1947

The subcontinent was divided in two sovereign states --- Pakistan and India. At independence Pakistan inherited 5 insurance companies. Later 2 more companies shifted their offices to Pakistan making a total of 7 companies competing against 77 foreign insurance companies.

1948

Insurance Association of Pakistan (IAP) was established as tariff determining body. IAP also acts as a connecting link between the government agencies and the private sector insurance companies.

1953

As the country progressed the Government of Pakistan realized the need to promote indigenous insurance industry and to check the flow of funds from Pakistan to foreign companies. Pakistan Insurance Corporation (PIC) was established in 1953 under Pakistan Insurance Act of 1952. All insurance companies were required to cede 10% of all business underwritten in Pakistan to the PIC. This was later increased to 30%.

1955

National Co-Insurance Scheme (NCS) a pool of Pakistani companies was sponsored to help Smaller Pakistani companies grow. The result was an increase in number and financial strength of Pakistani companies.

1973

Following the Government's decision to nationalize all types of industry, NCS was converted into National Insurance Fund (NIF) in 1973.

1976

National Insurance Fund was converted into National Insurance Corporation in 1976. The corporation became the sole insurer of the Public sector enterprises.

2001

In January 2001, the government changed the legal status of the National Insurance Corporation to National Insurance Company Limited and raised its paid up capital from Rs 5 million to Rs 2 billion, thus making it the largest insurance company in Pakistan.