General Insurance Business in Bangladesh_-_SBC

7/27/2019 General Insurance Business in Bangladesh_-_SBC

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Date of Submission: 14th

June, 2011.



Submitted To:

Nafisa RounokLecturer

Department of Finance Jagannath University, Dhaka.

Submitted By:

Md. Mazharul Islam.

Group Representative of Finance Interface B.B.A, 3rd Batch (2 nd Year, 2 nd Semester) Session: 2008-2009 Department of Finance Jagannath University, Dhaka.

Date of Submission: 14th June, 2011.

An Assignment of Risk Management & Insurance

Course Code: FIN -2207



1

Group Members of Finance Interface

Sl. No. Name Roll No. Marks

01. Md. Mazharul Islam. (Group Representative) 091541

02. Khadizatuz Zohara. 091526

03. Md. Mukhlesur Rahman. 091587



General Insurance Business in Bangladesh - SBC

Jagannath University Department of Finance i | P a g e

Acknowledgement

First of all we would like to thank the almighty for giving us the strength and the

aptitude to complete this report within due time. We are deeply indebted to our

course teacher Nafisa Rounok for assigning us such an interesting topic named

“General Insurance Business in Bangladesh”. I also express the depth of my

appreciation to my honorable course teacher for his suggestions and guidelines,

which helped me in completing this report. We are also grateful to Mahmud Hossain,

DGM, (MD.S Secretariat, PRD, Estt. & Motor Pool Dept.); Mr. Sudhangshu Kumar

Ghosh, AGM, (Accounts & Investment); Md. Shahinuzzaman, Manager,

(Underwriting Department); Md. Amir Hossain Mia, Deputy Manager,

(Underwriting Department) of Sadharan Bima Corporation.




Jagannath University Department of Finance ii | P a g e

Executive Summary

Peoples life, livelihood and properties are always risky because any kind of uncertain

event can happen anytime which can cause unexpected losses. The process of

insurance has been evolved to safeguard the interest of people from uncertainty by

providing certainty payment at a given contingency. It provides indemnification

against losses arising from the happening of some uncertain events.

Insurance plays an important role in modern business and commerce. It stimulates

expansion of trade operation to a very great extent for some consideration named

premium and provides opportunity to businessmen to develop sense of independence

and security from anxiety.

The insurance market in Bangladesh now consists of two state owned corporations:

Sadharan Bima Corporation and Jibon Bima Corporation, Forty-three non-life private

insurance companies, sixteen private life insurance companies and one foreign life

insurance company; a total of 62 insurance companies.

Thus the insurance sector in Bangladesh has grown substantially and depended

remarkable with number of companies in both life and non-life segments with the

expansion of size of the insurance market, the value of assets of the industry has also

been increased substantially.

The general insurance includes property insurance, liability insurance and other

forms of insurance. Sadharan Bima Corporation stands as insurer of public sector

assets on its own behalf and also on behalf of private sector general insurance

companies and also playing a role of national reinsurance to the reinsurance industry.

It also contributes to the GDP of our country but it is still in a primary stage. Though

limited but contributes of insurance business in the economic development of the

country are very important. The premiums collected by SBC play a major role in

building up national capital. This sort of capital can increase overall production by

investing in different sectors. Compare to other countries in the subcontinent the

progress of general insurance business is very slow. Various problems, obstacles and

people’s lack of knowledge and concepts regarding insurance are making the

progress of this business slow. Though having many problems on behalf of general

insurance business in Bangladesh, Sadharan Bima Corporation has continued and

also is continuing its business with increasing growth rate which helps the

development of national economy.




Jagannath University Department of Finance

Letter of Transmittal

10th

May, 2011

Nafisa Rounak

Lecturer

Department of Finance

Jagannath University, Dhaka.

Subject: To submit a report on “General Insurance - SBC”

Dear Sir

This is informing you that we have completed our report on “General Insurance

Business - SBC”. Here we tried our best to give an overview of general

insurance business in Bangladesh, specially Sadharan Bima Corporation and its

income, expenditure, profit, total assets, liabilities, number of policy holders,

management system, human resource management and finally some findings

and suggestions.

In preparing this report we have followed the instruction of yours, we will be

glad to clarify any discrepancy that may arise.

Thank you for your cooperation.

Sincerely,

Md. Mazharul Islam.

On the behalf of the groupFinance Interface

ID No.091541

Department of Finance,

Jagannath University, Dhaka.




