Assignment

On
Insurance Industry
Prepared by
Name ID
Tazwar Islam Chowdhury 2022446
Taieeb Khan 2021559
Touhidul Islam 2022035
Sarwar Hossain 2020904
Nasiba Nafis 1830513
Sadia Islam Oishi 2021366

Course Title : Banking and Finance

Section : 1
Course ID : FIN401
Date of submission : 13-08-2022
Submitted to : Ms. Zaima Ahmed
Lecturer A (Senior Lecturer)
Independent University, Bangladesh
Table of Contents

Introduction......................................................................................................................................3

Background of the assigned industry and their contribution in the economy.................................3

International Insurance Companies.................................................................................................4

Comparative analysis of Bangladeshi financial institutions............................................................9

a) Choose three top institutions....................................................................................................9

b) Do ratio analysis on those and explain the ratios and how they are performing.....................9

c) Explain using charts and figures to support (Ratio Analysis for 5 years of top......................9

Compare Bangladesh financial system and the counterpart assigned country’s financial
institutions......................................................................................................................................13

The potential and challenges of this industry with relevant examples..........................................16

Conclusion.....................................................................................................................................16

References......................................................................................................................................16

2|Page
Introduction

In this report we have tried to give a overall idea about the insurance industry. Firstly, a
background of the insurance industry has been given. Accompanying it is a description of how
insurance companies contribute in the economy. In this point the contribution of insurance
industry in US economy has been described as US had the biggest impact from the insurance
industry in their economy. In the next point, some ratios of top Bangladeshi insurance companies
have been shown to explain how the companies are performing. After that a comparison between
the two countries (Bangladesh and US) have been shown. Finally, the last part illustrates the
potential challenges and opportunities for a new company to enter the industry.

Background of the assigned industry and their contribution in the economy

Background of Insurance Industry:

Insurance companies are financial intermediaries that provide insurance services like financial
protection from any hazards likely to occur in the future. They take on risks in return of the
payment of premiums that is how they make income. Insurance companies provide us with
services that safeguard us for any property or damage of a car or accident. The basic function of
insurance companies is to bring in a lot of people who pay to cover their risks and this fund is
further used for investment in the market.

Pandemic Learnings:

During the pandemic various industries faced circumstances while some industries found new
ways of growth. The pandemic gave business and communities to rethink and be more
innovative on how they can operate in new ways. In pandemic business had to come up with new
ideas to upgrade their business and to provide services to customers. In Bangladesh people has
become more cautious to financial protection as pandemic has brought greater focus to health.

3|Page
Scenario in Bangladesh:

Although in Bangladesh the life insurance penetration stands at only 0.5% which is quite behind
the average 3.3% in emerging markets. Most of the people here are living uninsured. People need
to be encouraged and aware of the importance of insurance and why it is essential. There should
be steps takes to helps people access the financial protection they need. One of the most
beneficial parts of Bangladesh is the maximum number of working age which leads to
tremendous economic growth. These people should be led towards financial protection, as they
take their lives to various directions. At a young age insurance is lesser than those of matured age
which makes it easier to buy.

Customer Oriented Goal:

Companies that provide with financial protection need to rethink and focus on how to make
young people aware of how they can take insurance for financial planning. Insurers need to be
more customers orientated so that they can cope up with their changing needs. If the insurance
companies can keep up the quality and mainly focus on the customers, then they can achieve
opportunities and can turn it into a challenge in this economy and soon one day this will be the
normal. During the pandemic business has been quite tough. The sooner ideas can be turn into
actions better for business to stay relevant in the market.

Insurance Outcome:

The idea of financial protection is quite clear to the people of Bangladesh however the
investment options and a possibility of creating wealth are vague to them. We can see a car being
insured is common; but a house being insured can be rarely seen. Understanding the proper way
how insurance works can be beneficial to the family members. A payment will be done regularly
in an account. The payment is done in order to financially secure the beneficiaries in case of any
death. This smaller payment can turn into a bigger payout through long term insurance once it is
taken out in the future.

International Insurance Companies

International insurance companies provide various services that is not available in Bangladesh.
They are a lot more advanced in this sector. International companies have over 100 million of
4|Page
customers base worldwide. To look over the customer services they have thousands of people
working around the globe. International company provides with global coverage addition to that
if people want extra protection, it is possible with the existing medical plan.

