Pakistan Reinsurance Company Limited (PAKRE) – Intro

Pakistan Reinsurance Company Limited (PRCL) is the country’s national reinsurance firm, formed to help and grow the country’s insurance market. Pakistan Reinsurance Company Limited (PRCL) plays an important role in guaranteeing the financial stability and sustainability of insurance firms by focusing on complete reinsurance solutions and risk management services.

Pakistan Reinsurance Company Limited (PRCL) provides reinsurance products and services such as treaty reinsurance, facultative reinsurance, and specialist lines of business. The organization assists both life and non-life insurers in properly transferring and managing their risks.

Pakistan Reinsurance Company Limited (PRCL) also offers risk assessment and consulting services to help insurers make educated decisions regarding underwriting, pricing, and portfolio management.

Pakistan Reinsurance Company Limited (PRCL) engages with major reinsurers throughout the world to improve its capacity and access to reinsurance markets while maintaining good financial security. By promoting best practices, enhancing risk management frameworks, and stimulating innovation, the organization actively contributes to the growth of the insurance sector.

Pakistan Reinsurance Company Limited (PRCL) collaborates with regulatory agencies and industry organizations to ensure the long-term growth of the insurance sector and the Pakistani economy.

In summary, Pakistan Reinsurance Company Limited (PRCL)is a reliable partner for Pakistani insurance firms, providing complete reinsurance solutions, risk management services, and technical experience. Pakistan Reinsurance Company Limited (PRCL ) contributes to the growth and stability of Pakistan’s insurance market by its dedication to quality, financial strength, and industry partnership.

1. Details – Pakistan Reinsurance Company Ltd

Pakistan Reinsurance Company Limited (PRCL), which was founded in 1952, serves the local insurance business by handling the National Insurance Fund, the National Coinsurance Scheme, War Risks Insurance, and the Export Credit Guarantee Scheme.

It was changed into Pakistan Reinsurance Company Limited in 2000, taking over the assets and liabilities of PlC. Pakistan Reinsurance Company Limited (PRCL), being a forward-thinking organization, is consistently participating in significant international events and platforms.

It is an active member of international organizations such as the Economic Cooperation Organization (ECO) and the Federation of Afro-Asian Insurers and Reinsurers (FAIR).

The goal of this agreement is to limit foreign exchange outflows and enhance insurance and reinsurance service offerings in the Area. Pakistan Reinsurance Company Limited (PRCL) was also a pioneering and founding member of (FAIR).

1.1 Vision Statement – Pakistan Reinsurance Company Limited (PAKRE)

To be a leading provider of reinsurance and risk management services in the region

Vision Statement – Pakistan Reinsurance Company Limited (PAKRE)

1.2 Mission Statement – Pakistan Reinsurance Company Ltd

To provide secure reinsurance capacity and outstanding risk management advice in a profitable manner and to conduct our business in a dependable and professional manner with the highest standards of customer service.

Mission Statement – Pakistan Reinsurance Company Ltd

In fulfilling this mission, Pakistan Reinsurance Company Limited (PRCL) is committed to;

• Providing its clients, and particularly insurance companies in Pakistan, with comprehensive insurance, reinsurance, financial and business services of the highest quality and value.
• Maintaining financial strength and stability through prudent business decisions and sound operations based on state-of-the-art information technology.
• Taking a long-term view of business relationships.
• Practicing the highest standards of integrity and professionalism.
• Investing continuously in knowledge required to support business decisions and long-term business strategy formulation.
• Achieving consistent, long-term financial growth and profitability for its shareholders.
• Attracting, retaining and developing capable and dedicated employees who in turn contribute to the growth of the company and share its success.

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2. Pakistan Reinsurance Company Ltd – Intro

PAKISTAN REINSURANCE COMPANY LIMITED Brief Company Overview

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3. Type of Insurances – Pakistan Reinsurance Company Ltd

Pakistan Reinsurance Company Limited (PRCL) operates in the following departments to conduct its business:

1. Fire Insurance
2. Marine Insurance
3. Engineering Insurance
4. Accident Insurance
5. Aviation & Aerospace Insurance
6. Treaty & Business Development department Services Insurance

3.1 Fire Insurance – Pakistan Reinsurance Company Limited

When the firm was founded in 1953, this section was established. This department accounts for the majority of its revenue and serves as the hub of the country’s insurance sector.

It participates in overseas risk-sharing agreements. Its domain includes the following functions:

• To underwrite all facultative acceptances from Pakistani cedants (insurance firms).
• To administer and monitor insurance industry treaty portfolios; to analyses and process claims; and, if required, to collect excess losses from reinsured participants.
• To advise and help customers in complicated reinsurance matters.

The Fire Department have specialist knowledge in the following areas:

• Building
• Building and contents
• Stocks
• Machinery
• And other Insurable interest

The fire department accounts for 27% of PRCL’s overall revenue. This department’s clientele includes local insurance firms in Pakistan as well as overseas reinsurance organizations such as M/s Aon Insurance Broker, M.S Marsh, Munich Re, Swiss Re, and Wills Faber Al Futtaim Dubai. Their contribution to the Pakistan Reinsurance Industry is crucial since they are experts in providing reinsurance coverage for high-value risks that are not retained in Pakistan.

3.2 Marine Insurance- Pakistan Reinsurance Company Limited

The Marine Department was founded during the early stages of the corporation and was separated into the following categories:

• Marine Cargo is concerned with only cargo within the particular vessels.
• Marine Hull deals with reinsurance of machinery/ body of the boat.