Jagannath University Department of Finance 1 | P a g e

Table of Contents

Name Page No.Acknowledgement i

Executive Summary ii

Part - I

1.1 Introduction 21.2 Rationale of the study 21.3 Objective of the report 2-31.4 Scope of the study 31.5 Methodology of the study 3-41.6 Limitation of the study 4

Part - II

2.1 Insurance Background of Bangladesh 52.2 Profile of Sadharan Bima Corporation 6-72.3 Vision, Mission, Goal and Objectives 8

2.4 Branch Network 92.5 Organization Structure of SBC 9-102.6 Product and services 112.7 Services Provided by SBC 12-13

2.7.1 Reinsurance Service 122.7.2 Risk Improvement Services 12

2.8 Revenue 132.9 Relationship between Revenue, Expense and Claims 15

Part -III

3.1 Findings and Conclusion 18-19

3.1.1 Impact on our economy 183.1.2 Suggestions 19

Bibliography 20

Graph andTable

Table

T.1 Investment Revenue 13T.2 Revenue, Expense and Claims 15

Graph

G.1 Branch Network 9G.2 Organizational Structure of SBC 10G.3 Insurance Revenue 14G.4 Total Revenue 14G.5 Relationship between Revenue and Expense 16G.6 Net Claim 16G.7 Profit 17G.8 Investment Income 17







To earn practical knowledge about when the risk management and distribution

system.

To know the conditions under when claims are considered and the process of

meeting claim.

To know about their revenue, expenditure, profit, business policy, social work

etc.

To observe their development year by year.

To earn knowledge about reinsurance business.

To know how they respond to different parties.

To know the importance and necessity of insurance in different sector.

1.4 Scope

There were huge scopes to work in the arena of the report. Considering the deadline,

the exposure and scope of the paper has been wide-ranging. The study, “General

Insurance in Bangladesh” has covered overall insurance business and conditions of

Bangladesh and its impact on our economy has been showed in this report. By preparing this report, it becomes more understandable about the real condition of

insurance business and the importance of general insurance for minimizing different

risk involved in business.

1.5 Methodology

We have prepared this report by analyzing the information which we have attainedfrom several visits to Sadharan Bima Corporation (SBC). We have taken interview of

almost 10 high officials of SBC. We have also read the annual report of SBC of last 5

years. By combining the knowledge of our textbook and knowledge from our visits,

we have prepared our report. We have tried to present our gathered knowledge in this

report systemically. Here we show Statistical Presentation of Income and

Expenditure of Sadharan Bima Corporation and Analysis of Income and Expenditure





Sources of data:

Here primary and secondary both types of information were used. The primaryinformation we collected from different officers of SBC. The secondary sources are,

Last 5 years annual report of SBC. Website.

Interview of high officials of SBC.

Text Books.

1.6 Limitations

While conducting the report on “General Insurance Business in Bangladesh”, some

limitations were yet present there:

Because of time shortage many related area cannot be focused in depth.

Recent data and information on different activities was unavailable.





Part - II

Sadharan Bima Corporation

2.1 Insurance Background of Bangladesh

Insurance is not a new idea or proposition to the people of Bangladesh. About half a

century back, during the British regime in the then India, some insurance companies

started insurance business, particularly life, in this part of the world. Since 1947 until

1971 insurance business gained momentum in this part of what was then known as

East Pakistan. There were about 49 companies transacting both life and general

insurance business. These companies were operating under a free competitive

economy.

After the emergence of the People‟s Republic of Bangladesh in 1971, the

government, in order to make available the fruit of liberation to the general mass,

nationalized the insurance industry along with the banks in 1972 by Presidential

Order No. 95. By virtue of this order, save and accept postal life insurance and

foreign life insurance companies (other than the Pakistani companies), all companies

and organization transacting all types of insurance business in Bangladesh came

under this nationalization order. At the same time, five insurance corporations were

initially established by the Government, viz, Jatiya Bima Corporation (National

Insurance Corporation), Teesta Bima Corporation (Teesta Insurance Corporation),

Karnaphuli Bima Corporation (Karnaphuli Insurance Corporation), Rupsa Jiban

Bima Corporation (Rupsa Life Insurance Corporation), Surma Jiban Bima

Corporation (Surma Life Insurance Corporation).

