Shaheen Insurance Company Limited, Pakistan - Details

Shaheen Insurance, a Pakistan Air Force-sponsored project of the Shaheen Foundation, was established in 1996 as a public limited company under the Companies Ordinance of 1979 and engages in the general insurance industry. The Shaheen Foundation (PAF) now owns a majority of the stock in the business.

1. Introduction – Shaheen Insurance Company Limited, Pakistan

We are a public limited business that is traded on all three of Pakistan’s stock markets. The Business began operations with a paid-up capital of 20 million rupees, which has now grown to 600 million rupees. Since we began operations, our equity base has grown yearly. Despite different ups and downs throughout the years, the Company’s performance has remained strong since its beginning.

One of the best managed businesses on the market, the company is run by a group of experts. We have a really remarkable number of corporate and multinational blue chip clients on our book, despite the fact that we are a relatively new business. We have successfully established a solid reputation in the business in just 18 years.

The Shaheen Foundation, a significant shareholder, is highly interested in how we manage our strategy and create our long-term plans. We have high hopes for our company’s future and are confident that it will expand significantly in the years to come thanks to the thriving economy, as well as to the active support of the Shaheen Foundation (PAF), customers, and re-insurers.

Since it began operations, Shaheen Insurance has established itself as one of the most reputable and prominent names in the insurance industry, and its consistent growth over the past 18 years has allowed it to take its place among the most reputable insurers in Pakistan. They offer reasonably priced insurance from Mexican insurance providers.

As a happy claimant is the best form of advertising for an insurance provider, the tiny and close-knit Shaheen team provides its individualized and excellent services to all of its esteemed customers.

1.1 Shaheen Window Takaful Operations

Crown Window Takaful Operations are a substitute for traditional insurance. It bases its operations on the SECP’s Takaful Regulations from 2012.

Shaheen Insurance Company Limited, Pakistan’s Shaheen Window Takaful Operations is a separate business that began operating in April 2018 after receiving authorization from SECP. Offering General Takaful Products, Shaheen Window Takaful offers protection in all General Takaful classes.

Shaheen has a “A” grade from PACRA with a stable outlook. One billion rupees is the company’s authorized capital, of which 600 million rupees have been paid in full. A subsidiary of the Pakistan Air Force-owned Shaheen Foundation is the Shaheen Insurance Co. Limited, Pakistan

With more than ten years of experience in the regional market, the members of our management team are experienced insurance and Takaful specialists. The management is completely sold on the idea of takaful and totally dedicated to putting it into practice and abiding by the guiding principles.

Its reputation for honesty and upholding the greatest ethical standards will guarantee that all of our commercial operations are carried out in an honest, competent, and effective manner. Our Shariah Supervisory Board is made up of reputable scholars with the necessary credentials to issue fatwas on business and financial transactions as well as a wealth of experience and expertise in today’s financial dealings and transactions.

We have a re-takaful agreement with a group of reputable re-takaful companies, including Labuan Re, GIC Re, Africa Re, and others. Crown Window Takaful Business

2. Details – Shaheen Insurance Company Limited, Pakistan

2.1 Vision Statement – Shaheen Insurance Company Limited, Pakistan

To deliver general insurance at its best and to contribute positively and proactively for the welfare of our society as well as for the preservation of our environment, culture and ethics.

Vision Statement – Shaheen Insurance Company Limited, Pakistan

2.2 Mission Statement – Shaheen Insurance Company Limited, Pakistan

• To continuously improve ourselves to become a leading, profitable Company, meeting the needs of our customers and enhancing the value of our shareholders investment.

• We will accomplish this by using the strengths of our people and the application of innovative science for the development of new insurance products and services that are high in quality and competitive in price.

• The interest of the policyholder is supreme; we shall endeavor our utmost to render the best possible services to our clients and shall give them no cause for complaint of any kind. To fulfill the need of the hour and insurance protection – the protection coupled with complete peace of mind and conscience.

3. Types of Insurances – Shaheen Insurance Company Limited, Pakistan

Insurances offered by the company are divided into two main types

1. Personal Products
2. Business Products

3.1  Personal Products – Shaheen Insurance Company Limited, Pakistan

Personal products includes;

3.1.1 Motor Insurance – Shaheen Insurance Company Limited, Pakistan

The most comprehensive coverage against accidental damage to motor vehicles—including cars, motorcycles, trucks, and other vehicles—is offered by Shaheen Insurance. the major types of auto insurance listed below

3.1.2 Travel Insurance – Shaheen Insurance Company Limited, Pakistan

In the case of an unexpected illness or accident while traveling outside of their place of permanent residence, Safe Travel Plan covers and aids travelers anywhere in the world.

The travel insurance policies that are specifically created to satisfy “Schengen Visa” requirements.

