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Development of Bangladesh
Necessity of Insurance
From this study we will learn that how important insurance for a business
is.Authority cannot overlook the entire factor individually. In our country
insurancebusiness faces great problem due to inefficiency of the authority,
lack of properpublicity/ trust, lack of appropriate industry as well. Insurance
institution like PhoenixInsurance Company Ltd has put a great significance in
the financial market as well ascapital market by issuing 1st.
mutual fund. Beside this it increases its investment year to year in financial
market which is a positive sign in the market. This companyprovides different
types of insurance policy from any farm to that industry which helps to
develop the industry, attracts foreign investment, contribute to GDP. It
doessome Corporate Social Responsibility (CSR) as well for the needy people
of thiscountry. It also helps to develop the standard of living. Like this many
otherorganizations fulfill their duties & put their contribution in national
income & thusmake the financial market healthy. Here we used Phoenix
Insurance Company Ltd asa sample of general insurance industry. Like this
company other companies of thisindustry operates their business in
Bangladesh & contribute to the overall business of the country along with
national income
Insurance is a way of protecting against these financial losses.General
insurance or non-life insurance policies, including automobile and
homeownerspolicies, provide payments depending on the loss from a
particular financial event.Anyone who owns an asset can buy insurance to
protect it against losses due to fire or theftand so on. Each one of us can
insure our and our dependents health and well being throughhospitalization
and personal accident policies.In this report we tried to show that how
general insurance business operates in Bangladesh &how important it is for
economy & what types of problem it faces in our country
Jiban
Bima
Corporation
for
Life
Insurance
in
Bangladesh:
The number of insurance companies that had business in East Pakistan was
75, of which 10 were locally incorporated ones. Following the independence
of Bangladesh in 1971, both life and general insurance business in the
country was nationalised under the Bangladesh Insurance (Nationalisation)
Order 1972 except foreign insurance companies. Five corporations were
established to absorb, own and control the businesses of the 75 existing
insurance companies and these new corporations were Bangladesh Jatiya
Bima Corporation, Karnafuli Bima Corporation, Tista Bima Corporation, Surma
Jiban Bima Corporation and Rupsa Jiban Bima Corporation. These four
corporations were in business from 1 January 1973 to 14 May 1973
Bangladesh: