Universal Insurance company Limited
Encyclopedia
The Universal Insurance Company Limited is a part of Bibojee Group of Companies which was established by the late Habibullah Khan Khattak
.
The company was incorporated in 1959 and has established its franchise in the general insurance
market. On premium portfolio basis 'Universal' is one of the Top Ten insurance companies of Pakistan
and has been rated as A- with 'Stable outlook by JCR-VIS RATING Company Limited.
The management and organizational structure of UIC is in conformity with organizational structure of other insurance companies. The board of directors is the main controlling body looking after the affairs of the company. The board consist of 5 committees i.e. audit committee, investment committee, underwriting committee, claim settlement committee, re-insurance and co insurance committee.
The company has, like other commercial companies, the basic objective of mobilization of resources and reinvesting them in profitable avenues. In order to achieve this objective, the company has developed innovative schemes in order to attract the customers. Universal Insurance Company has been successful in out playing other companies as far as innovation in insurance policies is concerned. Universal Insurance Company has been able to locate opportunities in order to reap the benefits of its liquidity. Introduction of Travel insurance is a good example of it. Universal Insurance Company has organized the departments in such a way that the insurance functions are done smoothly.
The company has, however some deficiencies which needs to be tackled. Some of these can be attributed to the overall environment of the company where as some deficiencies are specified to Universal Insurance Company. The SWOT analysis has however indicated that the company is at advantageous position. Universal Insurance Company has the required expertise to put the operations in right direction. Proper attention to these issues will be the starting point. The company is capable enough to take care of the gray areas.
The management undauntedly faced the multiple challenges resulting from huge financial crises in the country in different eras on the one hand and the Insurance facilities to all sectors of economy on the other hand. The Company also rendered valuable services for many textile mills and other prominent companies in the country, played an effective role in socio-economic uplift of the country.
In 1971 the Company lost many of its assets and network due to secession of the then East Pakistan. The Company not only survived this serious crisis but also regained its financial strength maintaining the growth rates in key performance indicators.
Universal Insurance Company remained in the Public Sector for fifty one (51) years, during which the quality of its assets remained comparatively better among its peers. During this period the Company expanded its domestic network and also made its first foreign links with large re-insurance companies i.e. West Germany Somitomo Marine and Fire Insurance Company, Japan Korean Reinsurance Company.
In 1990s Universal Insurance entered in a new phase of its history, as major of shares of the company was Board of Directors whose performance was well in uplifting the company and matching it with the modern requirements.
The company performed well and has established its franchise in the general insurance market. On premium portfolio basis 'Universal' is one of the Top Ten insurance companies of Pakistan and has been rated as A- with 'Stable outlook by JCR-VIS RATING Company Limited.
Universal Insurance registered an unprecedented growth to become one of the premier financial institutions of Pakistan. Universal Insurance enjoys an enviable position in the financial sector of Pakistan. As on date the quality of assets of the Company is one of the best amongst the major Companies of the country. Now UIC is one of the heading companies in Pakistan and enjoying the progress.
During the year 2008 company has enhanced its IT capabilities realizing the increasing competitive environment of the insurance industry in the term of providing quality and prompt services to the clients. Management is fully determined to accelerate in the present momentum of automation in order to capitalize maximum benefits out of this technology in the shape of cost effectiveness in the way of underwriting and claim settlement process.
The performance of UIC in previous years was satisfactory. In the coming years they will continue their endeavor to focus on the meeting the expectations of their prospective clients through managing selective risks and designing insurance products in the light of future needs.
Habibullah Khan Khattak
Lieutenant General Habibullah Khan Khattak was born in Wana, Waziristan, British India, now part of the Federally Administered Tribal Areas of Pakistan. The son of Khan Bahadur Kuli Khan Khattak, his son Ali Kuli Khan Khattak also rose to the rank of Lt Gen and retired as the Chief of General...
.