3.1.2.1 Direct Settlement of Claims Abroad

Shaheen Insurance Company Limited, working in tandem with our international partners MidEast Assistance International S.A.L., and 100% coverage reinsured by the Dutch “Euro cross Assistance,” one of the top assistance and insurance service providers in Europe and a 100% owned subsidiary of pan-European insurance alliance Eureko (a Standard & Poor’s A+ rated financial service group.

3.1.3 Shop Insurance – Shaheen Insurance Company Limited, Pakistan

Protection against loss or damage to your business location is one of the most important things for you if you operate a retail store or service business.

Your shop’s structure and/or goods are protected by Shaheen’s package coverage from loss or damage brought on by the aforementioned risks, including:

• Fire, lightning, explosion of gas in domestic appliance
• Bursting and overflowing of water tanks, apparatus or pipes
• Aircraft or articles dropped there from
• Riot, strike, malicious damage, terrorist act
• Earthquake-Fire and/or shock, subsidence and landslide (including rockslide)
• Flood, Inundation, Storm, tempest, typhoon, Hurricane, Tornado or Cyclone
• Impact damage by rail/road vehicle not belonging to the insured

3.1.4 Personal Accident – Shaheen Insurance Company Limited, Pakistan

3.1.4.1 Features

• Accidental Death Benefit
• Permanent & Total Disability
• Children Education Fund
• Accidental Medical Expenses
• Family Coverage
• Group Coverage

3.1.4.2 Worldwide Coverage

A person who is covered under this policy will be protected globally.

3.2 Business Products – Shaheen Insurance Company Limited, Pakistan

3.2.1 Fire Insurance – Shaheen Insurance Company Limited, Pakistan

3.2.1.1 Fire & Allied Perils – Shaheen Insurance Company Limited, Pakistan

This sort of insurance entails the insurer agreeing to defend the community member (insured) against any damage claims made against his property that was insured by paying a premium and acquiring a fire insurance policy. It offers prompt cash assistance in the event that the insured’s property is damaged.

Shaheen offers Fire and Allied Perils Insurance for industrial projects, businesses, and residential homes, covering risks like

• Fire
• Lightning
• Explosion
• Earthquake
• Atmospheric disturbance
• Impact damage
• Aircraft impact damage
• Spontaneous fermentation
• Heating

3.2.1.2 Fire & Terrorism – Shaheen Insurance Company Limited, Pakistan

Terrorism refers to the use of violence for political purposes, causing fear and damage to property. Insurance policies covering terrorism are an extension of riot and strike damage coverage, covering losses caused by acts of terrorism committed by individuals acting on behalf of or in connection with an organization.

This coverage is available to

• Homeowners
• Shop owners
• Factories
• Office owners
• Godowns
• Banks
• Hospitals

3.2.2 Marine Insurance – Shaheen Insurance Company Limited, Pakistan

3.2.3 Auto Insurance – Shaheen Insurance Company Limited, Pakistan

3.2.4 Engineering Insurance – Shaheen Insurance Company Limited, Pakistan

Engineering policies cover operational loss of plant and machinery in projects, including damage or breakdown, repair costs and liability for third-party property damage. They also provide coverage for loss of profits and standing charges.

3.2.5 Miscellaneous Insurance – Shaheen Insurance Company Limited, Pakistan

3.2.6 Bond Insurance – Shaheen Insurance Company Limited, Pakistan

Contractors are typically required to provide guarantees or bonds assuring the fulfillment of their contractual duties to the principals while working on public works projects including the construction of buildings, roads, bridges, dams, and other civil works.

• Bid bonds
• Advance payment/mobilizabon bonds
• Performance bonds
• Maturity bonds
• Customs & excise bonds and other types of bonds are typically offered.

3.2.7 Aviation Insurance – Shaheen Insurance Company Limited, Pakistan

Aviation insurance is offered by Shaheen Insurance to both private and commercial airlines. Our all-inclusive aviation insurance policy guards the insured from likely risks such as Aircraft Hull & Spares All Risks, Aviation Legal Liabilities, and War & Allied ‘Perils, loss of Pilot License, Aircraft’s Ferry Flight Insurance, Crew Legal Liabilities, and Airport Operations Insurance.

4. Documents Required – Shaheen Insurance Company Limited, Pakistan

Following information are obtained from the claimant at the time of claim registration.

1. Policy/Certificate No.
2. Registration No.
3. Name of Insured
4. Date of Loss.
5. Nature of Loss.
6. Contact numbers of insured and workshop.

4.1 Claim under Fire – Shaheen Insurance Company Limited, Pakistan

Following information are obtained from the claimant at the time of claim registration. Following information are obtained from the claimant at the time of claim registration.

