Since 1996, Security General Insurance Company Limited (SGICL) has been involved in Non-Life Insurance Services and has established a distinct market position and reputation. The Nishat group of enterprises is a leading corporate conglomerate in Pakistan.
- 1. Introduction – Security General Insurance Company Limited, Pakistan
- 2. Details – Security General Insurance Company Limited, Pakistan
- 3. Types of Insurances – Security General Insurance Company Limited, Pakistan
- 3.1 Motor Insurance – Security General Insurance Company Limited
- 3.2 Fire Insurance – Security General Insurance Company Limited
- 3.3 Marine Insurance – Security General Insurance Company Limited
- 3.4 Engineering Insurance – Security General Insurance Company Limited
- 3.5 Miscellaneous Insurance – Security General Insurance Company Limited
- 3.6 Bond Insurance – Security General Insurance Company Limited
- 3.7 Crop insurance – Security General Insurance Company Limited
- 3.8 Home Insurance – Security General Insurance Company Limited
- 4. Branches – Security General Insurance Company Limited
- 5. Board of Directors – Security General Insurance Company Limited
- 6. Clients – Security General Insurance Company Limited
- 7. Online Helpline – Security General Insurance Company Limited
- 8. Verification – Security General Insurance Company Limited
- 9. Disclaimer – Security General Insurance Company Limited
Textiles, cement, banking, insurance, power generation, hotel business, agriculture, dairy, and paper products are all represented by the group. In terms of quality goods and managerial abilities, the Nishat Group is now considered on par with global corporations operating locally.
1. Introduction – Security General Insurance Company Limited, Pakistan
Security General Insurance Company offers insurance services to its valued customers in the power, sugar, cement, textile, steel, and automobile sectors, among others. SGI, on the other hand, provides appropriate services to a variety of commercial, microfinance, and agricultural banks.
1.1 Insurance Services
We are offering following Insurance services;
- Comprehensive Plant & Machinery
- Insurance (CMI)
- Fire & Property Damage Insurance
- Marine & Transport Insurance
- Bond/Security Insurance
- Motor Vehicle Insurance
- Engineering Insurance
- Business Interruption
- Live Stock Insurance
- Aviation Insurance
- Liability Insurance
- Crops Insurance
1.2 Business Methodology & Services
We, the SGICL, commit to provide quality regulatory services to protect the policy holders, as well as to govern the interests of stakeholders;
To achieve these objective we shall;
- Institute sound policies & regulations,
- Keep abreast with trends and developments on standards for effective regulations and supervision
- Enhance the competence of our human resource
- Provide query less Customer Services, Provide and maintain adequate resources for the delivery of quality services,
- Maintain a respectable growth rate for both production and profitability,
- Maintain a corporate culture that revolves around satisfying customer needs.
- Shareholder’s confidence by continually improving our Quality Management.
- Sustain a strong spirit of team work through mutual commitment, dedication and staff loyalty within organization.
2. Details – Security General Insurance Company Limited, Pakistan
2.1 Mission Statement – Security General Insurance Company Limited, Pakistan
SGI to become a leader in Insurance through innovation, Competitive advantage, Customer Satisfaction and stakeholder Confidence
Mission Statement – Security General Insurance Company Limited, Pakistan
2.2 Vision Statement – Security General Insurance Company Limited, Pakistan
SGI to become a leader in Insurance through innovation, Competitive advantage, Customer Satisfaction and stakeholder Confidence
Vision Statement – Security General Insurance Company Limited, Pakistan
3. Types of Insurances – Security General Insurance Company Limited, Pakistan
Insurance services provided by the company are,
3.1 Motor Insurance – Security General Insurance Company Limited
SGI provides consumers with insurance protection at a reduced rate for the following coverages:
3.1.1 Act Only Liability Insurance
The coverage is provided to meet the legal requirements for driving a motor vehicle in a public place in Pakistan, which are roughly grouped into three categories of motor policies:
- Private Car
- Commercial Vehicle
- Motor Cycle
3.1.2 For Death or Body Injury
In the event of a motor vehicle accident, SGI will indemnify the insured who becomes legally obligated to pay in the event of death or bodily injury to any person.
3.1.3 Their Features
- Cost & Expenses: The corporation will cover all costs and legal fees associated with defending the insured against a damages award.