The Marine Department specializes on reinsurance assistance in the following areas:

• All types of Cargo (whether by Road, Rail, Air, and by Sea)
• Hull & Machineries
• Freight and Ship Breaking Risks
• Pleasure Boats
• Third Party Liability

This department is made up of professionally competent individuals that are led by an experienced Officer with ACII certification.

3.3 Engineering Insurance – Pakistan Reinsurance Company Limited

The Engineering Department has been in operation since the PRCL’s inception. Via treaty agreements and facultative placements, the Engineering Department specializes in reinsurance coverage of the following risks to the local insurance market, including M/s. National Insurance Corporation (NIC).

• Property Damage
• Business interruption
• Machinery breakdown/Boiler
• Contractor All Risks (CAR)
• Erection All Risks (EAR)
• Third Party Liability (TPL)

It covers engineering risks for the following main clients and aids in the reconstruction of infrastructure across the country as well as the promotion of industrialization.

• Pakistan Arab Refinery Limited (PARCO)
• Pak Arab Pipeline Company Limited (PAPCO)
• Kot Addu Power Company Limited (KAPCO)
• Oil & Gas Development Company Limited (OGDC)
• Qadirpur Gas Plant
• UCH Gas
• Sarhad Hydel Power Project
• Chashma Nuclear Power Project

3.4 Accident Insurance – Pakistan Reinsurance Company Limited

The Accident Department began with the establishment of the corporation. The department focuses in providing reinsurance coverage to both domestic and international insurance firms that accept/retro business.

The PRCL Accident Department handles Motor/Liability business and accepts all Motor/Non-motor risks ceded by local insurance providers. All types of individual and commercial transportation are subject to automotive dangers. Non-motor regions include the following:

• Workman Compensation
• Burglary
• Fidelity Guarantee
• Cash in safe, cash in transit and cash on counter
• Employers Liability
• Public/product liability
• Professional Indemnity
• Personal Accident
• Health Insurance
• Crop insurance
• Live Stock

There is no non-marine coverage and no retrocession for acceptance. Key personnel have insurance certifications and underwriting expertise, which improves decision-making efficiency. To keep current on market developments, the department holds training courses.

3.5 Aviation & Aerospace Insurance – Pakistan Reinsurance Company Limited

The aircraft section has been a component of PRCL since its inception. It specializes in aviation reinsurance arrangements for both private insurance firms and NICL. It provides knowledge in the risk categories listed below.

• Hull (Body of the Aircraft)
• Spares
• Liabilities
• Hull Deductible
• Cargo
• Hi-jacking and terrorism
• Hull and Spares War
• Loss of License /Additional Loss of License
• Personal Accident to Crew
• Personal Accident to Passenger

All of the above-mentioned hazards have adequate coverage in the International Aviation Market. The PIA Fleet account is the largest of all the accounts managed by the Aviation Department. It currently has 40 planes. There are 21 Boeings, 12 Airbuses, and 7 ATR 42-500s among them. The following risks are covered by five major reinsurance contracts for PIA Fleet:

1. Hull All Risks/Spares/Liabilities
2. Primary Cargo
3. Hull War
4. Hull Deductible
5. AVN 52 E (Extended Coverage endorsement against Hijacking and Terrorism)

The Aviation Department has a diverse clientele that includes CAA, PIA, Air Blue, Princely Jets, and Shaheen Air International, among others.

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4. Branches – Pakistan Reinsurance Company Ltd

• Address: Nothren Zonal Office Lahore, 37-A, New Muslim Town, Lahore.
• Contact Number: +92-42-35969390-91-92, +92-42-35969394-95-96

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5. Required Documents – Pakistan Reinsurance Company Ltd

1. Proposal Form
2. Preliminary Information Sheet
3. Claim Form
4. Operational Mechanism
5. Policy (Template)
6. Certificate (Template)

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6. Board of Directors – Pakistan Reinsurance Company Ltd

1. Mr. Mumtaz Ali Rajper
2. Mrs. Zara Shaheen Awan
3. Mr. Muhammad Rashid
4. Mr. Syed Kausar Ali Zaidi
5. Dr. Musleh Ud Din

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7. Clients – Pakistan Reinsurance Company Ltd

1. PAK ARAB REFINERY LTD (PARCO) PAK ARAB REFINERY LTD (PARCO)
2. Pak – Arab Pipeline Company Limited (PAPCO)
3. Kot Addu Power Company Limited
4. Oil & Gas Development Company Limited (OGDC)
5. Pakistan Civil Aviation Authority
6. Pakistan International Airline
7. Princely Jets
8. Air Blue

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8. Online Helpline – Pakistan Reinsurance Company Ltd

• UAN Number: 0800 – 88008
• Email Address:  prcl@pakre.org.pk
• Hotline Number: (+92-21) 99202908-14, (+92-21) 99202921-22
• Address: PRC Towers, 32 – A, Lalazar Drive, M.T. Khan Road, Karachi, PO. Box 4777, Sindh
• Complaints: https://sdms.secp.gov.pk/~sdmsadmn/

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9. Verification – Pakistan Reinsurance Company Ltd

You can verify Pakistan Reinsurance Company from below link:

1. https://jamapunji.pk/verify/listed-company/pakistan-reinsurance-company-limited
2. https://dps.psx.com.pk/company/PAKRI

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10. Disclaimer – Pakistan Reinsurance Company Ltd

• If the Pakistan Reinsurance 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.

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