The Enabling Environment for Disaster Risk Financing in Pakistan by Asian Development Bank;

Author:Asian Development Bank;
Language: eng
Format: epub
Publisher: Asian Development Bank Institute
Published: 2019-08-15T00:00:00+00:00

Pakistan Reinsurance Company Limited

86. Pakistan Reinsurance Company Limited (PRCL) was established in 1952 as a reinsurance corporation under Pakistan Insurance Corporation Act to support the local insurance industry. It is majority owned by the government and has shares listed on the stock exchange. It was converted into a public limited company in 2000. Seven of its nine directors are nominated by the government. Its vision is to “be a leading provider of re-insurance and risk management services in the region.”42 All insurance companies are mandated to offer 35% of their re-insurance treaty business to PRCL, which has the first right of refusal. An important source of business comes from these mandatory cessions. PRCL has had experience of managing the National Insurance Fund, National Coinsurance Scheme, War Risks Insurance, and Export Credit Guarantee Scheme in the past. However, it has no regional presence beyond the management of the Economic Co-operation Organization Pool between Iran, Pakistan, and Turkey.43

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