The Pakistan Credit Rating Agency (PACRA) has maintained the IFS rating of the United Insurance Company (UIC) as AA with stable outlook
Karachi (Pakistan Point News / Online - 17th January, 2020) The Pakistan Credit Rating Agency (PACRA) has maintained the IFS rating of the United Insurance Company (UIC) as AA with stable outlook.A statement issued by PACRA said that UIC is one of the leading players in the insurance industry with a balanced portfolio and strong profitability representing all segment of the insurance industry.It has good capability to absorb risks while the company continue to strive for higher standards in various facets including efficiency and transparency and governance standards, PACRA said.
Speaking on the development, Chairman of the United International Group Mian Shahid said that the insurance industry plays an important part in national development.He said that savings alone are not enough to achieve financial freedom, therefore, insuring life and assets is equally important.A general insurance company offers insurance policies to secure health, travel, motor vehicle, home and business which can help the policyholder in case of an unexpected event, he added.Mian Shahid said that insurance works on the principle of transfer of financial risk from the insured to the insurer which results in reduced financial burden on the shoulder of a policyholder in case of an unforeseen event, he added.He said that family is the most important asset for anyone, therefore, it is very important to completely secure family to face any emergency.
