Adamgee Insurance

Adamjee Insurance - The Golden Umbrella

We are what you might call ‘the super man of insurance’, said Mr. Abdul Sami Shami the Assistant Sales Manager of Adamjee Insurance, Lahore branch. Mr. Shami has been working in Adamjee insurance for over 15 years now and he has seen all the ups and downs of the company, the changes in the owners and the immense difference that has come over the years regarding the very nature of sales of insurance itself. Adamjee Insurance claims to provide the ‘golden umbrella’ of insurance, where you can get your life and all the rest of your valuable assets in life insured, and be protected. However the interesting factor is that the rhetoric of giving the comfort of being under the shade of umbrella seems not-so-comforting when you get to know about the internal operations of the company.

Adamjee Company’s Background

The company has a very interesting past and important milestones over the years, which somewhat show in the operations and the policies of the company now. The company was owned for more than 35 years by the Adamjee family till the year 2006. In the year 2006, things took a very different and unknown route for the Adamjee family and Adamjee insurance. Adamjee Company had taken huge amounts of debt from the Muslim Commercial Bank, owned by Mian Mansha. Mr. Mansha, looking at the opportunity proposed that he is willing to set off the loans that the company has taken in exchange for Adamjee Insurance. The management of Adamjee however did not like the proposal that had been made to them and as a result, the management went to the court to fight their case that later became a much publicized event for the nation. The matter became the headlines of the national news, and was later hushed down by Gen. Pervez Musharaf granting the company shares to Mr. Mansha when he was honored with the ‘Best Industrialist’ award. Over the night, 51% of the shares of the company were then owned by Mr. Mansha, and the rest 49% remained with the...