Excel Insurance Company Ltd is a limited liability business. On August 10, 1991, it was founded in Pakistan as an unlisted Public Limited Company under the Companies Ordinance, 1984, with the goal of carrying out General Insurance Activity as stipulated under the Insurance Ordinance 2000 and Insurance Regulations 2002. On October 6, 1994, Excel Insurance Company Ltd (EICL) got a business license. Karachi is where the firm is registered.
- 1. Introduction – Excel Insurance Company Limited, Pakistan
- 2. Details – Excel Insurance Company Limited, Pakistan
- 3. Types of Insurances – Excel Insurance Company Limited, Pakistan
- 3.1 Fire & Property Insurance – Excel Insurance Company Limited, Pakistan
- 3.2 Marine Cargo Insurance – Excel Insurance Company Limited, Pakistan
- 3.3 Motor Insurance – Excel Insurance Company Limited, Pakistan
- 3.4 Miscellaneous Insurance – Excel Insurance Company Limited, Pakistan
- 3.5 Engineering Insurance – Excel Insurance Company Limited, Pakistan
- 4. Branches – Excel Insurance Company Limited, Pakistan
- 5. Clients – Excel Insurance Company Limited, Pakistan
- 6. Online Helpline – Excel Insurance Company Limited, Pakistan
- 7. Verification – Excel Insurance Company Limited, Pakistan
- 8. Disclaimer – Excel Insurance Company Limited, Pakistan
1. Introduction – Excel Insurance Company Limited, Pakistan
From the company’s beginning, Mr. Ghulam Muhammad has been a founding member and sponsor. Mr. Ghulam Muhammad took over as Executive Director in 2001, and the business immediately chose to begin making inroads into the industry under his leadership. Mr. Ghulam Muhammad was the company’s Managing Director from 2003 to 2014. He is presently the Vice Chairman of the firm.
Excel Insurance Company Ltd provides a comprehensive variety of general insurance products in the categories of Fire, Motor, Marine, Engineering, and Miscellaneous Insurance.
The Board of Directors of Excel Insurance Company Ltd (EICL) is made up of seven people. Mr. Ghulam Muhammad serves as Vice-Chairman and has over forty years of expertise in the insurance and other areas. From 1978, he has held the post of managing director at Globe Managements (Pvt.) Limited, Fun Products (Since 1986), Excel Insurance (Since 1991), and Honorable Consul -South Africa (since 2003) and GML Technologies Ltd (Since 2005).
Board Efficiency There are three Board Committees:
- The Audit Committee
- The Human Resource Committee
- The Investment Committee
Excel Insurance Company Ltd (EICL) has three management committees in place to maintain operational efficiency:
- Underwriting and risk management
- Claims settlement
- Reinsurance and co-insurance
Each committee holds quarterly meetings; however, members meet as needed to examine extraordinary instances. The corporation has a well-defined organizational structure, with various operations separated and supervised by the Executive Director and Departmental Heads.
Mr. Abdul Haseeb Fakih, the company’s CEO, leads the management team. He has been in charge of the firm since April of 2018. There is a specific investment policy statement in place at EICL. EICL’s underwriting is entirely independent. Mr. Shahabuddin Khan, the business’s head of underwriting, has been with the company for the past twelve years and has over 20 years of expertise.
The Excel Insurance Company Ltd (EICL) claims processing function is centralized. The claims are communicated to HO through phone call, fax, or letter, and a claim number is assigned after proper verification. For big claims, the corporation selects a surveyor from an approved list based on the size and section.
Pakistan’s general insurance industry has grown steadily (CAGR 4 years 11%), but an economic recession may limit future growth rates. Growth has been driven by the fire and motor divisions. Non-traditional routes, such as third-party, health, and crop, have witnessed the most increase in the Miscellaneous section. Industry is introducing technological innovations to improve productivity and consumer experience.
2. Details – Excel Insurance Company Limited, Pakistan
2.1 Vision Statement – Excel Insurance Company Limited, Pakistan
To become one of the preferred insurance companies of the country by providing insurance services par excellence to its customers resulting in peace of mind to its clients.
Vision Statement – Excel Insurance Company Limited, Pakistan
2.2 Mission Statement – Excel Insurance Company Limited, Pakistan
The mission of excel insurance company limited is:
To become the most preferred insurer of clients by providing outstanding risk coverage.
To provide a congenial environment to employees to attract the best human resource in the industry.
To consistently offer high return on capital to company’s shareholders.
Mission Statement – Excel Insurance Company Limited, Pakistan
3. Types of Insurances – Excel Insurance Company Limited, Pakistan
Different types of insurances offered by Excel Insurance Company Ltd are stated below
3.1 Fire & Property Insurance – Excel Insurance Company Limited, Pakistan
Fire insurance covers property damage caused by fire, lightning, and explosion (including buildings, stock, machinery, and other goods) (due to domestic boiler only). Riot and Strike, Malicious Destruction, Explosion, Atmospheric Disturbance (Flood, inundation, etc.), Earthquake, Fire & Shock, Airplane Damage, Impact Damage, Burglary and Housebreaking, Electrical Clause “B”, Removal of Debris, and Loss of Rent are additional covers offered with this policy.
