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BANGLADESH GENERAL INSURANCE COMPANY LTD. (BGIC)
Mr. M. Shahansha MollaAssistant ProfessorDepartment of Business Administration
Leading University, Sylhet.
BANGLADESH GENERAL INSURANCE COMPANY LTD. (BGIC)
Today we discus about the....
BGIC's History
BGIC Ltd." is the first general insurance company in Bangladesh.
BGIC was established in 1984 as private limited company.
It is founded by Late Mr. M. A. Samad.
It exposed as public limited company in July 29, 1985.
Board of Directors
Founder:Late Mr. M. A. Samad
Chairman:Mr. Towhid Samad
Location
Head Office:
Bangladesh General Insurance Company
Ltd.
42, Dilkusha C/A Motijheel Dhaka.Contact: Phone:9555073-4, 9563056-8Fax: +88-02-9564212
E-mail: [email protected] address: www.bgicinsure.com
Sylhet Branch:
Bangladesh General Insurance Company
Ltd.
Modhuban Super Market (4th Floor),
Bandar Bazar, Sylhet.
BGIC is re-insured to Lloyd’s
international insurance ..company.
30% of collected premium is given
to Lloyd’s as ..premium.
Fire and Allied Insurance
It includes...
• Fire in Houses, Markets, Shops, Store,
Garments, factory etc.
•It covers the losses created by fire.
Marine CargoIt covers goods , if it lost /damaged during transit in ship through sea.
Marine Hull•It covers liability risk & damages of assets of ship.•It also covers damages of whole ship.
Motor Vehicle Insurance It covers damages / missing of motor vehicle
Liability Insurance•It covers any liability related to license & Administration.• Covers liability to injure 3rd party by vehicles.
•Premium should be paid early.•Premium is selected by considering asset value.
A simple premium chart is given below Policies Coverage Premium rate (Per
Thousand)
Total premium per
yearFire Insurance Tk.
10,00,000Tk. 23 Tk. 23,000
Motor Vehicle Ins. Tk. 15,00,000
Tk. 10 Tk. 15,000
Marine Insurance ( Hull)
Tk. 100,00,000
Tk. 13 Tk. 130,000
Burglary Insurance
Tk. 10,00,000
Tk. 10 Tk. 10,000
Health Insurance Tk. 100,000 Tk. 5 Tk. 500Labor Insurance(Daily earns TK. 400)
Tk. 100,000 Tk. 2.3 Tk. 230
To make insurance policy, BGIC
evaluates ...
• Types of property
• Value of property
• Possibility of damages
• Types of probable liabilities
• Area of insured assets
Loss compensation depends on survey report. For loss compensation...
• Company send a govt. surveyor to spot
• Loss is compensated at that amount, how much damages/lost according to survey report.
•Re-survey or join survey is applied if any party claims.
Name of the insured: Kaiser Ahmed Chowdhury
Age: 45 years old
Occupation: Business
Insured Property: Toyota X Corolla 1800 CC
Value of the Property: Tk. 3000000 lack (Thirty Lacks)
Amount of premium: Tk. 30,000 per year
Condition of the Property after risk: Totally Damaged
Place where risk occurred: Dhaka-Sylhet highway near Moulovibazar
Amount of coverage: Fully Covered
Lack of trained people: There are not enough trained people in the BGIC. This hampers regular works of BGIC.
Less attraction by Govt.: Govt. doesn’t pay enough attention in insurance sector. This is slowing down works of insurance.
Lack of awareness among people: People aren’t enough aware about insuring themselves. Most of people in Bangladesh have misconception about insurance company, that is why many people remains unaware about insurance.
This situation can be reduced by
assigning trained people in BGIC.
Govt. should increase paying attention
in insurance companies.
Govt. including Insurance companies
should increase awareness among
people about risk of uninsured life.
• The employees should have good at technical hand.
• The employees should have more motivational
ability and marketing skills.
• The govt. subsidiaries should be provided.
• The company should promote their company more
through mass media and advertising.
• The importance of insurance should be increased in
the route level.
