Welcome to The

Presentation
Topic of the presentation is

"Past, Present and Future of Marine

Insurance Business in Bangladesh"
Introduction
 Marine insurer promises to the insured to pay for the
marine losses due to marine perils

 Marine insurance cover not all the perils on the sea but of
the sea.

 Some marine perils are:

1. Fire
2. Man-of-war
3. Enemies
4. Pirates, rover, thieves
5. Jettison
Objectives
 To acquire more knowledge on marine insurance business in
Bangladesh

 To know proper and right information about past, present and

future of marine insurance

 To find out the problems regarding marine insurance in

Bangladesh

 To know about marine insurance policies

History
 During 1947-1971, there was 49 companies transacting both life
insurance and general insurance

 The government of Bangladesh nationalized the insurance industry

along with the banks in 1972 by Presidential order no. 95

General insurance business became the sole responsibility of the

Sadharan Bima Corporation on 1973

 Bangladesh general insurance company limited (BGIC) is the first

general insurance company in Bangladesh in private sector which has
started business on 29th July, 1985 with an authorized capital of Tk. 100
million
Present
 In total, 45 general insurance companies provide marine insurance
 In Bangladesh, marine insurance comprises of cargo insurance and
hull insurance.

 There are 3 types of cargo clauses.

 Some hull insurance clauses are: “All risk policy”, “Inland or port risk
clauses”, “Institute time clauses”.
Future
 Marine insurance business will become popular in Bangladesh as the
export and import through vessel is increasing day by day.

 The climate of Bangladesh has changed rapidly and sudden stormy

can happen which may occur huge damage. That will increase the
willing of owners for marine insurance.
Types of marine insurance
policy
1. Time policy: More used for hull insurance than for cargo
insurance

2. Voyage policy: To cover a particular voyage from one port to

another and from one place to another

3. Mixed policy: Combination of both time policy and voyage policy

Best insurance company in
Bangladesh for marine insurance
1. Green Delta Insurance Co.Ltd.
2. Express Insurance Ltd.
3. Pragati Insurance Ltd.
4. Pioneer Insurance Company Ltd.
5. Sonar Bangla Insurance Ltd.
Findings
 Awareness of people about marine insurance

 Marine insurance policies and clauses

 Premium rate

 scope of marine insurance

Recommandation
 Appropriate Premium

 Easy procedure

 Quick claim settlement

Conclusion
Marine insurance is a scope to reduce losses and becomes more
popular in Bangladesh day by day. Now people are more aware of
marine insurance and it will increase highly near future.