What IGI General Insurance does

IGI General Insurance Ltd is a Pakistan-domiciled non-life (general) insurer and the flagship insurance entity of the Packages Group, with origins dating to 1953 and a separate legal registration since January 2018. It is wholly owned by IGI Holdings Limited, listed on the Pakistan Stock Exchange, and offers a diversified P&C portfolio across fire, marine cargo, motor, travel, health, home, miscellaneous, livestock, and crop insurance, plus a Sharia-compliant Window Takaful book. Distribution is hybrid: a direct corporate sales force and an 8-city branch network sit alongside digital self-service for motor and travel, bancassurance, and a 125+ panel hospital network for cashless health claims. The product stack is enabled by an online policy issuance and claims platform, while IGI Drive — a PTA-licensed GPS vehicle tracking and fleet management subsidiary — layers telematics-based risk monitoring onto motor underwriting.

The company generates revenue through upfront insurance premiums on subscription-style annual or per-trip policies, complemented by investment income on float. FY2023 gross written premium reached PKR 14.3 billion across conventional and takaful operations, with underwriting profits of PKR 459 million (conventional) and PKR 172 million (takaful), and after-tax profit of PKR 673 million. Customer base spans roughly 4,000 corporate accounts — including multinational logos such as Coca Cola, Nestle, Siemens, Maersk, Engro, Linde, Sanofi Aventis, and Lucky Cement — and 19,000 individual policyholders. Reinsurance capacity is sourced from A-rated international reinsurers, supporting large commercial and energy-sector risks.

Strategic positioning rests on a 70-year operational track record, an AA+ financial strength rating from PACRA maintained for nine consecutive years (and AA+ from JCR-VIS), and cross-sell potential within the broader IGI Holdings / Packages Group ecosystem (IGI Life, IGI Investments, IGI Finex Securities). Recent strategic emphasis under CEO Faisal Khan (appointed February 2024) is on transitioning from a captive corporate book toward a market-oriented posture, deepening international reinsurer relationships, and expanding digital and telematics-enabled product lines.

Name

IGI General Insurance

Legal name

IGI General Insurance Ltd

Website

https://igiinsurance.com.pk

Company type

Public

Founded year

1953

Operating status

Operating

Headcount range

101–250 employees

Short description

IGI General Insurance is a Pakistan-based non-life insurer offering fire, marine, motor, health, travel, home, livestock, and crop insurance to corporate and individual customers through an 8-city branch network, digital channels, and a 125+ hospital network, operated under IGI Holdings and the Packages Group.

Ownership category

akta.pro rank

Product category

General (Non-Life) Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Travel & Accident (Non-Life) Insurance (FSAJAMAN)

akta.pro secondary industries

Umbrella Insurance (FSAJAMAK), Umbrella & Excess Liability (Fleet/Transportation) (TLABANAG)

Keywords

• General insurance
• Non-life insurance
• Motor insurance
• Health insurance
• Takaful insurance

Headquarters

HQ city

Karachi

HQ country

Pakistan

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Supply Chain, Infrastructure

Revenue model

1. Non-Life Insurance Premiums: IGI General Insurance generates revenue through underwriting property and casualty insurance policies including fire, marine, motor, travel, health, personal accident, home, and miscellaneous insurance. Premiums are collected upfront with claims paid out as losses occur. The company maintains reinsurance arrangements with A-rated foreign reinsurers to manage risk exposure.
2. Takaful Insurance Operations: Islamic insurance window offering Sharia-compliant coverage. The company generated Rs. 172 million from Takaful operations in 2023.
3. Vehicle Tracking Services (IGI Drive): GPS tracking and fleet management services bundled with vehicle insurance policies, licensed by PTA. Additional revenue stream from corporate fleet monitoring and asset tracking services.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

IGI General Insurance underwrites and distributes non-life (property and casualty) insurance products in Pakistan, covering fire, marine cargo, motor, travel, health, home, livestock, crop, and miscellaneous risks. It also operates a Sharia-compliant Takaful window and an ancillary GPS-based vehicle tracking and fleet management service (IGI Drive), serving both corporate clients through dedicated sales teams and individual consumers through branches and online channels.

Product overview

IGI General Insurance is a non-life insurance company offering a diversified portfolio of general insurance products. The product suite includes core insurance offerings (Home Cover, Travel Sure, IGI Auto Cover, Health Sure, Fire Insurance, Marine Cargo Insurance, Miscellaneous Insurance, Livestock Insurance, and Crop Insurance) plus an ancillary vehicle tracking service (IGI Drive) and wellness program (IGI Vitality Drive). The company operates as a single unified insurance platform with branch network across Pakistan, providing both traditional insurance products and value-added technology-enabled services.

