This department came into effect in 1953 when the company’s foundation was laid.
This department constitutes the major portion of its business and is the focal point of
the country’s insurance industry.
It jointly collaborates in foreign risk sharing pacts. The following functions come
under its domain:
- To underwrite all facultative acceptance from the cedants i.e. insurance companies of Pakistan
- To manage and supervise, treaty portfolios of the insurance industries
- To assess and process claims and if necessary their recovery from the excess of loss reinsures participants
- To guide and assist its clients in complex reinsurance matter
The Fire Department has specialized expertise in the following areas:
- Building
- Building and contents
- Stocks
- Machinery
- And other Insurable interest
The department is managed by vigilant staff members which are headed by an expert manager.
The fire department has a share of 27% of PRCL total revenue. The clients of this department include local insurance companies in Pakistan and also foreign reinsurance i.e M/s Aon insurance Broker, M.S Marsh, Munich Re, Swiss Re and Wills Faber Al Futtaim Dubai. Their Contribution to Pakistan Reinsurance Industry is significant as they are specialized in the provision of reinsurance coverage of high value risks which is not retained in Pakistan.