For example, Cigna global Plans offers quality services to people with budget. In lots of
countries, it is hard to find quality local insurer and even if there is, it is too expensive.
Sometimes it can be a struggle due to language or culture barriers with local insurers. Cigna
provides customers with what they need precisely. It gives the luxury to the people however they
want to plan it.

“WorldTrip” which is another example of a medical insurance company provides services to

travelers and students in case they face any unexpected accidents. There are a lot of insurance
companies nowadays who has online service, but “WorldTrip” was one of the first to start. They
offer plans that customers can purchase via internet making it easy for people living any part of
the world. Now people can buy fire claims and medical insurance and get their document or
change anything that is required or check policy from anywhere anytime.

International insurance companies will provide insurance to students studying abroad, people
travelling for any business trips or vacation moreover to also extreme sports adventures that can
be risky. They will give customers an extra layer of coverage especially when they are travelling
out of their home country. They provide various plans that offer added benefits to customers
which will satisfy their requirements.

Insurance industry can have a huge impact in the economy. Insurance company can bring in huge
changes in different macroeconomic factors. If we look at how insurance companies have
brought impact in any economy, we will see that US companies has had the biggest impact in
their economy. One reason is that the people of US are interested into doing insurance of almost
everything they use like their house, cars etc. Thus, automatically the market is huge for
insurance in US. Another and rather obvious reasons is that US is a huge economy with a huge
population. The number of companies are also many which makes it obvious that the impact will
be much greater compared to other countries. The numbers and information given below justifies
the fact.

5|Page
In US the insurance industry is of $1.4 trillion. Among this huge amount 53% (715.9 billion in
2021) people have done property insurance and 47% (635.8 billion in 2021) have done life
insurance. US insurance industry has created employment for 2.8million people. These numbers
show how big the industry is and gives us an idea of how big of an impact it can have on the
economy. (Insurance Information Institute, 2022)

Insurance Contribution in The Economy:

All the countries are trying to achieve sustainable economic growth. Due to that, the financial
system plays a vital role. The way the banking industry creates an impact, according to the
United Nations, in 1964, the conference on trade and development portrayed the impact of the
insurance industry in the economy. (Focarelli, 2017) According to 2015 findings, the amount
spent on insurance is 6.23% of the world's GDP. (Sigma Swiss-Re, 2016) Mostly, developed
economies do it on 8.2% to 10.9% and the developing economy on 2.3-4.1%. (Outreville, 2013)
It is also found that 87.86% of world insurance premiums are from the developed economy.
(UNCTAD , 2007)

Insurance industry plays a good role in the economy as a security. It is necessary for both
individuals & commercials. The service that the insurance industry provides is basically the
maintenance of the consumption of any asset even in case of damage or theft. This security
service provides an edge to its consumers, a peach in the mindset as well as removal of anxiety
in the thoughts of their assets. (Arrow, 1921)

Furthermore, the service enables business owners to take risks with credits which may not be
acceptable through conventional banks or financing companies because of their risk minimizing
policy in lending loans. In terms of business expansion to a new place or culture, the insurance
industry stimulates the risk of such expansion that leads to economic growth. (Balarezo, 2017)
Both for MNC’s & other organizations including financial institutions, the risk-taking move is
encouraged by the insurance company that helps both in the integration of two countries. (Sufian,
2016)

In the developed economy, government expenditures are also insured in case of floods or natural
disasters. (Billah, 2014)

6|Page
In the world insurance market, the United States has secured the market leading position with
27.3% whereas the UK, the inventor of modern insurance holds 7.10%. For India, it holds 1.43%
and in China, 5.59%. The percentage in developing countries is comparatively lower because of
the difference in economic conditions. (Ward, 2000) Most of the research that talks about
insurance focuses on Developed economies.

Now, when in the developed economies, the government promotes entrepreneurship, Insurance
plays a great role in reducing the number of assets required for uncertainty. (Carson, 2014) As
per the economic theory, individuals are not risk-takers. So, if there was no such insurance
industry, the production of the country's economy would be in underproduction. (Tong, 2008)
Risk sharing with the help of insurance boosts the confidence in investors' mindset. This way
most firms take riskier decisions which ultimately leads to securing economic growth.

