What we strive for:
Remaining loyal to our commitment to become the preferred company by providing our customers and partners with Attentive, Agile & Accurate services closely followed by tangible benefits.
Ethical standards such as Honesty and Equal Opportunity
flow into Polestar's every business decision.
olestar Insurance Company was established against a background of dynamic growth in national economy, with forward momentum gathered over recent years, followed by rise in the need of individuals and entities for secure and wider insurance coverage combined with heightened insurance awareness among the community.
Polestar's cover initially comprised fire, engineering and credit, but thus far has been extended to further interests like crop, fruit, aquaculture, etc. thereby ever broadening our overall customer base and market share.
With ethical standards such as honesty and equal opportunity flowing into its every business decision, Polestar has built its early reputation among the masses and has grown into a prominent player on its values of expertise, quality and sustainability under direct supervision of experienced and skilled team leading qualified underwriters with professional career.
Polestar is a member of the Federation of Afro-Asian Insurers & Reinsurers "FAIR".
FAIR is a professional organization that is aiming at promoting cooperation among insurance and reinsurance companies in Africa and Asia through the regular exchange of information, expertise and the development of reinsurance relations.
Accessing FAIR, whose members are now more than 250 companies from 51 Afro-Asian countries, means increased opportunities for Polestar to expand its global presence and interaction with prestigious insurance and reinsurance companies and brokers from international markets.
Fire, Engineering, Agriculture, Credit, Travel
Fire insurance took a considerable portion of our portfolio in 2022 with the GPW solely from this line exceeding KPW 1,730,000,000. In the year 2023, premium income through fire underwriting is estimated at KPW 1,830,000,000.
This market of Polestar is also undergoing massive expansion in line with the general tendency among factories and enterprises towards renovation and extension, combined with overall modernization of facilities, and with a great number of civil engineering projects undertaken in many parts of the country. GPW from our engineering business reached KPW 837,000,000 in 2022. Premium income through engineering business is expected to be KPW 1,030,000,000 for the year 2023.
Based on our market research regarding the above, we developed our new agriculture products in early 2017 to insure rice, maize and potato grown by cooperative farms. 2018 witnessed extension of this product range to fruit, cash crop and aquaculture. (Kindly note that aquaculture is underwritten within our agriculture portfolio.) Our estimate puts GPW for 2023 at KPW 1,410,000,000, which would reflect a considerable growth compared to KPW 1,344,000,000 of 2022.
The Company has conducted Credit and Travel Insurance Business. Having identified risks and the market for this coverage, we have effectively underwritten credit contracts, and the some premium amount of 2022 has been recorded. GPW from others in 2022 was KPW 12,000,000 which would reflect 64.2% of 17,900,000 in 2021.
|Gross premium written||3,351,043,678||3,588,359,459||3,922,923,360|
|Net Earned premium||3,133,676,133||3,361,195,683||3,426,803,995|
|Gross Paid Loss||2,812,201,173||2,636,917,520||2,206,576,307|
|Profit/Loss before payment to state||323,397,480||632,956,422||999,204,260|
|Profit/Loss For The Period/Year||226,378,236||443,069,495||749,403,195|
No part of these publications may be reproduced or distributed by any process
without prior written permssion from Polestar Insurance Company.
Annual Report 2020
Annual Report 2021
Annual Report 2022