| Reliance Insurance Company Limited, was incorporated in Pakistan in the year 1981 with a share capital of Rs. 5.0 Million by two leading industrial houses of Pakistan, namely Al-Noor Group and Amin Bawany Group. Al-Noor Group is headed by renowned industrialist Mr. Ismail H. Zakaria, who is also the chairman of Reliance Insurance, while Amin Bawany Group is headed by Mr. Mohammad Amin Ahmed Bawany, who is also the Director of Reliance Insurance. Both the groups having successfully implemented a number of projects, are currently leading industrial groups of Pakistan. The Present Authorised Capital of the Company is Rs.500 Million while paid-up capital has increased to Rs. 252.002 Million after the issuance of 10% bonus shares in the year 2008. Reliance is one of the leading General Insurance Company of Pakistan having a network of 28 branches at all important places throughout Pakistan employing a full time work force of 236 persons. It underwrites all classes of General Insurance and enjoys reputation second to none. Apart from the traditional covers such as Fire, Accident, Motor, Marine (Import and Exports), Loss of Profits, Personal Accident, Group Hospitalization, Workmen's Compensation, Burglary, Cash-in-Safe or in Transit etc., it also transacts non-traditional covers such as Machinery Breakdown and Loss of profits following Machinery Breakdown, Contractors All Risks, Erection All Risks, Bond and the like. Since its establishment, Reliance has progressed smoothly and steadily. Its Gross Premium income has increased from Rs. One Million in 1983 to Rs. 603.193 Million in 2008, while the Pre-Tax profit has increased from Rs. 0.14 Million in 1983 to Rs. 52.59 Million in 2008. At the end of 2008 General Reserve stood at Rs. 87.50 Million and Technical Reserves at Rs. 527.08 Million. JCS-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Insurer Financial Strength (IFS) rating of Reliance Insurance Company Limited (RICL) at 'A-' (Single A Minus). Outlook on the rating is 'Stable'. The company's lead re-insurance is Mitsui Sumitomo Re-enjoying 45 percent share in treaty terms. |
::: Motor Vehicle Insurance ::: |
| he minimum requirement by law under Motor Vehicle Act 1939 is in respect of legal liability to pay damages arising out of bodily injury caused to any third party person - The following policies are available under this section: Act Liability only : provides cover in respect of liability incurred through death or injury to a third party person. This is minimum legal cover available under Motor Vehicle Act, 1939. Third Party : provides cover as above plus damage to third party property. Comprehensive : This is the widest possible cover and stand to cover as above and in addition including cover for accidental loss of or damage to the vehicle itself. These forms of cover apply to the main classes of motor insurance which are:
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Reliance Insurance Company Profiles
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