companies operating in Pakistan. In addition, the frequent occurrence of natural disasters and terrorist attacks in the country has compelled local insurance companies to cede part of their written premium to reinsurance companies in order to avoid excessive risk.
- During the review period, Pakistan was severely affected by a large number of natural disasters, which resulted in significant incurred loss for insurance companies operating in the country. For example, the country suffered considerable loss of life and extensive property damage due to widespread flooding in 2010.
- Development of the country’s domestic reinsurance business was the key focus of Pakistani policy makers during the review period, a commitment that eventually resulted in the SECP making it mandatory for Pakistan-based insurance companies to cede a proportion of their insurance business to the state-owned reinsurance company, Pakistan Reinsurance Company Limited (PRCL).
- Reinsurance plays a significant role in the overall Pakistani insurance industry, as local insurance companies cede part of their written premium to reinsurance companies in order to avoid excessive risks due to unforeseen events. Reinsurance is therefore an integral component of the country’s risk management program and contingency plan, without which the burden of the cost of natural disasters would fall on individuals and their direct insurers.
- Pakistan experienced several natural disasters during the review period, including severe flooding in 2010 that affected approximately 20 million people. In addition, around 1.6 million homes were destroyed, and thousands of acres of crops and agricultural land were damaged across the country.
- According to the estimates of Damage and Needs Assessment by the Asian Development Bank and the World Bank, approximately PKR750.0–PKR939.7 billion (US$8.7–US$10.9 billion) was required for overall recovery and reconstruction costs associated with the floods.
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This report provides a comprehensive analysis of the reinsurance market in Pakistan:
- It provides historical values for the Pakistan reinsurance market for the review period (2007–2011) and forecast period (2012–2016)
- It offers a detailed analysis of the key sub-segments in the Pakistan reinsurance market, along with market forecasts until 2016
- It provides a detailed analysis of the reinsurance ceded from various direct insurance markets in Pakistan and its growth prospects
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