BIA- Insurance Policy in Business

and its Claim Procedure

A Report On Insurance Policies in Business

Bangladesh insurance academy and its perception

regarding different types of policy
Group Information
Group no:12
Section: C
Name Id
MD. A. K. M. MAHMUDUL HASAN 20-036
MD. SHEIKH RASHEL 27-045
MD. MUSLIMUR RAHMAN 27-060
ATIQUAL ISLAM 27-209
INSAN KAMAL SAFAT 27-189
 MD. A. K. M. MAHMUDUL HASAN
ID NO: 27-036

BIA- Bangladesh Insurance Academy

 Bangladesh Insurance Association (BIA) protects and promotes the critical role of insurance
industry and enhances the members’ interest for the development of the organization.

Functions of BIA:

 To provide facilities to enable persons engaged in insurance to

acquire higher skill; and
 To contribute to the determination of premium and the assessment of
risk;
 To circulate the information among the members
 To eradicate the fraud and injustice from the insurance sector
 MD. A. K. M. MAHMUDUL HASAN
ID NO: 27-036

Present position of insurance industry in Bangladesh

Ranking by Ranking
Name of General Insurer
Gross Premium by Gross Name of Life Insurer
Premium
1st Green Delta Insurance Compa
ny Limited Fareast Islami Life Insurance Company
1st
Limited
2nd Reliance Insurance Limited
2nd Delta Life Insurance Company Limited
3rd Pioneer Insurance Company L
imited 3rd National Life Insurance Co. Ltd
4th Pragati Insurance Limited
 Atiqul Islam
27-209

Life insurance policy in Bangladesh

 provides financial security and protection .

 offer a variety of life insurance policies to meet the different needs of
policyholders.
 Insurance Development and Regulatory Authority (IDRA) regulates the
life insurance industry in Bangladesh.
 involve a contract between an insurance company and an individual or
organization, with the company agreeing to pay a death benefit to the
beneficiary upon the insured person's death.
 include term life insurance, whole life insurance, endowment plans, and
group life insurance.
 offer services such as policy servicing, claims settlement, and customer
support.
 Dependents are mainly benefitted
 Atiqul Islam
27-209
Key features

 provide protection and risk coverage to beneficiaries in the event of the insured
person's death.
 beneficiaries may receive a lump sum pay out or recurring payments, ensuring
financial security for the family.
 Pay out can be used to cover various expenses, including burial fees, unpaid
debts, and everyday living expenses.
 offer savings and investment options.
 opportunity to accumulate funds over time through their life insurance plans.
 These savings and investment features provide individuals with a way to grow
their wealth and achieve financial goals.
 serves as both a protective measure and an investment tool for policyholders.
 Atiqul Islam
27-209
Best life insurers in Bangladesh 2023
 MD. Muslimur Rahman
ID NO: 27-060

Best General Insurers in Bangladesh in 2023

 MD. Muslimur Rahman
ID NO: 27-060

Types of Non-life insurance

Fire
Insurance
Marine insurance
Motor Insurance
Travel Insurance
Engineering Insurance
 MD. Muslimur Rahman
ID NO: 27-060

Significance of Non-Life Insurance policy in Bangladesh.

 Financial Protection.
 Risk Mitigation.
 Peace of Mind.
 Compliance with Legal Requirements.
 Wide Range of Coverage:
 Professional Claims Handling
 Assistance Services
 MD. Muslimur Rahman
ID NO: 27-060

Barriers of Non-Life Insurance policy in Bangladesh

Premium Costs
Deductibles and Exclusions
Claim Settlement Process
Policy Limitations
Fraudulent Activities
Complex Policy Terms
Limited Coverage for Specific Risks
 Insan Kamal Safat
Number of Policy in Life Insurance Business
27-189
Year Inforce New policy Policy Lapse Surrender Policy Revived
2009 10103402 3427207 2304166 29887 448705
2010 12507506 3474558 2037123 34490 1301678
(23.79) (1.38) (-11.59) (15.40) (190.10
2011 13017821 2725563 2289282 42042 533759
(4.08) (-21.56) (12.38) (21.90) (-58.99)
2012 12817250 1680072 1840894 57810 653733
(-1.54) (-38.36) (-19.59) (37.51) (22.48)
2013 12604611 1476254 1536494 72402 528431
(-1.66) (-12.13) (-16.54) (25.24) (-19.17)
2014 12388698 1614185 1401015 75886 436728
(-1.71) (9.34) (-8.82) (4.81) (-17.35)
2015 11522209 1739215 1685894 92839 314308
(-6.99) (7.75) (20.33) (22.34) (-28.03)
2016 10506051 1932501 1408222 82509 446298
(-8.82) (11.11) (-16.47) (-11.13) (41.99)
2017 10951920 1839126 1005497 157390 380330
(4.24) (-4.83) (-28.60) (90.75) (-14.78)
 Insan Kamal Safat
27-189

Investment
 Insan Kamal Safat
27-189

Branches of life insurance in Bangladesh.

 Highly growing business.

 6551 branches operated by 32 life insurance company
throughout the country.
 Huge opportunity to business expansion.
Thank You