- Indemnity to Driver: The motor vehicle’s operator is protected from liability resulting from accidents
3.1.4 Private Car, Commercial Vehicle Comprehensive Insurance
The SGI motor comprehensive insurance policy provides customers with the broadest scope of indemnity coverage in the event of a motor vehicle accident resulting in:
- loss or damage to one’s own car and its accessories
- Property damage and legal responsibility for any person’s death or injury caused by a third party.
- Every cost and expense as well as driver indemnity allowed under the policy
3.2 Fire Insurance – Security General Insurance Company Limited
Owners of buildings, machines, plants, stocks, and contents must have property insurance. Other people who have a legitimate stake in residential properties, commercial and industrial projects, other constructions, items, and goods that could catch fire can also use it. Customers’ needs are being met by the addition of additional dangers to the SGI basic Fire Insurance.
3.2.1 Standard Fire Perils
- Fire
- Lightning & Allied Perils
- Riot & Strike
- Riot Fire
- Malicious Damage
- Earthquake (Fire & Shock)
- Atmospheric Disturbance
- Aircraft Damage
- Impact Damage
- Explosion
- Burglary/Theft.
A fire policy is endorsed to cover theft or burglary-related losses or damages.
3.2.2 Electrical Clauses
Clause (A) relating to electricity
Clause (B)The provisions are applicable when it is required to exclude or cover loss or damage to electrical machines, apparatus, etc. as specified in the clauses.
3.2.3 Business Interruption Insurance (BI)
It is also referred to as Loss of Profit Insurance or Consequential Loss Insurance. Coverage for (BI) resulting from the Fire & Associated Perils insured by the Policy is provided.
3.3 Marine Insurance – Security General Insurance Company Limited
Marine Cargo insurance is essential for importers, exporters, traders, banks, and others to protect cargoes from loss or damage during transit. Security General Insurance co Ltd offers affordable insurance for all types of goods, tailored to customer needs. The Institute of London Underwriters has developed three main sets of Cargo Clauses, including ICC (A), ICC (B), and ICC (C), with coverage for General Average, salvage charges, and collision liability.
| Institute Cargo Clauses (A) | Marine Cargo insurance is essential for importers, exporters, traders, banks, and others to protect cargoes from loss or damage during transit. Security General Insurance co Ltd offers affordable insurance for all types of goods, tailored to customer needs. The Institute of London Underwriters has developed three main sets of Cargo Clauses, including ICC (A), ICC (B), and ICC (C), with coverage for General Average, salvage charges, and collision liability. |
| Institute Cargo Clauses (B) | ICC(B) cover covers risks of lightning, earthquake, volcanic eruption, washing overboard, and water damage. It covers package loss during loading or unloading, and is suitable for items less vulnerable to general damages |
| Institute Cargo Clauses (C) | This policy covers major perils like fire, stranding, sinking, and collision, including losses from land conveyance accidents. It is suitable for heavy-volume, low-value cargoes like timber, iron ore, billets, and girders. |
3.4 Engineering Insurance – Security General Insurance Company Limited
| Contractors All Risk Insurance | Construction project contractors must have insurance coverage for indemnity for the duration of the contract against loss or damage to:- Permanent and temporary works, including materials, are supplied by the principal, including construction plant, tools, equipment, and construction machinery. |
| Erection All Risk Insurance | SGI Contractor’s all risks insurance covers unforeseen and sudden physical loss or damage to construction projects, including permanent and temporary works, materials, construction machinery, construction plant, tools, equipment, and property. The policy also covers accidental third party bodily injury/illness and property damage. The EAR policy differentiates it from standard CAR insurance by addressing testing risks, including cold and hot tests, clearance of debris, and TPLL. The SGI EAR policy meets all parties’ requirements |
| Car/Ear – Extention Of Cover | CAR/EAR policies cover overtime, nightwork, public holidays, express freight if agreed upon by underwriters. |
| Contractors Plant & Animal Insurance | Annual SGI policy insures contractor’s plant and machinery against loss or damage, providing indemnity for unforeseen damage |
| Machinery Insurance | SGI machinery insurance cover provides indemnity to the Insured with respect to items declared for insurance whilst on the premises suffer any unforeseen and sudden physical loss or damage from causes such as defect in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force, short-circuit, storm, or from any other cause not specifically excluded under the policy. |
3.5 Miscellaneous Insurance – Security General Insurance Company Limited
Property owners and anyone else who finances the purchase of moveable objects should be concerned about obtaining insurance coverage for any items that are particularly prone to burglary.
