bgic presentation by moez

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: bgicinsurance@yahoo.comWeb 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.