Public Sector (Life)

Bangladesh Jibon Bima Corporation

Public sector ( Non-life)

Bangladesh Sadharon Bima Corporation

Private Sector (Life)

Pragati Insurance Co Ltd

This is a leading non-life insurance company in Bangladesh. It provides schemes

such as Mediclaim Insurance, Accident Insurance, Building Insurance, Factory
Based Insurance, Aviation Insurance, Home Insurance etc. Based on the type of the
insurance and the way Bangladesh culture sees it, they have designed their policies
so that it is accepted well. Their success journey is a proof to this

Today, the company has reached a top position by getting a credible rating by
number of financial analysis companies. They invest in the right areas to improve
their value to investors. As a result, it has grown to a top position in the country.

Private Sector (Non-Life)

Reliance Insurance Limited

Reliance Insurance Limited​, was founded in ​Bangladesh​ as a private non-life ​insurance company
in 1988. Currently the firm has 32 branches throughout Bangladesh, and 340 employees. In the year
2018, the company had earned BDT 2,689.26 million as the gross ​premium​ income, which is higher
than that of 2017.​[3]
In ​Bangladesh​ the ​insurance​ sector was nationalized in 1972 just after independence. Following the
nationalization, the then Government established two insurance corporations. One is ​Bangladesh
Sadharan Bima Corporation​ for the non-life insurance business, and another is ​Bangladesh Jiban
Bima Corporation​ for life insurance business. Subsequently, the government opened the door for
establishing private insurance companies through the Insurance (Amendment) Ordinance 1984.
Under the provisions of 1984 ordinance, Reliance Insurance Limited started its operation by virtue of
the Certificate of Commencement of Business" issued on the 22nd of March 1988 by Registrar of
Joint Stock Companies of Bangladesh. The company also enjoyed its 25th anniversary in 2014.​[4]

Regulatory framework​[​edit​]
Insurance Development & Regulatory Authority of Bangladesh​ (IDRA), an entity formed under the
Insurance Development and Regulatory Authority Act 2010, regulates all insurance companies of
Bangladesh in accordance with the Insurance Act 2010.

Financial performance​[​edit​]
The Company earned gross premium of BDT 2,689.26 million in 2018 and BDT 2,572.67 in 2017.
The total invested asset of the company in 2018 and 2017 were BDT 7,458.70 million and BDT
6,975.30 million respectively.​[3]​ In its 31st Annual General Meeting, a cash dividend of 15% and 10%
bonus were distributed to its shareholders for the year 2018. Furthermore; CRISL awarded RIL
"AAA" (pronounced as Triple A) ​surveillance rating​ for 2018.

Insurance services
Marine insurance​ covers the loss or damage of ships, cargo, terminals, and any transport by which
the property is transferred, acquired, or held between the points of origin and the final destination.
Cargo insurance is the sub-branch of marine insurance, though Marine insurance also includes
Onshore and Offshore exposed property, (​container terminals​, ports, ​oil platforms​, pipelines), Hull,
Marine Casualty, and Marine Liability. When goods are transported by mail or courier, ​shipping
insurance​ is used instead.

Marine insurance was the earliest well-developed kind of insurance, with origins in the Greek and
Roman marine loan. It was the oldest risk hedging instruments our ancestors used to mitigate risk in
medieval times were sea/marine (Mutuum) loans, commenda contract, and bill of
exchanges.​[1]​Separate marine insurance contracts were developed in ​Genoa​ and other Italian cities
in the fourteenth century and spread to northern Europe. Premiums varied with intuitive estimates of
the variable risk from seasons and pirates.​[2]​ Modern marine insurance law originated in the ​Lex
mercatoria​ (law merchant). In 1601, a specialized chamber of assurance separate from the other
Courts was established in ​England​. By the end of the seventeenth century, London's growing
importance as a centre for trade was increasing demand for marine insurance. In the late 1680s,
Edward Lloyd opened ​a coffee house​ on ​Tower Street​ in ​London​. It soon became a popular haunt
for ship owners, merchants, and ships' captains, and thereby a reliable source of the latest shipping
news.​[3]

Property insurance​ provides protection against most risks to ​property​, such as fire, theft and some
weather damage. This includes specialized forms of ​insurance​ such as fire insurance, ​flood
insurance​, ​earthquake insurance​, ​home insurance​, or ​boiler insurance​. Property is ​insured​ in two
main ways—open perils and named perils.
Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions
on open peril policies include damage resulting from ​earthquakes​, ​floods​, ​nuclear incidents​, acts of
terrorism​, and war. Named perils require the actual cause of loss to be listed in the policy for
insurance to be provided. The more common named perils include such damage-causing events as
fire, ​lightning​, explosion, and theft.

Liability insurance​ (also called ​third-party insurance​) is a part of the general ​insurance​ system of
risk financing​ to protect the purchaser (the "insured") from the risks of ​liabilities​ imposed by lawsuits
and similar claims and protects the insured if the purchaser is sued for claims that come within the
coverage of the ​insurance policy​.
Originally, individual companies that faced a common ​peril​ formed a group and created a self-help
fund out of which to pay compensation should any member incur loss (in other words, a ​mutual
insurance​ arrangement). The modern system relies on dedicated carriers, usually for-profit, to offer
protection against specified perils in ​consideration​ of a ​premium​.
Liability insurance is designed to offer specific protection against third-party insurance claims, i.e.,
payment is not typically made to the insured, but rather to someone suffering loss who is not a party
to the insurance contract. In general, damage caused intentionally as well as contractual liability are
not covered under liability insurance policies. When a claim is made,​[1]​ the insurance carrier has the
duty (and right) to defend the insured.
The legal costs of a defence normally do not affect policy limits unless the policy expressly states
otherwise; this default rule is useful because defence costs tend to soar when cases go to trial. In
many cases, the defense portion of the policy is actually more valuable than the insurance, as in
complicated cases, the cost of defending the case might be more than the amount being claimed,
especially in so-called "nuisance" cases where the insured must be defended even though no liability
is ever brought to trial.

Health insurance​ is an ​insurance​ that covers the whole or a part of the risk of a person incurring
medical expenses​, spreading the risk over numerous persons. By estimating the overall risk of
health risk​ and ​health system​ expenses over the risk pool, an insurer can develop a routine finance
structure, such as a monthly premium or ​payroll tax​, to provide the money to pay for the health care
benefits specified in the insurance agreement.​[1]​ The benefit is administered by a central
organization such as a government agency, private business, or ​not-for-profit​ entity.
According to the ​Health Insurance Association of America​, health insurance is defined as "coverage
that provides for the payments of benefits as a result of sickness or injury. It includes insurance for
losses from accident, medical expense, disability, or accidental death and dismemberment" (p.
225).​[2]

American Life Insurance Co

Pragati Insurance Co Ltd

Bangladesh Co-operatives Ins. Ltd.

Golden Life Insurance Co Ltd

This company splits its services into two parts, macro insurance and micro
insurance. Based on the needs of its customers, it selects the right scheme. This
approach has given them great many opportunities to grow with full support of
public.

Headquartered in Dhaka, Golden Life Insurance Co Ltd has branches all over the
country and the officers of the company work directly with public to educate them
about their insurance needs. This direct approach is the primary reason for Golden
Life Insurance Co Ltd growing to the top position in Bangladesh.

Bangladesh Co-operatives Ins. Ltd.