Shahid’s leadership drives insurance sector growth
Tariq Khattak
ISLAMABAD: In a powerful acknowledgment of his decades-long influence on the insurance sector, Mian M. A. Shahid, CEO of United Insurance and Group Chairman of United International Group (UIG), was specially invited as the Guest of Honor at the recent Insurance Association of Pakistan (IAP) Annual Dinner & Entertainment Programme at a local Hotel.
The grand event was the sector’s most anticipated annual gathering, uniting CEOs, Managing Directors, and senior executives from nearly every major insurance company. Mian Shahid’s attendance as Guest of Honor underscored his “outstanding contributions” to the industry, using the platform to celebrate collective industry excellence, foster solidarity, and strategize on the challenges and opportunities driving the growth of Pakistan’s insurance landscape.
It may be recalled that Mian M. A. Shahid is a revered veteran of the financial services sector whose career has been synonymous with the growth of the United International Group (UIG). The Group’s flagship entity, The United Insurance Company of Pakistan Ltd. (UIC), is a major force in the General Insurance sector.
UIC maintains a prominent position in the industry, backed by a very strong Insurer Financial Strength (IFS) rating of ‘AA+’ with a Stable Outlook, as reaffirmed by both PACRA and VIS Credit Rating Company Limited. This high rating signifies a very strong capacity to meet policyholders and contractual obligations, with very low risk factors.
The company further demonstrates its stability through a Paid-up Capital requirements and operates an extensive network of over 147 branches across Pakistan. Under Mian Shahid’s dynamic leadership, UIC has emerged as one of the top players, renowned for its innovative solutions, including substantial Takaful operations, and its commitment to modernization, firmly establishing a legacy of trust and national development within Pakistan’s insurance landscape.
Pakistan’s insurance sector recorded gross premiums of Rs 677 billion in 2024, up seven percent from Rs 631 billion in 2023. However, insurance penetration remained at only 0.87 percent in 2022, far below the global average of 6.7 percent.
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