Moreover, when businesses incur significant losses without insurance, it may need to cover it
from the capital or liquidating assets which is not a good sign for the business growth. Further,
the insurance is simply a savings for the unexpected losses. Now, when this saving is utilized by
the insurance industry in the financial system, it creates more value of the savings. This way,
both the risky industry & insurance industry creates more flow of funds within the economy.
(Olayungbo, 2016)

According to statistical analysis, the United States market for life insurance is quite saturated,
that talks about any increase of incremental premium will decline rather than contribute to the
economy. Whereas non-life insurance sectors possess a positive correlation in both developed
and developing economies. (Ul Din, 2017)

In order to make this industry contribute further to the economy, the need to change people’s
perception is necessary. We have talked about how the insurance industry is encouraging risk
taking actions still people do not go for such risk because of their trust in the service. Even as per
the marketing strategy, the insurance is kind of a push-sales strategy that means it needs to be
sold by pushing & persuading the consumers whereas they don’t come to purchase it on their
own. So, what is lacking is happening here! To find out, we have received some evidence where
insurance companies could not provide what it is obliged for.

7|Page
The backbone of such perception is the financial crisis of 2008 in the United States. Though, the
incident took place for the banking sector. But the loan has been used for mortgage-backed
securities. When the bad debt crisis came into effect, the top insurance company collapsed. (CBS
News, 2008) It overall shows that the financial institution is not the ultimate winner, the policy
makers are.

In addition to such economic conditions in the recent pandemic, the perception got intensified
when the financially struggling businesspeople could not find support for billing & transactions.
According to the PWC survey outcome, nowadays the insurance industry is focused on
maximizing profit like other financial institutions whereas their lack of fulfilling consumer needs
is not progressing at all. (PWC, 2022)

In order to establish good perception, the need to change is a must. Adopting digital technology
with identification of customer needs & making the following process focusing their easiness
will result in more uses of this industry. Most importantly, the service quality gap must be
reduced along with the expectation gap between three parties, Consumers: Employees &
Management.

With the people's trust & confidence, the risk encouragement can make the economy gain a lot.

Insurance companies in US does insurance of physical assets and inventory of a company. It is

very common in almost all companies. In the US it secures the company’s operations and makes
the investment safe. Thus, this option of insurance of securing the physical asset and inventory is
helping to secure and promote business.

Insurance industries help business in many ways. They help business to be on the safe side by
doing insurance of the physical assets and inventory. As the companies are secured through the
insurance so they are ready to expand their operations and are willing to take some bold moves.
As a result, business increases. Also, there are new business that come in as they see business as
quite a safe option to earn livelihood. And now the effect on economy is that as the number of
businesses increases the GDP of the economy.

8|Page
Now in another perspective the insurance itself is a company and it needs a lot of people to run
the vast operations. Thus through a insurance company, a good number of employment option is
created and thus it helps in decreasing the unemployment rate of the economy.

Lastly another huge impact is from the tax the insurance company pays to the government. As
mentioned in the previous point insurance companies are themselves a separate business.
Therefore, they must pay tax to the government. If we accumulate the total tax by all the
insurance company in the economy, the amount will be quite big which will have impact in the
economy as well.

Comparative analysis of Bangladeshi financial institutions

a) Choose three top institutions
b) Do ratio analysis on those and explain the ratios and how they are performing
c) Explain using charts and figures to support (Ratio Analysis for 5 years of top

a) Choose three top institutions

Answer:
1. People's Insurance Company Limited
2. Green Delta Insurance Company Limited
3. Asia Insurance Company Ltd.

b) Do ratio analysis on those and explain the ratios and how they are
performing

Answer:
Ratios we will use:
 Current Ratio %
 Debt Equity Ratio %
 Return on Equity %
 Return on Assets %

People's Insurance Company Limited

9|Page
People's Insurance Company is an insurance company that operates all over the country.
Established on March 31, 1985. The company is listed on the Dhaka Stock Exchange and also in
the Chittagong Stock Exchange.

