Alpha Insurance Company Limited is a public limited company founded on December 24, 1951 in Karachi, Pakistan under the Indian Companies Act VII of 1913. The Company is in the non-life insurance sector, which includes fire, marine, motor, health, and miscellaneous.
1. 1. Introduction – Alpha Insurance Company Limited, Pakistan
The Company’s registered office is located at State Life Building No. 1-B, I.I. Chundrigar Road, Karachi. In Pakistan, the company has 15 branches. The Company’s parent company, State Life Insurance Corporation of Pakistan Limited, owns 94% of the company.
Alpha Insurance Company Limited is one of Pakistan’s oldest and most financially secure general insurance businesses. We have the honour of having renowned Pakistanis as our Chairman, including Mr. Yusuf A. Haroon, Mr. H.B. Tayabji, and Mr. Y.N. Chinoy. It is a member of the Insurance Association of Pakistan and writes various types of general insurance, including health and accident.
Alpha is one of the major general insurance firms in its own right, with a solid reputation for offering great customer service and rapid claim payout.
2. 2. Details – Alpha Insurance Company Limited, Pakistan
2.1. 2.1 Vision Statement – Alpha Insurance Company Limited, Pakistan
With help and involvement of all its Stakeholders to make Alpha one of the leading General Insurance Company of the Country with a vibrant Marketing force and efficient and responsive office staff, so as to provide best quality services to its policyholders.
Vision Statement – Alpha Insurance Company Limited, Pakistan
2.2. 2.2 Mission Statement – Alpha Insurance Company Limited, Pakistan
To work zealously towards attaining these objectives and be able to compete in the open market by developing a vibrant field force and efficient and responsive office staff.
Mission Statement – Alpha Insurance Company Limited, Pakistan
3. 3. Types of Insurance – Alpha Insurance Company Limited, Pakistan
Insurances provided by Alpha Insurance Company Limited are given below,
3.1. 3.1 Property Insurance – Alpha Insurance Company Limited, Pakistan
Cement plants, polyester plants, refineries, sugar, textiles, pharmaceuticals, biscuit manufacturers, paint factories, automobile assembly plants, chemical manufacturers, cigarettes manufacturers, dairy products, engineering based glass factories, plastic good manufacturers, poultry farms, and other industrial groups can be insured.
Furthermore rising S.M.Es, shops, warehouses, schools, hospitals, residential dwellings, distributors, and so on.
We provide the following types of covers:
- Fire & Allied Perils
- Property All Risks
- Comprehensive Machinery (Fire)
- Business Interruption following insured perils
- Householder’s Comprehensive
- Terrorism
3.1.1. 3.1.1 Cover Available Against
Cargo loss or damage during transportation, from point of origin to ultimate destination. It includes delivery of final goods from the covered manufacturer to any location in Pakistan and vice versa.
- Marine Cargo Import
- Marine Cargo Export
- Marine Cargo Inland Transit
- Marine Umbrella Liability
- Marine Advance Loss of Profit
- Seller’s Contingency Policy
- Marine Hull
3.2. 3.2 Marine & Aviation – Alpha Insurance Company Limited, Pakistan
Importers and Exporters- This coverage is also available to industrial units importing raw materials and/or packaging materials, plant machinery and equipment for modernization and growth.
3.2.1. 3.2.1 Cover Available Against
Cargo loss or damage during transportation, from point of origin to ultimate destination. It includes delivery of final goods from the covered manufacturer to any location in Pakistan and vice versa.
- Marine Cargo Import
- Marine Cargo Export
- Marine Cargo Inland Transit
- Marine Umbrella Liability
- Marine Advance Loss of Profit
- Seller’s Contingency Policy
- Marine Hull
3.3. 3.3 Motor Insurance – Alpha Insurance Company Limited, Pakistan
Huge business fleets, leasing firms, banks offering auto lending programmes, and individuals are all examples.
3.3.1. 3.3.1 Cover
1. Comprehensive Motor Insurance (Private Vehicles)
2. Comprehensive Motor Insurance (Commercial Vehicles)
3. Comprehensive Motor Cycle Insurance
4. Motor Third Party Liability Insurance
3.3.2. 3.3.2 Additional Covers
1. Personal Accident Benefits to Driver and Passenger
2. Replacement Vehicle
3. Personal Effects
We provide extensive coverage against unintentional damage, which includes:
- Fire
- Theft
- Snatching away by violent means
- Riot and Strike damage
- Loss or Damage due to natural calamities
- Road Traffic Act and at Common Law
- Third Party Liability (Bodily Injury and property damage)
The policy can also be expanded to cover driver and passenger bodily injury and death.