3.2 Marine Cargo Insurance – Excel Insurance Company Limited, Pakistan
Marine Cargo Insurance protects commodities while they are being transported by water, land, or air, either out of or into the nation. There are options for all risks as well as more limited kinds of coverage.
3.3 Motor Insurance – Excel Insurance Company Limited, Pakistan
Comprehensive Motor Insurance covers both self-damage and theft, as well as third-party legal responsibility, for any vehicles, whether private automobiles, commercial vehicles, recreational vehicles, or motorbikes.
3.4 Miscellaneous Insurance – Excel Insurance Company Limited, Pakistan
Miscellaneous insurance includes the following
3.4.1 Money – Excel Insurance Company Limited, Pakistan
Insurance protects against the following risks:
| Cash-In-Safe | Money lost while locked in a safe at an insured location during and after usual business hours. |
| Cash-In-Transit | Money lost when travelling between different designated sites (office to bank and vice versa, etc.). |
| Cash-On-Counter | Loss of money while placed on counter during hold-ups within business premises. |
3.4.2 Fidelity Guarantee Insurance – Excel Insurance Company Limited, Pakistan
Fidelity Guarantee Insurance protects the employer’s monetary loss as a result of an employee’s act of fraud or dishonesty in relation to the employer’s cash or commodities committed in the course of their responsibilities.
3.4.3 Personal Accident Insurance – Excel Insurance Company Limited, Pakistan
Accidental death, permanent disability, and whole and partial temporary impairments caused directly or indirectly by an accident are all covered by Personal Accident Insurance. The insurance might be expanded to cover medical expenditures incurred as a result of such incidents.
3.4.4 Plate Glass Insurance – Excel Insurance Company Limited, Pakistan
Plate Glass Insurance protects businesses against breakages of plate glass used in display windows or show cases.
3.5 Engineering Insurance – Excel Insurance Company Limited, Pakistan
Engineering Insurance have following sub-categories;
| Machinery insurance | Damage and electrical or mechanical failures, defective design, flaws at workshop or in construction, defects in casting and material, poor craftsmanship, carelessness, lack of expertise, physical explosion are all covered by machinery insurance. The cover is intended to remain in place throughout normal operation, as well as while the machine is at rest or being dismantled, as well as during overhaul or subsequent re-erection at the same location. |
| Electronic Equipment Insurance | Electronic Equipment Insurance protects against material damage to electronic equipment (including system software) caused by abrupt and unanticipated incidents. Short circuit and other electrical causes, fire, lightning, explosion, carelessness, and burglary are all covered under this insurance. |
| Boiler & Pressure vessel Insurance | Boiler and pressure vessel insurance covers plant under steam, air, or other pressure, such as boilers, economizers, super-heaters, and miscellaneous pressure vessels and containers with valid inspection certificates issued by the relevant government. The coverage can be expanded to cover third-party property damage and physical harm. This insurance covers explosion and collapse damage (other than fire damage) to boilers or pressure vessels as causes of loss or damage. |
| Contractor’s All Risks Insurance | It cover material damage to contract works and legal liability to third parties for bodily harm and property damage arising from the execution of a construction project. This insurance covers loss or damage caused by fire, lightning, explosion, flood, inundation, windstorm, earthquake, theft, and burglary. |
| Erection All Risks Insurance | Erection All Risks Insurance cover material damage to machinery, plant and steel structures of any kind, as well as third-party claims in respect of property damage or bodily injury arising in connection with the execution of an erection project. Causes of loss or damage covered under this insurance are Fire, Lightning, Explosion, Flood, Inundation, Windstorm, Earthquake, Theft, burglary, Negligence, Short-circuit and Testing. |
4. Branches – Excel Insurance Company Limited, Pakistan
Excel Insurance Company is located mainly in Karachi.
| Branch Name | Excel Insurance Company Ltd |
| Phone Number | +92-21-111777666 |
| Address | 38 Shahrah-e-Faisal Rd, Block-6 Block 6 PECHS, Karachi, Karachi City, Sindh |
| Services | Insurance Services |
| City | Karachi |
5. Clients – Excel Insurance Company Limited, Pakistan
Banks associated with Excel Life Insurance are;
- Habib Metropolitan Bank Limited
- Habib Bank Limited
- Summit Bank Limited
- MCB Bank Limited (Formerly Nib Bank Limited)
6. Online Helpline – Excel Insurance Company Limited, Pakistan
- Phone Number: 0092-21 34548077
- E-Mail: gml@gmlkhi.com
- Website: www.excelinsurance.org
- Address: 38/C-1, Block-6, P.E.C.H.S Karachi-75400. Pakistan.
- Complain: http://www.excelinsurance.org/wp-content/uploads/2018/05/e848f0f9-db71-4fe6-a46a-9a56f0659a74.jpg
7. Verification – Excel Insurance Company Limited, Pakistan
Excel Insurance Company is verified from following site,
https://jamapunji.pk/verify/licensed-entity-detail/excel-insurance-company-limited
8. Disclaimer – Excel Insurance Company Limited, Pakistan
- If the Excel Insurance Company Ltd have not resolved your concern satisfactorily, you may file a complaint with the Securities and Exchange Commission of Pakistan (SECP).
- Please keep in mind that SECP will only consider complaints that were initially asked to be resolved directly by the firm and were not resolved.
- Furthermore, complaints that are not related to the SECP’s regulatory domain/competence will not be considered.
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