Ratio 2021 2020 201 2018 2017

9

Current Ratio % 1.96 2.01 2.14 2.19 2.42

Debt Equity Ratio 0 0 0 0 0

(Times)

Return on Equity % 8.78 7.90 6.89 6.03 8.69

Return on Assets % 4.62 4.26 3.77 3.38 5.16

(People's Insurance Company Ltd., 2022)

Green Delta Insurance Company Limited

Green Delta Insurance Company Limited (GDIC) is one of the leading non-life insurance
companies in Bangladesh. GDIC was incorporated on December 14, 1985 as a public limited
company

Ratio 2021 2020 201 2018 2017

9

Current Ratio % 1.61 1.68 1.59 1.67 2.03

Debt Equity Ratio 88 81 89 77 54

(Times)

Return on Equity % 12 11 5 4 4

Return on Assets % 6 6 3 2 2

10 | P a g e
(Green Delta Insurance Ltd., 2022)

Asia Insurance Company Ltd.

Asia Insurance Company Limited (AiL) is one of the leading non-life insurance companies in
Bangladesh., 2000. May 30, 2000. Insurance Asia was granted a license renewal from the
Insurance Development and Regulatory Authority (IDRA) in 2011. Asia Insurance was listed on
the Dhaka Stock Exchange and Chittagong Securities on June 25, 2009. Insurance business is
carried out through the head office and 22 (twenty-two) branches across the country with online
assistance.

Ratio 2021 2020 2019 2018 2017

Current Ratio % 1.46 1.84 2.04 1.65 1.63

Debt Equity Ratio 1.19 0.90 0.75 0.81 0.77

(Times)

Return on Equity % 14.52 11.32 8.23 7.44 9.55

Return on Assets % 6.81 5.81 4.46 4.20 5.48

(Asian Insurance BD Ltd., 2022)

c) Explain using charts and figures to support (Ratio Analysis for 5 years of
top 3)

Current Ratio %
A current ratio is a ratio that measures a company's ability to service its debt in the short term or
less than a year. A current ratio of 1.5 to 3 is generally considered good.

11 | P a g e
Debt Equity Ratio %
The debt ratio is a measure of the relative contributions of creditors and shareholders or owners
to the capital employed by a business. A debt ratio of around 2 or 2.5 is generally considered
good.

12 | P a g e
Return on Equity %
Return on capital refers to a company's ability to earn a return on investment from shareholders.

Return on Assets %

13 | P a g e
Return on Assets (ROA) refers to a financial ratio that indicates a company's profitability as a
ratio of its total assets.

Compare Bangladesh financial system and the counterpart assigned country’s

financial institutions.

Bangladesh Insurance Industry:

After the banking sector, the insurance sector has become the second most important providers
of financial services in Bangladesh and Apart from providing insurance services, Insurance
industries are also contributing to the growth of the economy by engaging in investment into
other industries and the financial market. Bangladesh economy is growing steadily, and it holds
huge risk in every sector due to the country’s natural disasters like flood, cyclone, draught, and
riverbank erosion and there are also other factors like political disturbances, inflation, interest
rate, tax policy, deregulation, etc., that increases the risks for the economy. However, the overall
size and growth in the general insurance sector is handling the risks of the companies. There are
over 62 insurance companies operating in Bangladesh and the Insurance industry employs 23616
employees. The Bangladesh insurance industry contributes only 0.4% to the country’s growing
gross domestic product (GDP).

14 | P a g e
USA Insurance Industry:

Insurance industry in the USA is one of the major driving factors behind the growth of its overall
economy and the U.S. Insurance industry has experienced healthy growth within the past few
years due to economic growth, improved interest rates, and greater investment income. In the
year 2021, the U.S. Insurance industry’s net premium was $1.4 trillion. There
are 5,929 insurance companies across the United States and the U.S. Insurance industry
employs 2.86 million employees. The U.S. Insurance industry contributes 3.1% of the country’s
total GDP.

Bangladesh:

The saving nature of the people of Bangladesh are shown in the chart which represents the
consciousness and significance level of buying coverages among the people of the concerned
zones from the income they make. In the chart, we can see that, the average savings of the people
in Bangladesh for different types of insurance is about 19%.

15 | P a g e
USA

Here, we can see that, the people of US keep very small amount of saving for their liquid hand
cash. On the other hand, they are paying a very handsome amount of their income for the
premiums of the coverage which is about 33%.

US people are more trending in buying more coverage near to double to Bangladesh’s people.