Burglary insurance is available for:-
| Household | If the home’s furnishings are those of a private house, apartment, or flat, |
| Business Premises | Protects property owners and legal interests from theft, forcible entry, and damage to goods and movable items in business premises or warehouses. |
| Personal Accident Insurance | Protects property owners and legal interests from theft, forcible entry, and damage to goods and movable items in business premises or warehouses. |
| Death | Permanent total disability Partial disability The coverage for personal accident including travel is worldwide. |
| Money Insurance | SGI’s money insurance policy covers cash, bank notes, cheques, postal orders, and money orders. It covers robbery, holdup, and theft, and provides indemnity for loss caused by theft. The policy covers forcible, violent, external, and visible means of loss. |
| FIdelty Guarantee Insurance | Employers need SGI Fidelity Guarantee policies to indemnify against losses resulting from employee dishonesty. These policies cover direct pecuniary losses caused by fraud or dishonesty, but not consequential losses. SGI underwriters can provide advice on suitability of cover from various types of fidelity guarantee policies. |
3.6 Bond Insurance – Security General Insurance Company Limited
| Bid Bonds | Bid Bonds guarantee contractor’s entry into contract and performance bond, if awarded, liable to insurance company. |
| Mobilization Advance Bond | When the oblige (owner) is pre-financing a contract, he must post a bond known as a mobilization advance bond to guarantee that the advance will be paid back. |
| Supply bonds | Supply bonds and performance bonds share a similar goal. They are given for contracts to supply commodities, machinery, and materials at a predetermined location and time. |
| Performance bond | Contract performance bond guarantees full compliance with plan and specifications, requiring insurance company payment if contractor fails. |
3.7 Crop insurance – Security General Insurance Company Limited
Agricultural producers, such as farmers, ranchers, and others, obtain crop insurance to safeguard themselves against the loss of their crops to natural catastrophes or the loss of income owing to drops in the price of agricultural commodities.
3.8 Home Insurance – Security General Insurance Company Limited
This policy is created to improve your quality of life by offering protection and a cushion against the different hazards that your home may experience.
4. Branches – Security General Insurance Company Limited
Branches of Security General Company Located all over Pakistan in
- Lahore
- Islamabad
- Karachi
- Faisalabad
- Multan
- Sialkot
For Branches information, addresses, phone numbers visit the Following link
https://www.sgicl.com/branch-network.php
5. Board of Directors – Security General Insurance Company Limited
Board of Directors of Security General Insurance are
| Mian Hassan Mansha | Chairman |
| Mr. Muhammad Azam | Director |
| Mr. Mahmood Akhtar | Director |
| Mr. Inayat Ullah Niazi | Director |
| Khalid Mahmood Chohan | Company Secretary |
| Farrukh Aleem | Chief Executive Officer |
6. Clients – Security General Insurance Company Limited
Companies associated with Security General Insurance are;
- D.G. Khan Cement Co. Ltd
- Nishat Mills Limited
- Nishat Power Limited
- Pakistan Aviators & Aviation (Pvt) Ltd
- Nishat Hotels and Properties Limited
- Nishat Paper Products Co. Ltd
- Pakgen Power Limited (formerly AES Pak Gen (Private) Co.)
- Lalpir Power Limited (formerly AES Lalpir (Private) Ltd.)
- Nishat Hospitality (Pvt) Limited
- Nishat Dairy (Pvt) Limited
7. Online Helpline – Security General Insurance Company Limited
- Email Address : sgi@sgicl.com
- Phone Number : 042-35775024-29
- Fax Number : 042-35775030
- Website: www.sgicl.com
- Office location: Head Office, SGI House, 18-C/E-1, Gulberg-III, Lahore.
- Complaints: www.secp.gov.pk
8. Verification – Security General Insurance Company Limited
Company is Verified from following site
https://jamapunji.pk/verify/licensed-entity-detail/security-general-insurance-company-limited
9. Disclaimer – Security General Insurance Company Limited
- If the Security General Insurance Company Limited 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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