Departments

Accident

The Accident Department originated with the formation of the company. The department specializes in provision of reinsurance coverage to local Insurance companies as well as foreign based companies accommodating the acceptance/retro business.

Accident department of PRCL deals with Motor/Liabilities business and accept all Motor/Non-motor risks ceded by local insurance companies. The motor risks constitute all private and commercial modes of transportation. The Non-motor includes the following areas:

  • Workman Compensation
  • Burglary
  • Fidelity Guarantee
  • Cash in safe, cash in transit and cash on counter
  • Employers Liability
  • Public/product liability
  • Professional Indemnity
  • Personal Accident
  • Health Insurance
  • Crop insurance
  • Live Stock

There is no retrocession of this acceptance nor does the company have any cover under Non-marine.

Most of the key employees in the staff member of this department possess professional qualification related to insurance and have considerable work experience of underwriting, which plays an important role in effective and efficient decision making process. The department is very active in conducting training sessions etc to update the employees about current market trends and changing market scenario.

Fire

This department came into effect in 1953 when the company’s foundation was laid. This department constitutes the major portion of its business and is the focal point of the country’s insurance industry.

It jointly collaborates in foreign risk sharing pacts. The following functions come under its domain:

  • To underwrite all facultative acceptance from the cedants i.e. insurance companies of Pakistan
  • To manage and supervise, treaty portfolios of the insurance industries
  • To assess and process claims and if necessary their recovery from the excess of loss reinsures participants
  • To guide and assist its clients in complex reinsurance matter

The Fire Department has specialized expertise in the following areas:

  • Building
  • Building and contents
  • Stocks
  • Machinery
  • And other Insurable interest

The department is managed by vigilant staff members which are headed by an expert manager.

The fire department has a share of 27% of PRCL total revenue. The clients of this department include local insurance companies in Pakistan and also foreign reinsurance i.e M/s Aon insurance Broker, M.S Marsh, Munich Re, Swiss Re and Wills Faber Al Futtaim Dubai. Their Contribution to Pakistan Reinsurance Industry is significant as they are specialized in the provision of reinsurance coverage of high value risks which is not retained in Pakistan.

Engineering

The Engineering Department is working since the PRCL’s establishment. The Engineering Department specializes in reinsurance coverage of the following risks to the local insurance market including M/s. National Insurance Company (NIC) through treaty agreements and facultative placements.

  • Property Damage
  • Business interruption
  • Machinery breakdown/Boiler
  • Contractor All Risks (CAR)
  • Erection All Risks (EAR)
  • Third Party Liability (TPL)

It provides the engineering risks coverage to the following major clients and helps in reconstructing the infrastructure across the country and promoting industrialization.

  • Pakistan Arab Refinery Limited (PARCO)
  • Pak Arab Pipeline Company Limited (PAPCO)
  • Kot Addu Power Company Limited (KAPCO)
  • Oil & Gas Development Company Limited (OGDC)
  1. Control of wells
  2. Qadirpur Gas Plant
  3. UCH Gas
  4. Sarhad Hydel Power Project
  5. Chashma Nuclear Power Project
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