Degree
Master of Science in Finance
Department
Department of Finance
School
School of Business Studies (SBS)
Date of Submission
Spring 2024
Supervisor
Dr. Mohsin Zahid Khawaja, Assistant Professor, Department of Finance, Institute of Business Administration (IBA), Karachi
Submission Type
Research Project
Document Type
Restricted Access
Pages
x, 31
Keywords
Insurance, Pakistan insurance industry outlook, Fixed asset, Depreciation, Policies for fixed asset management
Abstract
The aim of this research project is to critically examine the advantages and challenges associated with Fixed Asset Management in National Insurance Company Limited (NICL), one of the largest Non-Life Insurance companies in Pakistan. As a public sector entity wholly owned by the Government of Pakistan, NICL plays a pivotal role in the country's insurance landscape. The study provides insights into the strategic implications of managing fixed assets, assessing its impact on financial reporting, compliance with regulatory standards, overall asset management efficiency and the process to implement the Fixed Asset Management. Currently, National Insurance Company Limited (NICL) lacks a reliable management process for its fixed and controlled assets. Additionally, NICL lacks a system capable of offering accurate, fast, and updated information about these assets. Consequently, there is a pressing need for a new process to manage NICL's fixed assets effectively. The findings of this study underscore that the existing processes, controls, and procedures related to fixed asset management at NICL have proven to be highly inefficient. Consequently, NICL lacks a process of fixed assets management capable of delivering reliable, precise, up-to-date, and expeditious information about the companies’ property. Additionally, NICL remains unaware of its fixed assets, their current condition, and the effectiveness of their maintenance. This study provides recommendations for establishing policies and procedures and implementing the entire process of fixed asset management alongside automated systems.
Recommended Citation
Alvi, A. (2024). Roadmap for Fixed Asset Management in National Insurance Company Limited (Unpublished graduate research project). Retrieved from https://ir.iba.edu.pk/research-projects-msfin/7
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