Total Premium:

Bangladesh:

In Bangladesh insurance industries, the premium or loading charge has been increased gradually
with no negative sloping trend. In the year 2021, the total premium was Tk 14, 392 crore which
was larger amount than the previous year. The insurance industry of Bangladesh has developed
from the very inception of its journey till now at a very good extent.

USA

In US, insurance industries are developing, and number of policyholders are increasing which is
similar to Bangladesh. In the year 2021, the U.S. Insurance industry’s net premium was $1.4
trillion. In terms of premium loading factors, the numerical values are more than ten times larger

16 | P a g e
in US region’s insurance industries which indicates that US insurance industries are much more
in a grown stage than that of Bangladesh.

Financial Performance:

BD

The insurance industries of Bangladesh are making gradual and positive efforts and it is
increasing gradually but the growth rate of return to the economy of Bangladesh is decreasing.
The Bangladesh insurance industry contributes only 0.4% to the country’s total GDP. The
growth rate of contribution is reducing because of many reasons such as political turmoil,
negative impact of climate change, other trends of business and economic cycles.

USA

The insurance industries of USA have a fluctuating trend of contribution in the US economy on
the basis of the country’s own business cycle, trade cycle, monetary policies, and other fiscal
policies. The U.S. Insurance industry contributes 3.1% of the country’s total GDP.

The potential and challenges of this industry

Insurance is one of the most important elements of financial sector that can significantly
contribute for economic growth and managing risk of a country. The concept of insurance arises
as humans are susceptible to various types of risk ranging financial to non-financial arenas. Lee
stated that insurance drives the pooling of resources at a common place to compensate the
insured known as policy holder on the occurrence of specified event in exchange of a periodic
payment known as premium.

We know that Bangladesh’s economy holds a huge risk in every sector as the country often faces
natural disasters like flood, cyclone, draught, and hurricane. There are further factors as well,
such as political unrest and economic problems including high inflation, high interest rates,
taxation, and deregulation. An important instrument for reducing risks is insurance.

Insurance Industry Scenario of Bangladesh:

17 | P a g e
Only the government owned JBC and SBC offered life and general insurance protection for
residential and commercial buildings in the 1970s. During that time, insurance products were
very few and the industry did not take innovative efforts. In 1985, the first private insurance firm
was established. The insurance industry in Bangladesh is very small compared to its economy
and the number of insurance policyholders is still not increasing in a good way. At present, there
are 43 general (non-life) insurance, and 17 life insurance companies are operating in Bangladesh
which are not enough to provide insurance services to about 150 million people (BIA, 2000).

Challenges of Insurance Industry in Bangladesh:

Lack of Public Faith: Insurance agents are liable for creating negative image of insurance to the
public. Poor public image is especially responsible for not expanding the sector.

Lack of Public Awareness: Mass illiteracy is hampering the expansion of the insurance sector.
Majority of individuals especially in rural areas are left outside the insurance coverage. People
aren't aware of the benefits from the insurance policy and a good number of people believe that
insurance business is nothing but a scam.

Centralization Policy: Most of the insurance companies in our country are in urban areas. They
think that they could have better opportunities for their business in cities because the economic
condition of the urban areas is better than in the rural areas.

Poor Economic Conditions: Bangladesh is one among the poorest countries in the world and
most of the people in this country live under extreme poverty. it's very difficult for them to save
some money for future need.

Excessive Management Expense: Most of the second and third generation insurance companies
face the problem of excessive management expense which is much higher than the prescribed
limit.

Political Instability: Political instability may be a serious problem for the insurance business in
Bangladesh. Bangladesh government formulates national policy, rules, and regulations on
political consideration to limit the normal growth of insurance in the country.

18 | P a g e
Lack of Supervision from the Government: Lack of surveillance from controlling agency of state
encourages many insurance companies to follow some unethical practices like delay in claim
settlement, showing fake budget etc. this is often destroying the reputation of the insurance
companies and creates negative impact in the mind of the people.

Legal Complexity: the present Insurance Act is lacking in several aspects of resolving margins of
solvency, investment of funds, accounting principle, morality table and protection of the interest
of the insured.

Lack of Qualified Officials Insurance companies hire marketing agents to carry out their
operations. Most of the agents aren't properly trained and they do not know the right process to
catch potential policy holders.

