In today's dynamic world, the importance of general insurance is undeniable. Whether it is safeguarding your businesses and homes from natural calamities, protecting your vehicle against accidents or meeting your travelling needs domestically or internationally, general insurance provides a safety net against life's unpredictable events. However, despite its significance, many corporations and individuals remain unaware of the ease of general insurance. Thus, there is a pressing need for a comprehensive awareness building.
First and foremost, it's crucial to understand the basics of general insurance. The concept of premiums, deductibles, coverage limits, and clarifying the types of risks that can be mitigated through insurance. Today, we see that General insurance encompasses a wide range of products tailored to address diverse needs. So, customers can make informed decisions based on their specific requirements and circumstances, and select what suits them best. Lastly many individuals are apprehensive about filing insurance claims due to perceived complexities or uncertainties which should certainly not be the case. Following set guidelines and step-by-step procedures customers can gain confidence in utilizing their insurance coverage when needed.
From Inception to Date
Since its inception in 1932, EFU has consistently established itself as a frontrunner in the insurance sector, catering to the diverse needs of its clientele. EFU's legacy of excellence is underpinned by a steadfast dedication to its customers.
Presently, EFU General Insurance Ltd., along with its Takaful (Islamic Insurance) operations, has reached a historic milestone, surpassing the Premium/Contribution mark of Rs. 41.52 billion in Pakistan. It holds ratings from both national and international rating agencies, including VIS and PACRA in Pakistan, as well as AM Best in the USA. VIS and PACRA have granted EFU a rating of AA+ with a stable outlook, while AM Best has assigned a rating of B- with a negative outlook. EFU continues to stay certified under ISO 9001:2015 standards as it fulfils and maintains robust control systems year after year.
The company is committed to serving not only large corporations but also small and medium enterprises and individual customers, earning unwavering trust and loyalty over the decades.
Innovators in Insurance for Power and Energy Projects
EFU made history by becoming the first insurer of all Independent Power Plants (IPPs) established in Pakistan under the government's 1994 power policy. The company has been actively involved in major projects financed by esteemed institutions like the World Bank, International Finance Corporation (IFC), Asian Development Bank (ADB), and Chinese lenders. EFU extends insurance coverage to Chinese ventures in Pakistan and safeguards infrastructure construction risks associated with various CPEC projects, including coal, hydro, wind, and solar power plants, as well as extensive highway developments.
As pioneers in insuring Renewable Energy Projects in Pakistan, EFU had the honour of providing insurance for the country's first Wind and Solar Power Plants initiated under the Government's Green Energy Initiative. EFU General leads the way in offering coverage and solutions to key industrial sectors such as fertilisers, refineries, petrochemicals, sugar mills, cement, and automotive industries.
Risk Engineering Management
EFU employs inspired and technically qualified engineers specialised in civil, mechanical, metallurgical, and petroleum engineering who collaborate closely with clients to identify various risk exposures, conduct facility risk assessments, conduct process safety reviews, develop risk improvement measures, and provide tailored insurance solutions. Leveraging robust modelling capabilities and risk management tools, EFU actively assesses, quantifies, and manages its risk profile to ensure the safety and security of its clients and their assets.
Tailored Products for Customised Needs
EFU General has dedicated its efforts to pioneering innovative insurance solutions tailored not only for large corporate entities but also for individuals, microfinance banks, telecom companies, InsureTech and FinTechstartups, NGOs, payment gateways, and online aggregators. EFU’s focus remains squarely on providing comprehensive coverage (conventional and takaful) that not only benefits but also secures the general public. EFU General's commitment to competitiveness is evident through its focus on end-to-end solutions and strategic alliances with partners like e-commerce platforms and telehealth services. These collaborations and alliances not only strengthen EFU General's market position but also showcase its dedication to innovation and customer-centricity.
Copyright Business Recorder, 2024
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