1. Policy/Certificate No.
2. Date of Loss.
3. Nature of Loss.
4. Contact numbers of insured / Person.
5. Initial Information of loss & cause of loss.
6. Details of items lost / damaged.

4.2 Burglary Claims / Money Insurance – Shaheen Insurance Company Limited, Pakistan

Declare the stuff missing right away and get a non-traceable certificate from the police.

• Inform the insurance as soon as you can.
• In order to refund the claim amount when the stolen property is found, the insurers will want a letter of undertaking on stamp paper of an adequate value, called a letter of subrogation.
• Request a police final report.
• The insured must give the surveyor a comprehensive book of accounts as well as any receipts that support the loss on the day it occurred.

4.2 Machinery Breakdown – Shaheen Insurance Company Limited, Pakistan

• Notification of the insurer right away
• In case of partial losses, no depreciation is charged, but when the items are not insured for their present-day replacement value, the items are treated as underinsured and the claim amount is proportionately reduced.
• Notice of claim and estimated cost of repairs should be filed with the insurers to arrange for inspection.
• Only claims for Total Loss use depreciation.
• Before using a partially damaged appliance, it should be fixed (with the insurance company’s agreement) because future loss is not covered if it is not.

4.3 Electronic Equipment- Shaheen Insurance Company Limited, Pakistan

• Right away notifying the insurer
• Notifying the insurers of the claim and the anticipated cost of repairs in order to schedule an examination.
• When things are not insured for their current replacement value, they are classified as underinsured and the claim amount is proportionately decreased. Partial losses are not subject to depreciation. Only claims for Total Loss use depreciation. Before using a partially damaged appliance, it should be fixed (with the insurance company’s agreement) because future loss is not covered if it is not.

4.4 Miscellaneous Claims – Shaheen Insurance Company Limited, Pakistan

We ask that you take the following steps in order to receive prompt response in the event that an unexpected loss covered by the policy does occur:

• Immediately report the claim’s occurrence to the relevant office via phone and in writing, together with the policy number.
• Obtain a claim form from the relevant office or the office that is closest to you, fill it out, and provide an estimate of the loss.
• If the loss is significant, timely notification is necessary in order to send a qualified surveyor to help you reduce the damage, expedite the claim settlement process, and provide you with advice on how to file the claim properly and resume business after the loss.
• The surveyor or office may look for documentary evidence to support the claim. You can present photocopies of the required paperwork and receive recognition.
• Be considerate of the surveyors and insurance representatives visiting the loss site in order to look into the cause of the loss, determine the degree of the loss accurately, and work toward a prompt settlement of the loss.
• In accordance with local law and custom, you must provide the local fire station, police, and other civic agencies with the necessary information as if you are an uninsured person. The surveyor or office should be given copies of their reports, which should be requested.
• As soon as you have provided the survey report and any copies of the requested documents to the surveyor and insurer, you can contact our office to expedite the claim’s resolution.

4.5 Health Claims – Shaheen Insurance Company Limited, Pakistan

As soon as there is a need for hospitalization, please intimate the office (SICL) number as mentioned in your Health Card/Policy Schedule.

You are required to furnish the following information while intimating a claim:

• Contact Numbers
• Policy Number (as on the Health Card//Policy Schedule)
• Name of Insured person who is hospitalized
• Nature of sickness/accident
• Date & Time in case of accident.
• Nature of accident
• Symptom of disease in case of sickness
• Location of accident

5. Branches – Shaheen Insurance Company Limited, Pakistan

Following are the branches of Shaheen Insurance Company

1. Lahore Takaful
2. Faisalabad
3. Sargodha
4. Hyderabad
5. Islamabad
6. Karachi
7. Sialkot
8. Peshawar Cantt
9. Multan
10. Lahore
11. Lahore Corporate

For branches complete information visit the following site

6. Clients – Shaheen Insurance Company Limited, Pakistan

Clients working with Shaheen Insurance Company are

1. JS Bank
2. MidEast Assistance International S.A.L,

7. Board of Directors – Shaheen Insurance Company Limited, Pakistan

Board of directors working in Shaheen Insurance Company are

8. Online Helpline – Shaheen Insurance Company Limited, Pakistan

• UAN: 111-765-111
• Telephone Number : 32630370-75 32213950-51
• Fax: 32626674
• Head office Address: 10th Floor, Shaheen Complex, M.R. Kayani Road, Karachi
• E-mail: info@shaheeninsurance.com
• Complaints : complaints@shaheeninsurance.com
• Claims: https://www.shaheeninsurance.com/claim-forms/

9. Verification- Shaheen Insurance Company Limited, Pakistan

Company is verified from following site

https://jamapunji.pk/verify/licensed-entity-detail/shaheen-insurance-company-limited

10. Disclaimer – Shaheen Insurance Company Limited, Pakistan

• If they 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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