Lack of coaching for the Employees: There are no enough training centres to provide proper
training regarding insurance activities for the officials of an insurance company.

Lack of Exposure: Another main problem within the country is that the media is unconcerned to
send the right message about insurance to the people. an outsized segment of the population is
completely unaware about those insurance policy.

Absence of Business Ethics: during a competitive market like Bangladesh, some insurance
companies want to follow some business tactics that violate the business standard and the
provision of insurance acts. Some insurance companies create harassment to the policy holders
once they wanted their money back after death or maturity. The insurance firms provide several
explanations for the delay in timely claim settlement. These sorts of illegal acts create bad
reputation to the insurance companies and hinder the development of the overall insurance
business in the country.

Lack of data Technology: The clients of insurance sector are disadvantaged of the convenient use
of e-insurance, online business, internet, Web, and computerized system.

Insufficient Service: Insurance people did not provide better services to the mass people of the
country. That’s why the people that want to take the insurance, they lose their interest from
insurance.

19 | P a g e
Lack of selling Policy: One of the major problems in an insurance company of this country is the
lack of proper marketing policy. Management isn't taking good initiatives to increase their
marketing expansion.

Lack of Information: Lack of data about the insurance policies to the potential is a problem for
making decision to buy insurance policies. they're not aware of the benefits of insurance policies.
The insurance companies don't have sufficient arrangement to make the people understand about
different policies, opportunities, and benefits.

Potentials of Insurance Industry in Bangladesh:

There are numerous encouraging signals for Bangladesh’s insurance industry. The factors are
discussed below.

Large Population: There is a big opportunity for the insurance companies as the population of
our country is comparatively large. The growth of population opens greater scope for every kind
of insurance business here.

Higher GDP: The GDP of our country is increasing in a good way which results in the increase
of per capita income. With the growth in the income more people are now willing to take an
insurance policy for themselves against any kind danger.

Micro Insurance for Poor and Rural People: Insurance services need to be redesigned to meet the
needs of different classes of people. Micro insurance can be a good prospective area for the
insurance business in Bangladesh. Most of the people of the country are unable to have long-
term insurance policies. Individuals and small business owners can receive micro insurance for
affordable insurance premiums and with simple terms and conditions.

Investment Scope: Bangladesh has large scope of investment in trade, commerce, and industry.
The insurance fund is now invested in government bonds, ICB projects, marketable securities,
and FDR which are not much profitable. There are opportunities to enhance profit through
effective and efficient money management by experienced personnel.

20 | P a g e
New Business’s Individual Insurance: Every business is insured under an insurance company to
protect itself from any kind of accident. The growth of industry, mills, and factories is creating
better scope for the insurance companies to brandish their business.

Government Aid: To boost the growth of the insurance sector, the government should frame a
liberal tax policy, reform the legal structure, and set up a strong regulatory body. As the
government is liable to ensure the safety and security of people.

Developing Mass Awareness: People are now much more conscious about their safety and
security. Government and the industry can easily draw their attention about the significance of
insurance in their life.

Strict Application of Rules and Regulations: Due to strict application of rules and regulations,
revolution is prevailing in this sector. The functions of the insurance business should be closely
monitored by the Controller of Insurance, who should also require them to adhere to the 2010
Insurance Act. By enforcing law, this sector can come back in a systematic way.

Developing New Insurance Products: There is a great change in climate and atmosphere over the
world that adds new pattern of risk in trade and commerce sector New products should be added
to the insurance to cover the increased risk. There is considerable scope of developing new
product and service in insurance sector to cover all sectors of our economy.

Agriculture Sector: The economy of Bangladesh is mainly agrarian. The uncertainty of

agriculture due to crop failure is caused by climate variation, drought, cyclone, and flood which
affect farmers income as well as government revenue. Some areas of the agriculture industry
have undergone commercialized in recent years. We can sense that increasing investment in the
agricultural sector is creating a new opportunity for the insurance industry. Various agricultural
insurance services are becoming common these days. The demand for insurance coverage
against loans for equipment, animals, fisheries, and crops is also rising daily.

Business Sector: Nowadays in Bangladesh the SME plays an important role in the economic
development of the country. But they are deprived from taking loans from bank for a large
amount. If insurance business focuses this service in Bangladesh, they will be able to contribute
more to the economy..

