Insurance company

A business that provides coverage, in the form of compensation resulting from loss, damages,
injury, treatment or hardship in exchange for premium payments. The company calculates the
risk of occurrence then determines the cost to replace (pay for) the loss to determine the premium
amount. Insurance a system of spreading the risk of one to the shoulders of many. It is a contract
whereby the insurers, on receipt of a consideration known as premium, agree to indemnify the
insured against losses arising out of certain specified unforeseen contingencies or perils insured
against.

Functions of private insurance companies in the economic development of Bangladesh:

Formation of capital & increase of investment: Insurance companies receive premiums
from insured persons. These premiums increase national capitals. By investing the se capitals,
national productions increase. An offshore insurance company offers businesses and
professionals an excellent way to turn a major money drain - insurance - into an income earning
asset. Moores Rowland have been operating in Vanuatu since 1973 when the offshore
Insurance legislation was first introduced.
Reduce of hindrance of risk: every sorts of business consists of risks. These risks are more
hazardous in Bangladesh. Insurance companies minimize these risks by giving privileges on loss.
Maintenance of national wealth: insurance companies not only secure financial facts, but
also influence people to take necessary steps to avoid risks.
Distribution of risks: insurance companies deal with lots of insured people. So risks are
being distributed among them.
Extension of business: By taking all uncertain business risk insurance companies extended
the field of business in our country. Insurance gives the assurance of indemnity and help to
collect the capital to lunch a new business and expand the existing business.
Increase of awareness: As the maximum people of our country are illiterate so they have not
much knowledge about the future life and what will do to enhance the living standard. Different
types of advertisement, publicity and others awareness activities of insurance company which
helps to increase the awareness of general people.
The money you pay for your business's many insurance premiums might seem to be a waste,
ssafeguard your business against such losses. The type of business you own determines the type
of insurance you need. The government requires you to have certain types of insurance to protect
the public, and lenders require insurance to protect their investment.

Required Insurance
The government requires certain types of insurance if you are an employer. According to the
Small Business Administration, you must purchase, at minimum, workers' compensation and
unemployment insurance.

Liability Insurance
Liability insurance policies pay the legal fees and judgments associated with accidents,
negligence and professional errors. The government requires some companies and professionals
to carry liability insurance. For example, trucking companies must have general liability
insurance, and physicians must have professional liability insurance. If you receive notice of a
lawsuit, your insurance company's function is to hire lawyers to represent you in court. Your
insurance company pays any settlements or judgments against your company up to the policy's
limits. Manufacturers often have product liability insurance that pays if a product has a defect
that results in an injury.

Property Insurance
Property insurance comes in three types: basic, broad and special, according to the InsureU
website. Examples of items covered by policies include your business's buildings, machinery,
inventory and even your copyrights and trademarks. While coverage differs depending on the
type of policy, the insurance company's function is to pay for damages or losses after storm
damage or theft.

LIST OF NON-LIFE INSURANCE COMPANIES

Agrani Insurance Company Ltd.

Asia Insurance Ltd.
Asia Pacific Gen Insurance Co. Ltd.
Bangladesh Co-operatives Ins. Ltd.
Bangladesh General Insurance Co. Ltd.
Bangladesh National Insurance Co.Ltd.
Central Insurance Company Ltd.
City Gen. Insurance Company Ltd.
Continental Insurance Ltd.
Crystal Insurance Company Ltd.
Desh Gen. Insurance Company Ltd.
Eastern Insurance Company Ltd.
Eastland Insurance Company Ltd.
Express Insurance Ltd.
Federal Insurance Company Ltd.
Global Insurance Ltd.
Green Delta Insurance Co. Ltd.
Islami Commercial Insurance Co. Ltd.
Islami Insurance Bangladesh Ltd.
Janata Insurance Company Ltd.
Karnaphuli Insurance Company Ltd.
Meghna Insurance Company Ltd.
Mercantile Insurance Company Ltd.

Nitol Insurance Company Ltd.

Northern Gen.Insurance Company Ltd.
Peoples Insurance Company Ltd.
Phonix Insurance Company Ltd.
Pioneer Insurance Company Ltd.
Pragati Insurance Ltd.
Pramount Insurance Company Ltd.
Prime Insurance Company Ltd.
Provati Insurance Company Ltd.
Purabi Gen Insurance Company Ltd.
Reliance Insurance Ltd.
Republic Insurance Company Ltd.
Rupali Insurance Company Ltd.
Sonar Bangla Insurance Company Ltd.
South Asia Insurance Company Ltd.
Standard Insurance Ltd.
Takaful Islami Insurance Ltd.
Dhaka Insurance Ltd.
Union Insurance Company Ltd.
United Insurance Company Ltd.
Sena Kalyan Insurance Company Ltd.
Sikder Insurance Company Ltd.

