Askari General Insurance

Askari General Insurance Company Limited Review

This review provides a comprehensive overview of Askari General Insurance Company Limited, a well-established non-life insurance provider in Pakistan. We will delve into the company's history, market position, insurance products and services, customer service, and overall reputation, offering insights for potential customers seeking insurance solutions.

Brief Introduction and Overview of the Company

Askari General Insurance Company Limited, a Pakistan-based insurance entity, was incorporated under the Companies Ordinance, 1984 (later repealed by the Companies Act, 2017 on May 30, 2017). It specializes in non-life insurance, encompassing fire, marine, motor, health, and miscellaneous insurance products. The company, a subsidiary of Army Welfare Trust, commenced its commercial operations in 1995. It is listed on the Pakistan Stock Exchange, signifying its robust financial standing and commitment to transparency. Askari General Insurance boasts a significant presence across Pakistan, with operations spanning over 15 cities and a network of approximately 20 branches nationwide.

Key Highlights of the Company’s Market Position and Reputation

• Market Position: Askari General Insurance holds a prominent position in Pakistan's insurance market, known for offering a diverse range of non-life insurance products. Its broad product portfolio caters to the varied insurance needs of both individuals and businesses.
• Reputation: The company has established a solid reputation for financial stability and reliability. It boasts a rating of AA+ (IFS) from VIS Credit Rating Company, a testament to its strong financial health and risk management practices.
• Customer Base: Askari General Insurance serves a wide customer base, including individuals and businesses, offering comprehensive insurance solutions tailored to their specific requirements.

Overview

Year of Establishment and Background Story

Established in 1995, Askari General Insurance was founded with the goal of providing reliable and accessible non-life insurance services to the people of Pakistan. The company's origin lies in the need for a trustworthy insurance provider that caters to the diverse needs of the Pakistani market. Since its inception, Askari General Insurance has grown steadily, becoming one of the leading insurance companies in the country.

Key Milestones in the Company’s History and Growth

• Listing on Pakistan Stock Exchange: The company's listing on the Pakistan Stock Exchange has been instrumental in its growth and expansion. This public listing has increased transparency, facilitated capital raising, and fostered a stronger financial footing.
• Expansion of Operations: Throughout its history, Askari General Insurance has strategically expanded its operations, reaching over 15 cities across Pakistan. This expansion has enabled the company to broaden its customer base and cater to a wider geographical area.
• Diversification of Products: The company has consistently diversified its product offerings, adding fire, marine, motor, health, and miscellaneous insurance to its portfolio. This diversification has allowed Askari General Insurance to cater to a wider range of customer needs and preferences.

Regulatory Compliance and Licenses

Askari General Insurance operates in full compliance with all relevant regulatory requirements. The company holds the necessary licenses to operate as an insurance provider in Pakistan. These licenses are granted by the relevant regulatory bodies, ensuring adherence to industry standards and consumer protection guidelines.

Furthermore, the company has obtained essential certifications from regulatory bodies such as the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan (SECP). These certifications demonstrate Askari General Insurance's commitment to transparency, financial stability, and regulatory compliance.

Insurance Products and Services

Main Insurance Products

Askari General Insurance offers a comprehensive range of non-life insurance products designed to meet the diverse insurance needs of its customers:

• Fire and Property Damage Insurance: This insurance covers damage to property caused by fire, lightning, and other perils. It offers financial protection to property owners against unexpected and potentially devastating losses.
• Marine Cargo Insurance: This type of insurance provides coverage for goods in transit. It safeguards against risks such as damage, theft, and loss during transportation by sea, air, or land.
• Marine Hull Insurance: This insurance covers damage to ships and boats. It protects the vessel owner against financial losses resulting from accidents, collisions, and other perils at sea.
• Motor Insurance: Askari General Insurance offers comprehensive motor insurance coverage for individuals and businesses. It protects against theft, damage to the vehicle, and third-party liability, ensuring peace of mind while driving.
• Health Insurance: This insurance provides financial protection against medical expenses. Askari General Insurance offers health insurance plans for individuals and families, providing access to quality medical care and reducing the financial burden of unexpected healthcare costs.
• Miscellaneous Risks Insurance: This category encompasses various insurance policies that protect against a wide range of risks. It includes coverage for loss of cash in safe and cash in transit, engineering losses, and other miscellaneous risks, offering comprehensive protection for businesses and individuals.

Coverage Options and Policy Details

Askari General Insurance offers flexible policy options to suit different customer needs and preferences. Customers can choose from annual, multi-year, and single-premium policies, depending on their specific insurance requirements and financial situation.

The company's policies provide comprehensive coverage options, designed to provide maximum protection. These options often include third-party liability, personal accident cover, and additional benefits such as roadside assistance. This comprehensive approach ensures that customers are well-protected against a range of potential risks.

Additional Services

Askari General Insurance goes beyond providing standard insurance products, offering additional services that enhance customer experience and provide value-added support.

• Financial Advisory Services: The company's experienced team provides financial advisory services to help customers make informed decisions about their insurance needs. This personalized guidance ensures that customers select the most suitable insurance plan to meet their specific financial goals and risk profiles.
• Claims Assistance: Askari General Insurance provides assistance to customers throughout the claims process. The company streamlines this process, ensuring smooth and efficient settlement of claims, minimizing stress and inconvenience for customers.
• Retirement Planning: Recognizing the importance of long-term financial security, Askari General Insurance offers retirement planning services. These services help customers plan for their future financial needs, ensuring a comfortable and secure retirement.

Premiums and Pricing

Pricing Structure

Askari General Insurance's premium rates are determined based on the risk profile of the insured asset or person. For example, marine cargo insurance, which involves higher risk, typically has higher premiums compared to other types of insurance.

