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| New Year Message - 2009 |
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| MD Speak > Message-2009 > New Year Message |
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From the Desk of
Saifuddin N. Zoomkawala
Managing Director and Chief Executive |
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New Year Message - 2009 |
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My Dear Colleagues, |
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Whilst wishing you all a very happy and prosperous 2009, I would like to make the following comments and suggestions: |
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- We are presently witnessing the most critical times our country has faced in decades – Socially, Economically, Financially and Politically, Internally and Externally. This is the scenario under which we have to operate in 2009.
- Whilst the economy remained resilient, compared to the enormity and successive shocks, damage in the short term seems irreparable. Inflation hovers between 20 – 25%, current account deficit has risen to 8% plus, with Rupee losing 30% of its value – and likely to further worsen in 2009. However, going forward, with the International Monetary Fund programme, economic stability should return.
- Group premium for General, Life and Health operations in 2008 is anticipated to be Rs. 17.5 Billion, an increase of about 20% over preceding year. Whilst our General and Health Companies showed modest growth, our Life Company showed commendable increase of 50% plus. In this environment, this achievement has only been possible with your dedicated efforts, with spirit of camaraderie between Marketing and Operational Teams, also, within our Group Companies.
On behalf of the Board and myself, our sincere thanks and appreciation. I am indeed proud, that we in EFU continue to have the BEST PROFESSIONAL TEAMS AND EXPANDING in the Insurance Industry.
- The tremendous Riot and Strike Damages (R&SD) losses suffered by the Industry consequent to the tragic assassination of Mohtarama Benazir Bhutto on 27-12-2007, and continued spate of losses through 2008, our Industry and International Reinsurers suffered unprecedented losses, resulting in some International Reinsurers suspending activity in Pakistan and the others, imposing harsh terms on the Pakistan Market. Most leading Insurers, including ourselves are now on Excess of Loss Property Programmes.
- We, in the Management are indeed pleased, that our Marketing colleagues efforts to make our clients conscious of the prudent necessity to extend their traditional covers to include Terrorism was reasonably successful, as were the efforts to increase the valuation of Insured Assets to realistic levels to avoid the penalty of “average” clause particularly on devaluation of the Rupee and Inflation. However, greater efforts are required in 2009 also emphasizing on these issues in the current unpredictable environment.
- With the current recession deepening it is imperative, we be thorough in our Underwriting and Selection of Risks by proper/adequate Inspection, Coverage and Valuation of Risks, so that in event of loss, they are serviced smoothly and seamlessly.
- OUR 2009 STRATEGY WILL BE CONTINUED CONSOLIDATION WITH GREATER EMPHASIS ON PREMIUM COLLECTION.
All of us are proud to be part of the EFU Group, now an established “Brand” in Pakistan, which uniquely encompasses General – Life – and Health, which is a “ONE WINDOW” facility which only our Group’s Marketing Teams can offer to their clients.
There is a continuing cooperation between our Group Companies and this accelerating trend must continue, as “BRAND” image is “the name of the game” in modern business.
- I am happy to note, that an increasing number of our Officers are equipping themselves with professional qualifications from Chartered Insurance Institute. I am confident this trend will continue. Our better professionally educated Staff, will not only further their careers, but also, ensure EFU continues to offer qualified Services.
- IN 2009, WE WILL LAY GREATER EMPHASIS ON CONSOLIDATION OF OUR BUSINESS COUPLED WITH IMPROVED UNDERWRITING RESULTS. IN THIS CRUICIAL YEAR, I KNOW WITH YOUR CONTINUED DEDICATION AND COOPERATION, WE WILL INSHA ALLAH ACHIEVE OUR OBJECTIVES IN 2009.
- In conclusion, I wish you and your families a very happy healthy, peaceful and prosperous 2009.
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