This report is to highlight the role of General Insurance to the development of Pakistan’s Economy, the complete working environment of the financial bodies and the insurance industry, the macro and micro economic factors affecting the big insurance operators and their functions.
First explains the basics of the Insurance then the actual topic of “Study on Lack of Awareness about Insurance with Reference to EFU General Insurance Limited” to give the reader a background about the Insurance Industry and its need.
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Common Size Business Report discloses the internal structure of the firm. It indicates the relationship between sales and income. It shows the insurance business that produce income and the mix of the sources of Insurance business. Since Insurance sector also plays a vital role in the economy growth of a the country because it directly deals with the money and capital market. Some obstacles and fluctuation in this sector directly affect the economy of a country. Investors take the ratings and financial analysis of a insurance sector very seriously, because objective of insurance analysis is to forecast or determine the actual financial status and performance of insurance sector.
The EFU General Insurance Limited, and have analyzed the business statement of the company and drew a brief sketch of the financial performance of the company. For this purpose we have highlighted the problems as well as some vital solutions are recommended which need to be implemented.
After studying this report you will be clear about the insurance obstacles, prospects and financial performance of the company.
From the very starting time the world formed, we are striving to discover something new and get to the better standard of living, result of which is the development of many technologies and luxuries. Everything comes with its very own pros and corns, therefore with luxuries came along risk and fear.
As necessity is the mother of invention, few great minds introduced a risk transfer mechanism known as Insurance and today no one in the modern world can afford to be without insurance. Insurance basically spreads the risk. This means that insurance provided a pool to which the many contribute, and out of which the few who suffer losses are compensated. The successful operation if insurance is dependent upon a sufficient number of risks of similar class being insured so as to produce an average of loss experience. It is thus possible to calculate what are the chances of an event or events happening? And what amount will be required to provide the common fund, or pool, to meet the losses arising from such events.
The market began in Edward Lloyd’s coffeehouse around 1688 in Tower Street,
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