Comparative Analysis with Industry Averages

Askari General Insurance's premium rates are competitive within the industry. The company strives to offer value for money, ensuring that customers receive competitive pricing without compromising on coverage quality. Premium rates are regularly adjusted to reflect changes in market conditions and inflation, ensuring fairness and transparency.

Discounts and Special Offers

Askari General Insurance offers various discounts and special offers to reward its customers and make its insurance products even more accessible.

• Multi-policy discounts: Customers who purchase multiple policies from the company can avail discounts on their premiums. This encourages customers to bundle their insurance needs with Askari General Insurance for greater savings.
• Safe driver discounts: Drivers with a clean driving record may be eligible for lower premiums on their motor insurance. This incentivizes safe driving practices and rewards responsible drivers.
• Loyalty rewards: Long-term customers may receive loyalty rewards or discounts on their premiums. Askari General Insurance recognizes the value of its loyal customer base and rewards their continued support.

In addition to these standard discounts, the company occasionally offers promotional deals and limited-time offers. These special offers can include discounted premiums, free add-ons, or other incentives to attract new customers or retain existing ones.

Customer Service and Support

Contact Methods

Askari General Insurance provides multiple channels for customers to reach out for assistance or inquiries.

• Phone: Customers can contact the company through its dedicated customer service hotline. This hotline is available during regular business hours for quick and convenient communication.
• Email: Customers can reach out to the company via email for queries or assistance. This provides a written record of communication and allows for more detailed inquiries.
• Live Chat: Askari General Insurance offers live chat support on its website for immediate assistance. This feature allows customers to get real-time support and answers to their questions without leaving the website.

Availability of 24/7 Support and Multilingual Assistance

Askari General Insurance recognizes the importance of providing round-the-clock support to its customers. The company offers 24/7 support to cater to customers' needs at any time, ensuring that they have access to assistance even outside regular business hours.

Furthermore, Askari General Insurance provides multilingual assistance to support customers who may not speak English fluently. This commitment to inclusivity ensures that customers from diverse backgrounds can access the support they need.

Pros and Cons of Askari General Insurance Company Limited

Pros

• Competitive Premiums: Askari General Insurance offers competitive premium rates, making its insurance products attractive to cost-conscious customers.
• Comprehensive Coverage: The company provides comprehensive coverage options, ensuring that customers are well-protected against a wide range of risks. This comprehensive approach offers peace of mind and financial security.
• Stable Reputation: Askari General Insurance has established a stable reputation, evidenced by its high credit rating. This reputation reflects the company's financial strength and commitment to reliable service.

Cons

• Limited International Presence: The company primarily operates within Pakistan, which may limit its reach to international customers. While this focus on the domestic market allows Askari General Insurance to deeply understand local needs, it may not be the best option for individuals or businesses with international insurance requirements.
• Dependence on Primary Shareholder: Askari General Insurance's financial health is partially dependent on its primary shareholder, Army Welfare Trust. This dependence could potentially pose risks if the trust's financial situation changes. However, the strong reputation and financial standing of Army Welfare Trust contribute to the overall stability of Askari General Insurance.

Conclusion

Summary of the Main Points Covered in the Review

Askari General Insurance Company Limited stands as a well-established and reputable insurance provider in Pakistan. Its comprehensive range of non-life insurance products, including fire, marine, motor, health, and miscellaneous insurance, caters to a diverse customer base. The company's competitive premium rates, comprehensive coverage options, and stable reputation make it an attractive choice for individuals and businesses seeking reliable insurance solutions. However, it's important to note that the company's primary focus on Pakistan's domestic market and its dependence on its primary shareholder are potential drawbacks to consider.

Recommendations on Who Would Benefit Most from the Company’s Insurance Offerings

Customers seeking comprehensive non-life insurance coverage in Pakistan would benefit most from Askari General Insurance Company Limited. The company's diverse product offerings and competitive premium rates make it an attractive option for individuals and businesses seeking reliable insurance solutions within Pakistan. However, if international coverage is required or if customers are seeking an insurance provider with a more diverse shareholder base, alternative options may be more suitable.

Frequently Asked Questions about Askari General Insurance Company Limited

Answers to Common Questions about the Company’s Policies, Claims Process, and More

1. What types of insurance does Askari General Insurance Company Limited offer?

   Askari General Insurance Company Limited offers a wide range of non-life insurance products, including fire and property damage insurance, marine cargo insurance, marine hull insurance, motor insurance, health insurance, and miscellaneous risks insurance. This comprehensive portfolio ensures that customers have a variety of options to choose from to meet their specific insurance needs.

2. How can I contact Askari General Insurance Company Limited for assistance?

   Customers can contact Askari General Insurance Company Limited through its customer service hotline, email, or live chat support on its website. The company provides multiple communication channels to ensure that customers can easily reach out for assistance or inquiries.

3. What is the claims process like at Askari General Insurance Company Limited?

   Askari General Insurance Company Limited provides assistance to customers during the claims process. The company streamlines the claims process, ensuring smooth and efficient settlement of claims, minimizing stress and inconvenience for customers.

References

• [1] https://www.dnb.com/business-directory/company-profiles.askari_general_insurance_company_limited.e71fb9c6c9678bfb8a9b5e76e24b5c97.html
• [2] https://pk.linkedin.com/company/agicopk
• [3] https://docs.vis.com.pk/RatingReports/OP_00114502001_0001145.pdf
• [4] https://uk.marketscreener.com/quote/stock/ASKARI-GENERAL-INSURANCE--20703292/company/
• [5] https://dps.psx.com.pk/company/AGIC