3.4. 3.4 Miscellaneous – Alpha Insurance Company Limited, Pakistan
| All Risk Insurance | All Hazards Insurance protects office equipment in the office or industry. Apart than regular wear and tear, the policy covers all types of physical loss or damage. |
| Machinery Breakdown | Machinery Breakdown Insurance is an All Risks “Accident” Insurance for machinery that supplements Fire Insurance coverage. As a result, it covers unplanned and abrupt physical loss or damage to the insured assets, demanding repairs or replacement. |
| Works’ Men Compensation Insurance | Workmen’s Compensation Insurance protects employees against death or injury while on the job, and it pays out compensation in line with the Workmen’s Compensation Act. |
| Cash-in-Transit | The Cash-in-Transit Policy may cover the transit of cash from the bank to the office premises and location, and vice versa. The premium is based on the total carryings projected for the year. |
| Cash-in-Safe | If there is a significant sum of cash in the safe, it is recommended that a Cash-in-Safe Insurance Policy be obtained to protect this amount. |
| Burglary Insurance | This coverage protects against things taken or damaged as a consequence of a Burglary or House Breaking, or any attempt to commit one of these crimes following real forced violent entrance into the premises. |
| Fidelity Guarantee Insurance | Fidelity Guarantee Insurance is a type of insurance that provides indemnification to employers for losses caused by employee dishonesty. The Guarantee takes the form of an agreement in which the Insurance Company agrees to reimburse the Employer up to a certain amount if the loss is caused by the event covered against. |
| Consequential Loss Insurance | In the Fire and Mechanical Failure Department, consequential loss insurance might be obtained. |
| Combined Fire And Burglary Insurance | This policy combines Fire Insurance and Burglary Insurance. This sort of policy is only available for private residential risks and may be obtained by your company’s officers. |
| Traveler’s Accident Insurance | Coverage for Accidental Death or Bodily Injury when travelling from one location to another that begins when the person begins his journey and continues until the period he chooses to cover. It is great for someone who travels frequently by air since, in addition to covering his journey, it covers any accident that occurs during the insurance term not just in Pakistan but everywhere in the globe. |
| General Third Party Liability Insurance | This Coverage is frequently chosen by multinational corporations. In general, the Insured is indemnified for any sums of money that he may become legally obligated to pay for the death or physical injury of any person and/or direct damage to property caused by incidents on the premises in respect of Third Parties. |
3.5. 3.5 Contractors All Risks and Public Liabilities Insurance
This sort of policy protects a contractor from nearly all types of material damage (excluding war) to his facility, materials on site, and completed or under construction buildings. Its coverage is exceedingly broad, as evidenced by the following list of risks covered:
- Fire Lightning, Thunder-Bolts, Earthquakes, Storm including Hail, Tempest and Flood, Landslides, Subsidence and Collapses, Riots and Civil Commotion, Strikes and the like, Aircraft or Articles dropped there from, Theft, Pilferage, Impact by road vehicles, Accidental Damage to building, Machinery or Plant.
- The policy also contains “Public Liability” coverage up to an agreed-upon level for any one loss: in other words, this policy indemnifies the insured for liability to third parties.
- The Policy is generally issued for the whole amount of the Contract, and the premium is stated based on this amount for the entire period, subject to modification when the final figures are available.
3.6. 3.6 Bonds – Alpha Insurance Company Limited, Pakistan
Cover available against:
- Bid Bond
- Mobilization Advance Bond
- Performance Bond
- Maintenance Bond
- Customs Bond
- Excise Bond
- Supply Bond
- Retention Money Bond
- Utility Bond
4. 4. Required Documents – Alpha Insurance Company Limited, Pakistan
- I.R. is mandatory for lodging claim under the insurance coverage.
- ATM withdrawal slip, if available
- Copy of the valid Computerized National Identity Card (CNIC) of the Customer;
- Bank statement (from the start of previous month till incident date)
- Customer written statement about occurrence of loss.
- Upon receiving the above documents, claim will be registered
5. 5. Branches – Alpha Insurance Company Limited, Pakistan
Alpha Insurance Corporation have branches in following various cities,
- Karachi
- Lahore
- Islamabad
- Rawalpindi
- Multan
- Faisalabad
For branches address, phone numbers visit the following link,
https://alphainsurance.com.pk/branches/
6. 6. Board of Directors – Alpha Insurance Company Limited, Pakistan
| Mr. Tariq Ikram | Chairman/Director |
| Mr. Abdul Shakoor Shaikh | Director |
| Mr. Faisal Mumtaz | Director |
| Mr. Muhammad Amjad | Director |
| Mr. Syed Shahnawaz Nadir | Director |
| Mr. Faisal Haroon Zai | Director |
| Dr. Ghazal Nafees | Director |
| Dr. Syed Arif Hussain | Chief Executive Officer |
Board of Directors detailed info is available on site
https://alphainsurance.com.pk/governance/
7. 7. Clients – Alpha Insurance Company Limited, Pakistan
- Sui Southern Gas Company Limited. .
- State Life Insurance Corporation of Pakistan (Parent Company)
- State Life Abdullah Haroon Road Properties (Pvt.) Ltd. (Fellow Subsidiary)
- State Life Lackie Road Properties (Pvt.) Ltd (Fellow Subsidiary)
- Alpha Insurance Company Limited – Staff Provident Fund
- Alpha Insurance Company Limited – Employees Gratuity Fund
8. 8. Online Helpline – Alpha Insurance Company Limited, Pakistan
- UAN Number: 0800-88008
- Email Address: info@alphainsurance.com.pk
- Hotline Numbers: (92-21) 32416041-45
- Address: 4th. Floor, Building No. 1-B, State Life Square Off I.I. Chundrigar Road, Karachi-74000 , Pakistan
- Complains: complaints@secp.gov.pk
9. 9. Verification – Alpha Insurance Company Limited, Pakistan
Company is verified from:
https://jamapunji.pk/verify/licensed-entity-detail/alpha-insurance-company-limited
10. 10. Disclaimer – Alpha Insurance Company Limited, Pakistan
- If the Alpha Insurance Company Limited have not resolved your concern satisfactorily, you may file a complaint with the Securities and Exchange Commission of Pakistan (SECP).
- Please keep in mind that SECP will only consider complaints that were initially asked to be resolved directly by the firm and were not resolved.
- Furthermore, complaints that are not related to the SECP’s regulatory domain/competence will not be considered.
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