The Company was founded in 1934 by Dr. Sir Muhammad Iqbal, the founder thinker of Pakistan, and is one of the oldest insurance companies of Pakistan.
The Company was taken over by Atlas Group in 1980. The Company has made steady progress since its acquisition by Atlas Group. They equity of the Company has grown from Rs. 1.6 million in 1979 to over Rs. 2.046 billion in 2016, total assets having grown to over Rs. 4.278 billion and investments from Rs. 5.594 million to over Rs. 2.608 billion. Atlas Insurance Limited has very sound reinsurance arrangements with the leading reinsurers of the world including Swiss Re from Switzerland, Hannover Re from Germany, Tokio Fire & Nichido Marine and Sompo from Japan among others.
After obtaining a Takaful license from Securities and Exchange Commission of Pakistan, the Company launched its Window Takaful Operations in March, 2016. Under the supervision of certified and experienced Shariah Advisor, the General Takaful products were designed. Takaful will help not only to cater the requirements of our existing clientele but also to reach out to new market segments.
Acknowledging the financial strength of the Company, the Pakistan Credit Rating Agency Limited (PACRA), on March 10, 2017, has upgraded Insurer Financial Strength (IFS) rating from “AA-“ to “AA” with stable outlook, which denotes a very strong capacity to meet policyholders and contract obligations.
Atlas Insurance Limited a financially sound and professionally managed Company, has been awarded the Top Five Companies “Best Corporate Report Award” eight times between 2003 – 2015 by the joint committee of the institute of Chartered Accountants of Pakistan (ICAP) and the institute of Cost and Management Accountants of Pakistan (ICMAP). Atlas Insurance Limited has been awarded South Asian Federation of Accounts – SAFA “Best Presented Accounts Award” continuously for six years from 2006 – 2011. Atlas Insurance Limited is also recipient of “KSE Top 25 Companies Award”. Atlas Insurance Limited was awarded the “Insurance Journal Performance Awards” for the “Highest Underwriting Profit as Percentage of Written Premium” on the basis of results for the years 2012, 2013, 2014 and 2015 by the Insurance Journal. This award reflects the fundamental strength of the Company and its prudent underwriting policies.
The Company’s results have consistently been yielding handsome profit earnings. This was only made possible by excellent operating performance through professional and efficient service to clients, good management practices and cost controls, scaling new heights. Consistency, hard work, dedication, adherence to Company policies and procedures and code of ethics has contributed significantly towards the growth of the Company.
The Company has always sought to offer unique solutions to its clients and has the ability to offer creative alternatives to meet the challenges associated with the ever changing needs of its clients by offering specially designed policies. The Company follows sound underwriting policies and provides highest quality services to its valued clients. Atlas Insurance has the privilege of having many blue chip companies amongst its valued customers. It serves its customers through a strong branch network throughout the country backed by advanced computerized information and control system. Wide range of products for conventional and takaful are offered by Atlas which includes:
- Fire & allied perils
- Personal accident
- Contractors all risk
- Erection all risk
- Machinery breakdown
- Boiler & pressure vessel
- Product liability
- Fidelity guarantee
- Cash in transit / cash in safe
- Bankers’ blanket bond
- Loss of profit
- Computer all risk
- Travel insurance
- Credit insurance
- Crop insurance
- Health insurance