Differentiator

Problem solved

Functional benefit

Brands

• IGI Drive: Vehicle Tracking and Fleet Management Services subsidiary of IGI General Insurance Limited, licensed from PTA
• IGI Vitality Drive
• Health Sure
• Travel Sure
• Home Cover

Products and services

• Home Cover Home insurance plan providing comprehensive coverage against accidental damage, robbery, fire, accidents, or natural disasters for homeowners and renters, with coverage up to Rs. 20 million. Covers home structure, contents, jewellery, cash at home, and free rent for owners and tenants.
• Travel Sure
• IGI Auto Cover
• Health Sure
• Fire Insurance
• Marine Cargo Insurance
• Miscellaneous Insurance
• Livestock Insurance
• Crop Insurance
• IGI Drive
• Window Takaful Operations

Quantifiable outcome

• Claims settlement within 5 working days for accidental damage and theft/total loss claims
• +4 more outcomes

Named customers18 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Royal and SunAlliance Plc. UK (RSA)coreStrategic or Co-development Partner · 1 January 2004IGI Insurance acquired Pakistan operations of Royal and SunAlliance Plc. UK in 2004. As a result, IGI positioned itself among top five insurance companies in Pakistan and became a global network partner of RSA. This acquisition provided expanded market reach and international best practices.
• Packages GroupcoreStrategic or Co-development PartnerPackages Group is the parent organization and flagship enterprise of IGI General Insurance. IGI operates as part of the Packages Group ecosystem which includes multiple companies in packaging, insurance, investments, and real estate sectors. The group provides strategic direction and corporate governance oversight.
• IGI Holdings LimitedcoreStrategic or Co-development PartnerIGI Holdings Limited is the investment holding company listed on Pakistan Stock Exchange, acting as parent company of IGI General Insurance Limited. The holding company oversees multiple subsidiaries including IGI Life Insurance, IGI Investments, and IGI Finex Securities.
• International SOScoreTechnology or IntegrationPartnership with International SOS provides healthcare services through dedicated Call-Collect Number (+97146018824) available worldwide. Services include telephone medical advice, medical service provider referral, hospital admission arrangement, emergency medical evacuation, consulate referrals, and travel assistance services for travel insurance customers.
• A-Rated Foreign ReinsurerscoreTechnology or IntegrationIGI has excellent reinsurance arrangements with A-rated foreign reinsurers. These partnerships enable the company to offer diversified basket of products to clients by transferring large risks to international reinsurance markets. Reinsurers provide capacity and financial backing for large coverage limits.
• IGI FSI (Wholly Owned Subsidiary)coreStrategic or Co-development PartnerIGI FSI is a Packages Group company and wholly owned subsidiary of IGI General Insurance. The subsidiary pioneers in emerging technologies driven sales, production and customer services interventions, HR and technical solutions.
• PTA (Pakistan Telecommunication Authority)minorOthersPTA has licensed IGI Drive to provide Vehicle Tracking and Fleet Management services in Pakistan. This regulatory partnership enables IGI to operate its GPS tracking and monitoring services legally.
• Panel Hospitals (125+)coreOthersNetwork of 125+ hospitals across Pakistan providing cashless treatment services for health insurance policyholders. Direct bill settlement arrangements enable policyholders to receive treatment without upfront payments.
• Approved Workshop NetworkminorOthersNetwork of IGI-approved workshops for vehicle repairs with direct bill settlement arrangements. Customers have liberty to choose workshop with costs settled directly between company and workshop.

Scale indicators8 records

Recent moves9 records

Expansion highlights7 records

Broad incumbents

• Allianz SE: Global P&C and life insurance giant with emerging-markets presence. Comparable on broad multi-line product philosophy and enterprise underwriting, though with vastly greater scale and diversification than IGI.
• AXA XL (AXA): Global commercial P&C insurer with strong specialty and reinsurance capabilities. Indirectly comparable as IGI's large corporate and energy clients (e.g., Etihad, Maersk, Byco) overlap with AXA's global accounts.

Direct peers

• EFU General Insurance: One of the oldest and largest non-life insurers in Pakistan, listed on the PSX. Directly comparable diversified P&C portfolio, branch network, and target segments to IGI General Insurance.
• Adamjee Insurance Company: Pakistan's largest general insurance company and a fellow Top-5 player. Competes head-to-head with IGI across fire, marine, motor, health, and miscellaneous lines for the same corporate and retail customers in Pakistan.
• Habib Insurance Company: Pakistani general insurer with a diversified P&C portfolio tied to the Habib Group conglomerate. Comparable in distribution style (group-linked corporate sales) and product breadth to IGI under Packages Group.
• Jubilee General Insurance: Listed Pakistani general insurer offering fire, marine, motor, health, and miscellaneous products. Direct competitor in the same Top-5 set, with overlapping corporate and retail distribution.
• Premier Insurance Limited: PSX-listed non-life insurer offering fire, marine, motor, and miscellaneous coverage. Similar size tier and product mix to IGI, competing in Pakistan's mid-market segment.
• Saudi Pak Insurance Company: Pakistani insurer with conventional and Islamic general insurance operations. Competes with IGI for corporate accounts and Takaful customers in similar geographic markets.
• Pak Qatar General Insurance: Pakistan-based Takaful-led general insurer operating across motor, fire, marine, and health. Competes with IGI's Takaful window and conventional lines for similar Islamic-finance-oriented corporate clients.
• Atlas Insurance Limited: Pakistani general insurer with multi-line P&C and Takaful offerings. Competes for the same corporate clients and bancassurance channels as IGI.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/IGIGenralInsuranceLtd
• Xx.com/insurance_igi
• LinkedInlinkedin.com/company/igi-insurance

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IGI General Insurance