On 14th May, 1973 the Insurance Corporation Act VI, 1973 was enacted under

which the previous five corporations were abolished and the following two

corporations emerged:

1. Sadharan Bima Corporation for General Insurance and,

2. Jiban Bima Corporation for Life Insurance in Bangladesh.

http://www.sbc.gov.bd/about_us/about_us.htm



















2.2 Profile of Sadharan Bima Corporation

Sadharan Bima Corporation is only state-owned General Insurance Corporation

operating under the direct control and supervision of the Ministry of Finance,

Government of the People‟s Republic of Bangladesh. It emerged on 14th May, 1973

under the Insurance Corporation Act (Act No. VI) of 1973 to deal with all classes of

general insurance & re-insurance business emanating in Bangladesh.

Thereafter, SBC was acting as the sole insurer of general Insurance till 1984. In the

year 1984 Bangladesh Government allowed insurance Companies in the private

sector and to that effect promulgated the insurance Corporations (Amendment)

Ordinance 1984.

Sadharan Bima Corporation has a very strong financial base. It has a market share of

over 20 % of the total premium income of the insurance market of Bangladesh. SBC,

the largest insurance enterprise in the country, has a net worth of Tk.605 crore an

authorized capital of Tk.20 crore, paid up capital of Tk. 10 crore and the anticipated

revenue during the current financial year is approximately Tk. 417 crore.

Following characteristics of SBC proves its financial soundness :- Government

owned enterprise - Financial Soundness due to huge assets owned by SBC - Only re-

insurer in Bangladesh - Wide net-work of offices - Public trust - Huge trained &

skilled manpower - Large investable fund - Huge Real Estate Assets in Dhaka,

Chittagong, Khulna, Rajshahi, Bogra & Sylhet. SBC TOWER – the only multistoried

car parking building in the heart of the capital city of Bangladesh

SBC is the sponsor shareholder of Investment Corporation of Bangladesh, Industrial

Development and Leasing Company, National Tea Company Limited, National

Housing Finance and Investment Ltd, Aramit Ltd, Central Depository BD Ltd.etc.

SBC has met all prudential norms in further its financial strength. Not only that,

Sadharan Bima Corporation has emerged as one of the country‟s few largest

taxpayers in the corporate sector.

SBC is entitled to 50% of public sector business in Bangladesh. Insurance

Corporation (Amendment) Act 1990 provides that fifty percent of all insurance

business relating to any public property or to any risk or liability appertaining to any

public property shall be placed with the SBC and the remaining fifty percent of such

business may be placed with this Corporation or with any other insurers in

Bangladesh. But for practical reason and in agreement with the Insurance

Association of Bangladesh SBC underwrites all the public sector business and 50%





of that business is distributed among the existing 43 private general insurance

companies equally under National Co-insurance Scheme.

In respect of reinsurance, the same act provides that fifty percent of a company‟s

reinsurance business must be placed with the SBC and remaining fifty percent may

be reinsured either with this Corporation or with any insurer in Bangladesh or

abroad.

The main pillar of the SBC is insurance as well as reinsurance business. SBC is the

largest non-life insurance underwriter in Bangladesh in terms of gross premium,

network of offices & trained manpower. On the other hand, SBC reinsures the risks

of private insurance companies operating in Bangladesh.





2.3 Vision, Missions, Goals and Objectives

Vision

To be world class insurance & reinsurance organization.

Missions

To be the premier organization in Bangladesh for all insurance and reinsurance

business and to provide quality service at affordable cost.

To be the Insurer of the first choice in Bangladesh by offering top class

security, comprehensive, efficient services and professional conduct of

business.

Maintain SBC‟s leading position in the insurance market of Bangladesh.

To become an insurance organization/Company of international standard by

attaining the highest confidence and trust of all concerned from home &

abroad through improved services, dedication, customer care and efficiency.

To place innovation, technology and knowledge at the heart of the

organization‟s growth.

Goals

Venture into other areas Bangladesh and abroad on the strength of SBC‟s crore

competency.

Enter into and expand new insurance product and services to meet the

changing needs of the clients.

Fulfillment of SBC‟s social commitments towards the public as a state owned

enterprise.

Objectives

To achieve business targets.

To increase share of private sector business through marketing efforts.

To build, maintain and improve the commercial image of the organization and

gain recognition as a competent and professional insurer as well as re-insurer.

To overhaul and simplify administration system & procedure.

To attain full computerization and to utilize IT to its full potential.

To enhance the skills and flexibility of the employees through continuous

training. To ensure better return from SBC‟s investment.

To improve maintenance of existing real estate and expansion of it.