21 | P a g e
Conclusion

In this report we have tried to represent an overall image of insurance industry in Bangladesh and
US. With the help of research and our understanding we have tried to portrait different sides of
insurance industry and give an overall idea to the reader. We hope that this report will
understand the reader in gaining idea and knowledge about the industry.

References
Arrow, K. (1921). Insurance, risk and resource allocation”, Foundations of Insurance Economics:
Readings in Economics and Finance. Springer Science & Business Media, 220-229.

Asian Insurance BD Ltd. (2022). Retrieved from

https://asiainsurancebd.com/wp-content/uploads/2022/07/AIL-AR_2021_Final.pdf?
fbclid=IwAR37sWtmHzqpHKfia2TUKeuiEYiJGwYkXlA1zuZ8oulBSAA6ZCft-
wWRz5U

Balarezo, J. a. (2017). Scenario planning as organizational intervention: an integrative

framework and future research directions. Review of International Business and Strategy,
27, 1-69.

Billah, M. (2014). Effects of Insurance on Maritime Liability Law. Springer.

Carson, J. C. (2014). Does foreign direct investment affect the supply of life insurance in
developing countries? Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?

CBS News. (2008). Insurance Industry Floundered In 2008 . Retrieved from

https://www.cbsnews.com/news/insurance-industry-floundered-in-2008/

Focarelli, D. (2017). Why Insurance Regulation is Crucial for Long-term Investment and
Economic Growth. LUISS School of European Political Economy, 1.

Green Delta Insurance Ltd. (2022). Retrieved from

https://green-delta.com/wp-content/uploads/2022/04/Annual-Report-2021-Fianl.pdf?
fbclid=IwAR1kfTl-xeNTN0ZfoMDz4IyHftFksew_xhPJTVLP6yPlW8zaN6mtSfn_IDE

Insurance Information Institute. (2022). A Firm Foundation: How Insurance Supports the
Economy. Retrieved from https://www.iii.org/publications/a-firm-foundation-how-
insurance-supports-the-economy/introduction/insurance-industry-at-a-glance?
fbclid=IwAR3PRnDE0SQyxlqQwPoPBetaGBkxJ9RqjF5v8nBi68xzNK5U-
KZuY_iEqJ4#:~:text=U.S.%20insurance%20industry%20net%20premiums,to%
22 | P a g e
Olayungbo, D. a. (2016). Insurance penetration and economic growth in Africa Dynamic effects
analysis using Bayesian TVP VAR approach. Cogent Economics & Finance, 5(1), 1-19.

Outreville, J. (2013). The relationship between insurance and economic development: 85

empirical papers for a review of the literature”. Risk Management and Insurance Review,
16, 71-122.

People's Insurance Company Ltd. (2022). Retrieved from

https://drive.google.com/file/d/1rBbPwFaJ2Xr9ZTSTB2sCbOlYX3L68J7M/view?
fbclid=IwAR3phk-V4WW98k0Fsai-638QZ6jahniBnbDdKo2qAHEcBDwhU-
WTSzDRv5E

PWC. (2022). COVID-19, consumers and coverage: Survey shows what insurance buyers want
now. Retrieved from
https://www.pwc.com/us/en/industries/financial-services/library/insurance-consumer-
survey.html

Sigma Swiss-Re. (2016). World insurance in 2015: steady growth amid regional disparities”,
Switzerland. Retrieved from www.tsb.org.tr/images/Documents/sigma_3_2016_en.pdf

Sufian, F. a. (2016). The impact of globalization on the performance of Banks in South Africa.
Review of International Business and Strategy, 26(4), 517-542.

Tong, H. (2008). An Investigation of the Insurance Sector’s Contribution to Economic Growth:

Proquest LLC, University of Nebraska, Nebraska.

Ul Din, S. M. (2017). Insurance effect on economic growth– among economies in various phases
of development. Review of International Business and Strategy, 27.

UNCTAD . (2007). United Nations Conference on Trade and Development Trade and
Development Aspects of Insurance, UNCTAD, New York, NY, Geneva. Retrieved from
https://unctad.org/system/files/official-document/ditctncd20074_en.pdf

Ward, D. a. (2000). Does insurance promote economic growth? Evidence from OECD countries.
Journal of Risk and Insurance.

23 | P a g e