The company was incorporated in 1959 and has established its franchise in the general insurance
General insurance
General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance. It is called property and...
market. On premium portfolio basis 'Universal' is one of the Top Ten insurance companies of Pakistan
Pakistan
Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
and has been rated as A- with 'Stable outlook by JCR-VIS RATING Company Limited.
The management and organizational structure of UIC is in conformity with organizational structure of other insurance companies. The board of directors is the main controlling body looking after the affairs of the company. The board consist of 5 committees i.e. audit committee, investment committee, underwriting committee, claim settlement committee, re-insurance and co insurance committee.
The company has, like other commercial companies, the basic objective of mobilization of resources and reinvesting them in profitable avenues. In order to achieve this objective, the company has developed innovative schemes in order to attract the customers. Universal Insurance Company has been successful in out playing other companies as far as innovation in insurance policies is concerned. Universal Insurance Company has been able to locate opportunities in order to reap the benefits of its liquidity. Introduction of Travel insurance is a good example of it. Universal Insurance Company has organized the departments in such a way that the insurance functions are done smoothly.
The company has, however some deficiencies which needs to be tackled. Some of these can be attributed to the overall environment of the company where as some deficiencies are specified to Universal Insurance Company. The SWOT analysis has however indicated that the company is at advantageous position. Universal Insurance Company has the required expertise to put the operations in right direction. Proper attention to these issues will be the starting point. The company is capable enough to take care of the gray areas.
History
Universal Insurance Company limited has witnessed and experienced all political, economic, financial and technological changes which have taken place in the Region since it was incorporated in 1959 at Lahore.The management undauntedly faced the multiple challenges resulting from huge financial crises in the country in different eras on the one hand and the Insurance facilities to all sectors of economy on the other hand. The Company also rendered valuable services for many textile mills and other prominent companies in the country, played an effective role in socio-economic uplift of the country.
In 1971 the Company lost many of its assets and network due to secession of the then East Pakistan. The Company not only survived this serious crisis but also regained its financial strength maintaining the growth rates in key performance indicators.
Universal Insurance Company remained in the Public Sector for fifty one (51) years, during which the quality of its assets remained comparatively better among its peers. During this period the Company expanded its domestic network and also made its first foreign links with large re-insurance companies i.e. West Germany Somitomo Marine and Fire Insurance Company, Japan Korean Reinsurance Company.
In 1990s Universal Insurance entered in a new phase of its history, as major of shares of the company was Board of Directors whose performance was well in uplifting the company and matching it with the modern requirements.
The company performed well and has established its franchise in the general insurance market. On premium portfolio basis 'Universal' is one of the Top Ten insurance companies of Pakistan and has been rated as A- with 'Stable outlook by JCR-VIS RATING Company Limited.
Universal Insurance registered an unprecedented growth to become one of the premier financial institutions of Pakistan. Universal Insurance enjoys an enviable position in the financial sector of Pakistan. As on date the quality of assets of the Company is one of the best amongst the major Companies of the country. Now UIC is one of the heading companies in Pakistan and enjoying the progress.
During the year 2008 company has enhanced its IT capabilities realizing the increasing competitive environment of the insurance industry in the term of providing quality and prompt services to the clients. Management is fully determined to accelerate in the present momentum of automation in order to capitalize maximum benefits out of this technology in the shape of cost effectiveness in the way of underwriting and claim settlement process.
Future Outlook
The fluctuating global economic scenario and uncertain political situation of the country is a major challenge for the company during the year 2010 because the growth of the general insurance industry is dependent on the growth of economy particularly in the manufacturing and service sectors the future of which looks very challenging. Decrease in foreign direct investment and the slow process of privatization of state owned enterprises would also force Universal Insurance company limited to put its efforts to capture the other prospective business revenues.The performance of UIC in previous years was satisfactory. In the coming years they will continue their endeavor to focus on the meeting the expectations of their prospective clients through managing selective risks and designing insurance products in the light of future needs.