Sadharan BimaCorporation

Zonal Offices

Dhaka

Chittagong

Rajshahi

Khulna

Narayangonj

Comilla

Regional Offices

Sylhet

Mymenshingh

2.4 Branch Network

In order to give efficient service to the insuring community, the management setup 6

Zonal offices at Dhaka, Chittagong, Rajshahi, Khulna, Narayangonj, and Comilla,

and 2 Regional offices at Sylhet and Mymensingh. Corporation also set-up offices in

various places, especially in the Muffassol Area. Sadharan Bima Corporation has

now 110 offices throughout the country. These offices are smoothly running with

near about 1500 Officers and Employees.

G.1: Branch Network

2.5 Organization Structure of SBC

Under the statute, Sadharan Bima Corporation is run by a Board of Directors

consisting of 7 members. The chairman and the directors of the Board including theManaging Directors are appointed by the Government. The Managing Director,

being the chief executive, conducts and manages the affairs and business of the

corporation in accordance with the provisions of the Act, regulations, Government

instructions and the resolutions of the Board. He is also guided by the soundcommercial principles and business practices.





The present organization structure of Sadharan Bima Corporation is given below:

G.2: Organizational Structure of SBC

Major Structure of SBC is given below-

1. Managing Director - Chief Executive

2. General Manger

3. Deputy General Manager

4. Assistant General Manager

5. Manager

6. Deputy Manager

7. Assistant. Manager

8. Junior Officer

9. Office Staff

10. Total strength

http://www.sbc.gov.bd/md.php

http://www.sbc.gov.bd/gm.php

http://www.sbc.gov.bd/dgm.php

http://www.sbc.gov.bd/agm.php

http://www.sbc.gov.bd/managers.php

http://www.sbc.gov.bd/managers.php

http://www.sbc.gov.bd/agm.php

http://www.sbc.gov.bd/dgm.php

http://www.sbc.gov.bd/gm.php

http://www.sbc.gov.bd/md.php





2.6 Product and Services:

SBC accepts different policies that are noted below-

1. Fire Insurance Policy.

2. Marine Hull Insurance Policy.

3. Marine Cargo Insurance Policy.

4. Motor Insurance Policy.

5. House Holder‟s Comprehensive Insurance Policy.

6. Product Liability Insurance Policy.

7. Burglary insurance Policy.

8. Contractors All Risk Policy.

9. Engineering Insurance Policy.

10. Public Liability Insurance Policy.

11. Aviation Insurance Policy.

12. Workmen‟s Compensation Policy.

13. Cash In Safe Insurance Policy.

14. Cash In Transit Insurance Policy.

15. Cash In Counter Insurance Policy.

16. Personal accident Insurance policy.

17. Peoples Personal Insurance Policy.

18. Dread Disease Insurance Policy.

19. Overseas Medi-Clam (Business and Holiday).

20. Overseas Medi-Clam (Employment and Student).

21. Export Credit Guarantee Insurance.

22. Livestock Insurance Policy.

23. All Risk Insurance Policies.

24. Fidelity Guarantee Policy.





2.7 Services Provided by Sadharan Bima Corporation

2.7.1 Reinsurance Service

After establishment of private Insurance Companies in the year 1985 in Bangladesh,

Government authorized SBC to accept 100% reinsurance of private insurancecompanies. SBC in its role as a re-insurer has lent support to the private insurance

companies in Bangladesh in a big way. In view of the huge net-worth and retention

capacity, SBC has accepted both treaty and facultative businesses from the privateinsurance companies.

In respect of reinsurance, the Insurance Corporation (Amendment) Act 1990 provides

that fifty percent of a company‟s reinsurance business must be placed with the SBC

and remaining fifty percent may be reinsured either with SBC or with any other

insurer in Bangladesh or abroad. SBC is doing direct insurance as well as privateinsurance company‟s reinsurance.

SBC is the largest General Insurance Corporation in Bangladesh doing direct

Business to the tune of BDT 886 million in the year 2005. During the same period itsreinsurance premium income was BDT 2627 million.

SBC is a shareholder of Asian Reinsurance Corporation. SBC‟s major portfoliocomprises of fire, marine cargo, aviation and engineering business.

SBC also accepts reinsurance business from overseas market through itsintermediaries and as well as directly.

The sound financial backing and rich experience earned over the years in the field of

insurance, reinsurance and financial services (which includes investment, risk

improvement services etc), brings SBC in an ideal position of a professionalreinsurer in Bangladesh.

