principle of insurance (prime insurance)
TRANSCRIPT
P R I M E I N S U R A N C E C O M PA N Y
PRINCIPLE OF
INSURANCE
KEEN ORBIT
Group Name- Presented to
Mrs. Fahmida Ahmed
Lecturer
FBA, USTC
COMPANY BACKGROUND
Prime Insurance Company was incorporated as public limitedcompany on 21 March 1996 under Companies Act, 1994. Itobttained registration from Insurance Development &Regulatory Authority(IDRA) (Former Chief Controller ofInsurance) Government Republic of Bangladesh on 31 March1996. The Company within the stiputations lais down byinsurance Act-2010 and directives as received from time to timefrom insurance Development & Regulatory Authority prividesNon-life Insurance services. The Company is listed with DhakaStock Exchange and Chittagong Stock Exchange as a publiclytraded Company. The Company carries its insurance activeitiesthrough nineteen branches spread across the country.
COMPANY PROFILE
Prime Insurance Company Limited is a renowned GeneralInsurance Company in Bangladesh and specialized andsignificant expertise in Underwriting Marine Hull, Marine Cargo,Motor, Fire, Engineering and Miscellaneous AccidentalInsurance.
Business
Prime Insurance offers a conclusive protection towards itsbusiness partners with all types of non-life insurance businessin Bangladesh. With an experience of over 18 years, primeInsurance has contributed significantly to the growth anddevelopment of the Non-life insurance industry in Bangladesh.
Network
Prime Insurance has an expanding and well-organized networkof 20 Branches covering Dhaka, Chittagong, DEPZ and otherimportant business areas of the country. It has a plan to setup more brunches to accelerate its business. The companyworks in an integrated network.
Credit Rating
The Company has been rated a Grade- A+ By the Credit RatingInformation & Service (CRISL) Rating: A+ Date of SurveillanceRating: April 17, 2014. And 2013: A+ in 2012: A
Capital Structure, Assets & Investment
Prime Insurance has an Authorized Capital of BDT 1,000 millionand paid-up capital of BDT 389.31 million. The Total Assets ofthe company is of BDT 1042.96 million. It invested 679.07million in different sectors for the development and expansionof the company.
Goal
Prime Insurance companies goal is to be the lead insurer in the Non-life Insurance sector country, as well as one of the top institutes interms of products & service, cost efficiency, market share, corporategovernance and also on other corporate issues.
Business strategies
In order to prove the potentials as the provider of best quality of fasterservice in the insurance sector of the country, Prime Insurancemaintains a number of key Business Strategies that it believes arenecessary to achieve the incorporated goal of the company.
Future Prospects
The future prospect of Prime Insurance is not only to increase thebusiness volume but also to upgrade the ranking and service quality ofthe company. Prime Insurance emphasize on educational internal andexternal training in different subject area for the development of thecompany.
MISSION
Providing world class service with supreme security
to our clients
Increasing awareness about insurance in the
country
Enhancing public confidence in the insurance
industry
Introducing modern insurance products comparable
with international standards
Emerge as an innovative insurer by providing
complete risk management solutions to the clients
VISION
We envision being the leading insurer by
maintaining the highest standards of service in all
areas of or work in order to uphold our status as one
of the market leaders in the insurance industry of
Bangladesh.
PRODUCT & SERVICE
Fire insurance
Marine Insurance
Marine Hull
Motor Insurance
Engineering insurance
Miscellaneous insurance
REFERENCES
• www.google.com
• www.pipilica.com
• www.wikipedia.com
• www.businessdictionary.com
• www.slideshare.net
• www.Prime-insurance.net
• &
• annual report