1. Agrani Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

499.701
254.0
25365533

2. Asia Insurance Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

1124.970
471.0
47069859

3. Asia Pacific Gen Insurance Co. Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

927.465
424.0
42350000

4. Bangladesh Co-operatives Ins. Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

23973.911
7093.00
709,287,321

5. Bangladesh General Insurance Co. Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

1226.419
540.0
54027255

6. Bangladesh National Insurance Co.Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

11,199.705
5685.00
568,512,964

7. Central Insurance Company Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

1112.718
415.0
41519312

8. City Gen. Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

998.677
512.0
51214218

9. Continental Insurance Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

680.188
313.0
31345050

10. Crystal Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

5348.703
4114.00
411,438,720

11. Desh Gen. Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

3124.101
6647.00
664,702,300

12. Eastern Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)

1612.319
413.0

Total no. of securities

43110144

13. Eastland Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

1941.587
541.0
54083215

14. Express Insurance Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

6,605.654
5161.00
516,066,711

15. Federal Insurance Company Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

943.424
516.0
51553211

16. Global Insurance Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

511.369
271.0
27056568

17. Green Delta Insurance Co. Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

5,641.048
734.0
73,355,625

18. Islami Commercial Insurance Co. Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

8153.350
8,029.00
702,925,459

19. Islami Insurance Bangladesh Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

584.005
255.0
25,502,400

20. Janata Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

620.616
349.0
34,866,068

21. Karnaphuli Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

721.042
388.0
38,765,677

22. Meghna Insurance Company Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

2,533.781
253.0
25,337,805

23. Mercantile Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities
24. Nitol Insurance Company Ltd.

805.883
431.o
43,095,360

Market capital (mn)

Paid up capital (mn)
Total no. of securities

705.184
242.00
24,233,126

25. Peoples Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

1,039.500
462.0
46,200,000

26. Phonix Insurance Company Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

1512.809
403.0
40,341,572

27. Pioneer Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

2493,855
509.0
50,895,000

28. Pragati Insurance Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

2,396.375
556.0
55,600,339

29. Pramount Insurance Company Ltd.

Market capital (mn)

394.004

Paid up capital (mn)

Total no. of securities

220.0
22,011,412

30. Prime Insurance Company Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

766.940
389.0
38,930,951

31. Provati Insurance Company Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

479.137
236.0
23,602,790

32. Purabi Gen Insurance Company Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

676.146
349.0
34,852,901

33. Reliance Insurance Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

3,405.306
597.0
59,742,218

34. Republic Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

7659.259
1160.00
116,049,375

35. Rupali Insurance Company Ltd.

Market capital (mn)
Paid up capital (mn)

1404.804
573.0

Total no. of securities

57,338,933

36. Sonar Bangla Insurance Company Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

527.328
280.0
28,049,388

37. South Asia Insurance Company Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

218.513
303.0
10,685,960

38. Standard Insurance Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

770.988
264.0
26,403,712

39. Takaful Islami Insurance Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

856.392
307.0
30,695

40. Dhaka Insurance Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

41. Union Insurance Company Ltd.

556.875
350.00
01,093,750

Market capital (mn)

Paid up capital (mn)
Total no. of securities

2617.503
1711.00
171,078,600

42. United Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

2169.213
1148.00
114,773,158

43. Sena Kalyan Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

489.324
263.00
116,323,541

44. Sikder Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

1003.968
188.00
18,766,759

45. American Life Insurance Company (Foreign Company)

Market capital (mn)
Paid up capital (mn)
Total no. of securities

1876.191
1202.7
120,286,676

46. Baira Life Insurance Company Ltd.

Market capital (mn)

3202.399

Paid up capital (mn)

Total no. of securities

1064.00
106,392,000

47. Delta Life Insurance Company Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

21,421.125
1238.0
123,750,000

48. Farest Islami Life Insurance Co. Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

4779.006
566.0
56,623,297

49. Golden Life Insurance Ltd.

Market capital (mn)

Paid up capital (mn)
Total no. of securities

897.038
505.00
09,394,922

50. Homeland Life Insurance Company Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

6277.079
272.00
72,916,483

51. Meghna Life Insurance Company Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

2533.781
253.0
25,337,805

52. National Life Insurance Company Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

16,650.978
684.0
68,381,841

53. Padma Islami Life Insurance Company Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

1,325.160
324.0
32,400,000

54. Popular Life Insurance Company Ltd.

Market capital (mn)
Paid up capital (mn)
Total no. of securities

4976.090
308.0
30,830,795