At the present growing economy in Bangladesh the premium income of SBC is also

increasing day by day.

2.7.2 Risk Improvement Services

As the only state owned General insurance and re-insurance enterprise in Bangladesh

Sadharan Bima Corporation has extended its support to the insurance market in

Bangladesh in a extended way. Sadharan Bima Corporation would always endeavor

to deliver the best customer services for the fulfillment of insurance, reinsurance and

risk management needs and problems to the insurance market in Bangladesh.





On the order hand, Sadharan Bima Corporation provides risk improvement services

to its valued clients through:

a) Pre-underwriting inspection services.

b) SBC has the opportunity to take the necessary help and advice from the foreign

reinsurer regarding risk improvement techniques.

c) SBC regularly enlists professional and expert surveyors to asses risk and loss

before and after loss. It may be mentioned that license for the survey firms are issued

by the office of the Chief Controller of Insurance, Government of the Peoples‟

Republic of Bangladesh.

2.8 Revenue

In according to the accounts record of Sadharan Bima Corporation (SBC), we have

learnt SBC earns revenue from three types of insurance – Fire Insurance, Marine

Insurance and Miscellaneous insurance. In each type of insurance revenue is earned

from Gross premium, Reinsurance premium and other income which is shown inabove chart and graph.

T.1 Investment Revenue

Types of Insurance2005

(in crore)2006

(in crore)2007

(in crore)2008

(in crore)2009

(in crore)

Fire Insurance

Gross Premium 12.33 14.54 17.72 14.98 22.16

Reinsurance Premium 151.13 157.97 181.37 192.30 212.44

Other Income 6.63 4.53 3.66 3.84 4.68

Marine Insurance

Gross Premium 34.42 36.02 40.99 54.47 66.08


Other Income 5.09 5.70 5.34 9.81 5.41

Miscellaneous Insurance

Gross Premium 41.86 53.89 67.87 72.45 73.11


Other Income 5.36 5.34 16.61 6.12 7.29





400.52441.14

519.47

582.37 602.33

0

100

200

300

400

500

600

700

2005 2006 2007 2008 2009

Total Revenue(in crore)

Total Revenue Linear (Total Revenue)

170.09 177.04202.75

211.12

239.28

98.38 106.67 113.76

142.89 150.59

104.88

127.71

164.84 167.1 168.13

0

50

100

150

200

250

300

2005 2006 2007 2008 2009

Insurance Revenue(in crore)

Fire Insurance Marine Insurance Miscellaneous Insurance

G.3 Insurance Revenue

From the records of SBC, In 2005, it earned revenue BDT 170.09 crore from Fire

insurance, BDT 98.38 crore from Marine insurance and BDT 104.88 crore from

Miscellaneous insurance. By increasing each year, in 2009 SBC has earned BDT

239.28 crore from Fire insurance, BDT 150.59 crore from Marine insurance and

BDT 168.13 crore from Miscellaneous insurance.

Total Revenue

G.4 Total Revenue





From the graph of total revenue we can learn the total revenue of SBC in 2005 was

BDT400.52 crore. SBC earned BDT 441.14 crore in 2006, BDT 519.47 crore in

2007, BDT 582.37 crore in 2008. In 2009, by increasing the revenue became 602.33

crores. From the graph we can see a liner trend of incensement of total revenue. In

five years period revenue has increased about 50%. It reflects that SBC is running

well by contributing vastly in insurance market of Bangladesh.

2.9 Revenue, Expense and Claims

We can see an overall financial view of Sadharan Bima Corporation at a glance. By

the passing of years SBC‟s revenue has increased gradually and reached at BDT

602.33 crore. At the same time it‟s expense has also been increased. But the increasein profit figure (BDT 101.50 crore) is quite satisfactory. SBC is generating it‟s

investment income at a slow pace.

2004(in crore)

2005(in crore)

2006(in crore)

2007(in crore)

2008(in crore)

2009(in crore)

Total Revenue 400.52 441.14 519.47 582.37 602.33

Total Expense 364.14 399.1 458.86 484.21 500.83

Profit 36.38 42.04 60.61 77.37 101.50

Net claim 86.29 102.54 133.19 134.03 132.22

Investment Income 26.64 27.17 29.72 38.12 40.47 44.33T.2 Revenue, Expense and Claims





86.29

102.54

133.19 134.03 132.22

0

20

4060

80

100

120

140

160

2005 2006 2007 2008 2009

Net Claim(in crore)

Net Claim

364.14399.1

458.86

484.21 500.83400.52

441.14

519.47

582.37 602.33

0

100

200

300

400

500

600

700

2005 2006 2007 2008 2009

Relation Between Revenue and Expense

Total Expense Total Revenue

G.5 Relationship between Revenue and Expense

In 2005, the total expenditure of Sadharan Bima Corporation was TK364.14crore. In

2006, it was TK399.1 crore. It had been increased at TK34.96 crore. In 2007, the

total expenditure was TK458.86 crore and it had been increased at TK59.76 crore.

