Tameem-United Insurance Window Takaful operations and Pak Suzuki have recently partnered to offer a comprehensive insurance solution, the Suzuki Insurance Program. This exclusive program, available at all Pak Suzuki dealerships, aims to provide Suzuki customers with added value and peace of mind.

A Memorandum of Understanding (MoU) was signed on November 29, 2024, in Karachi by Mr. Raja Naeem Tariq, Executive Director of Tameem-United Insurance Window Takaful operations, and Mr. Ghulam Hussain Agha, General Manager of Business Development at PSMC.

The Suzuki Insurance Program offers several key benefits:

• Online Policy Issuance: Quick and convenient policy issuance, enabling a “Walk-in, Drive-out Insured” experience.
• Authorized Repair Network: Access to Pak Suzuki’s authorized dealership network for efficient repairs.
• Genuine Parts Warranty: Assurance of using genuine Suzuki parts with a warranty.
• Streamlined Claims Process: A hassle-free claims experience.
• Competitive Premiums: Best-in-class premium rates.

The program is currently operational at various dealerships, providing customers with both conventional and Takaful (Islamic insurance) options.

Lahore Pakistan – The United Insurance Company (UIC) continues to enjoy a stable outlook despite the overall decline in economic conditions in the country, which is an achievement.

Pakistan Credit Rating Agency (PACRA) has maintained, while VIS Credit Rating Company has reaffirmed the Insurer Financial Strength (IFS) rating of United Insurance Company (UIC) at “AA+ (Double A Plus).

The rating signifies the strong capacity of the company to meet policyholders and contract obligations. Risk factors are very low, and the impact of any adverse business and economic factors is expected to be very small.

UIC, being the group’s flagship company, is a major player among the leading general insurers in the country and has an established and growing takaful segment of the business.

Ratings derive comfort from growth and improvement in underwriting performance during the review period, despite a stressed global and domestic economic environment, it said.

The business risk profile of the insurance industry is elevated owing to the projected slowdown in domestic economic activity due to high-interest rates, rupee devaluation, runaway inflation, high energy prices, and destruction caused by floods.

Reacting to the development, the CEO of the UIC, Mian M A Shahid said that the overall economic downturn and natural disasters have brought the economy to its knees, and many businesses are struggling to survive.

He said that natural disaster losses have escalated over the last several years due both to construction and other factors in high-risk areas.

As climate change continues to influence extreme events, the role of insurance in adapting to these changes is becoming increasingly important, he added.

Mian M A Shahid said that insurance has a critical role to play in promoting disaster resilience. It can provide financial protection, preventing negative economic hardship after a disaster.

The insurance industry can help speed up rebuilding and recovery by providing post-disaster funding and liquidity.

Insurance could also promote risk reduction before a disaster through financial incentives, he said, adding that the continued growth of UIC is the outcome of good management and a brilliant and dedicated team.

(February 24-2023) Chairman of the United International Group (UIG) Mian Shahid on Friday said developing strong industry-academia linkages could play an important role in economic development.

The majority of the business community is following a primitive model of doing business that lacks the required knowledge and research, he said.

Mian Shahid said this while signing an MOU with Principal Hailey College of Banking and Finance Dr. Mubbsher Munawar Khan in pursuit of the Higher Education Commission’s initiative for industry-academia linkages.

He said that the idea of national economic development is incomplete without industry-academia linkage.

Mian Shahid said that about 3.2 million SMEs are currently operating in Pakistan. The exports of light engineering and high-tech industries are highly dependent on the contributions and performance of SMEs.

SMEs account for almost 90 percent of private sector enterprises. Their contribution is about 40 percent of the GDP. They are also the biggest source of employment generation in the country, he added.

He noted that there always has been a lack of enthusiasm and collaboration between the business community and academia. The training imparted to workers is often below global standards and fails to meet the future needs of the industry.

The curricula taught in our academic institutions are quite rigid, it is and not modified to suit the needs of different career paths and there is little focus on applied research.

This is the reason behind the lack of innovation and creativity which is keeping us behind as our many products do not meet international standards which undermines the image and credibility of Pakistani enterprises in the international markets.

He said that developing economies like Pakistan need to consider economic reforms and work on sustainable development policies. The reforms should help the economy generate more production with efficient use of resources and in value addition to exports.

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