The total expenditure was high in 2007 than that of 2006. The total expenditure in

2008 was TK484.21 and in 2009 TK500.83 crore. The amount of increased in 2008

was TK25.35 crore and 2009 was TK16.62 crore. Though every year the total

expenditure has been increased, the total revenue has also been increased. So the

amount of profit has been increased.

G.6 Net Claim

From the graph we can see in 2005 net claim was 86.29 crore and it increased next

two years and reached in figure 133.19 crore in 2007. Graph line shows from 2007 to

2009 net claim rate was steady. At last 2009 figure was BDT 132.22 crore.





36.3842.04

60.61

77.37

101.5

0

20

40

60

80

100

120

2005 2006 2007 2008 2009

Profit(in crore)

Profit

26.64 27.1729.72

38.1240.47

44.33

0

10

20

30

40

50

2004 2005 2006 2007 2008 2009

Investment Income (in crore)

Investment Income Linear (Investment Income)

Profit

G.7 Profit

From this graph we can see in 2005 the profit was BDT 36.38 crore and in 2009 that

was BDT 101.5 crore. The graph line shows us from 2006 to 2009 profit increased

very sharply which was quite satisfactory.

Investment Income

G.8 Investment Income

Above bar chart shows us a clear view of investment income of SBC. From 2004 to

2009 investment income of SBC has increased but in a moderate rate. In the year of

2007 and 2008 investment income increased at a good rate. SBC should take steps to

increase its investment income.





Part-III

3.1 Findings and Conclusion

The intension of the study is to examine the role of Sadharan Bima Corporationgeneral insurance business in Bangladesh.

The major findings of the overall study are discussed below:

Sadharan Bima Corporation is controlled by the Ministry of Finance and it I is

a government institution.

Sadharan Bima Corporation collects premium from the people, in return, it

assures to minimize their risk involved in business. It collects premium from

people by maintaining the rules and principles. Sadharan Bima Corporation has 8 zones with 84 branches and the number of

employees is 959 for giving more services to the policy holders.

It has 110000 policy holders, certificate holders and endorsement holders. It

involves fire policy, marine policy motor car policy, vehicle policy etc.

From 2005 to 2009 its revenue and profit is increasing. Its net claim and

investment income is also rising.

Impact on our economy

Sadharan Bima Corporation contributes to develop economic condition of

Bangladesh. As a result,

Creating more savings

Makes capital formation,

Develops trade and commerce

Creates more employment

Social security





Suggestions

Sadharan Bima Corporation can provide to policy holders developed services by the

following processes:

It can appoint more employees because the authorized number of employees

is 2623.

For modern services it should use computerized systems in every department.

This organization can create more policy holders by publicity and

advertisement.

It can make its laws and principles easier for the policy holders.

Finally we can say that, Sadharan Bima Corporation helps the insurances to

minimize their different business risk. After all, in modern insurance system,

Sadharan Bima Corporation, by increasing the number of policy holders, is not only

reducing financial risk of policy holders, but also by reducing their risk, it is earning

more profit. Insurance is a recent idea for Bangladesh and we have many problems

in our economy like lack of capital, unfavorable commercial position, lack of savings

etc. So Sadharan Bima Corporation should create more publicity among the

insurances, give training facilities to the employees, and more efficient managementsystem. If government also gives more attention to Sadharan Bima Corporation, then

it will contribute to our economy.




Bibliography:

Book and Notes:

‘ Insurance Hand note’ by Nafisa Rounok, Lecturer, Department of

Finance, Jagannath University, Dhaka. ‘ Elements of insurance’ by Azizul Huq Chaudhuri.

‘ Higher Banking & Insurance’ by Khalekuzzaman.

Website:

http://www.sbc.gov.bd

http://www.bankersbd.com/bangladesh-insurance-company.html

Other:

‘Annual Report’ (2004 to 2009), Sadharan Bima Corporation.

Documents

General Insurance Business in Bangladesh_-_SBC