3. Group Profile
Add a footer 3
Sl. No Name of the Group Members ID No
1 Swarna Akter 17 FIN 029
2 Soniya Day 17 FIN 037
3 Nusrat Jahan Hafsa 17 FIN 038
4 Manobendro Sajjan Adhri 17 FIN 078
5 Sanjida Akter Sanda 17 FIN 004
6 Sharmin Akter 17 FIN 044
7 Md. Mehedi Hasan 16 FIN 048
8 Md. Sourav Hossain 16 FIN 071
5. We described about
o C o n c e p t o f i n s u r a n c e
o B a c k g r o u n d o f i n s u r a n c e
o F u n c t i o n o f i n s u r a n c e
o N a t u r e o f i n s u r a n c e
o P r i n c i p l e s o f i n s u r a n c e
o P a r t i e s o f i n s u r a n c e
o P o l i c i e s o f i n s u r a n c e
o Ty p e s o f i n s u r a n c e
o I m p o r t a n c e o f i n s u r a n c e
o H o w i n s u r a n c e c o m p a n y w o r k ?
o P r o b l e m s o f i n s u r a n c e c o m p a n y.
o L a w o f i n s u r a n c e C o m p a n y
o I n s u r a n c e c o m p a n y o f B a n g l a d e s h .
o P r e s e n t s i t u a t i o n s o f i n s u r a n c e c o m p a n y o f B a n g l a d e s h .
o B a n g l a d e s h I n s u r a n c e A s s o c i a t i o n
o B a n g l a d e s h I n s u r a n c e A c a d e m y
6. What is insurance?
Definition: Insurance is defined as a co -operative device to
spread the loss caused by a particular risk over a number of
persons who are exposed to it and who agree to ensure
themselves against that risk.
7. FR
Background of Insurance
The history of insurance traces the development of the modern business of insurance against risks, especially
regarding cargo, property, death, automobile accidents, and medical treatment.
Initially, people sold goods in their own villages or gathering places.
The first methods of transferring or distributing risk in a monetary economy. The first life insurance policies
were taken out in the early 18th century. In the late 19th century, "accident insurance" began to become
available. This operated much like modern disability insurance. And governments began to initiate national
insurance programs against sickness and old age is that century.
Add a footer 7
8. Function of insurance company
The functions of insurance can be studied into two parts.
1. Primary Functions
Insurance provides certainty
Insurance provides protection
Risk- sharing
2. Secondary Functions
Prevention of loss
It’s provides capital
It improves efficiency
It helps economic progress
9. Nature of Insurance:
1. Sharing of Risk
2. Co-operative Device
3. Value of Risk
4. Payment at contingency
5. Amount of Payment
6. Large Number of Insured Persons
7. Insurance is not a gambling
8. Insurance is not charity
12. Policy of Insurance
• The insurance policy is a contract between the insurer
and the insured, known as the policyholder, which
determines the claims which the insurer is legally
required to pay.
• This contract defines the obligations of both the
insured and the insurer.
13. Parts of Insurance
Parts of Insurance
Declarations Definitions
Insuring
Agreements
Exclusions Conditions
Endorsements
14. Types of insurance
Basically, there are two types are two types of insurance, as
presented below.
1.life insurance
2.General insurance
Other types of insurance
1.Marine insurance
2.Fire insurance
15. Importance of insurance company:
Importance of insurance to individuals:
1.Insurance provides security and safety
2.Insurance affords peace of mind
3.Insurance protects mortgage property
4.Life insurance encourages savings
5.Life insurance provides profitable investment
Importance of insurance to business:
1.Business efficiency is increased with insurance
2.Enhanchment of credit
3.Welfare of employee
Importance of insurance to society:
1.Wealth of the society is protected
2.Economic growth of the country
16. How does insurance companies work?
I n su r ance is an ar r an g emen t w h er e an en tity ( in su r er)pr omises to
p r o v ide co mp en satio n to th e in su r ed u p o n th e h ap p en in g o f a sp ecif ied
ev en t o r lo ss.
Th e in su r an ce co mp an ies r o le in clu d es :
1 .Pr icin g o f th e p r emiu m .
2 .D eter min in g th e co v er ag e co mp en satio n.
3 .I n k ing th e in su r ance co n tr act.
4 .Co llectio n o f p r emiu m.
5 .A d min ister ing th e claim o r p r o mise.
17. Problems of General insurance in Bangladesh
So cial p r o b lem
1 .Less Pu b lic aw ar en ess
2 .Cen tr alization
Eco n o mic Pro b lems
1 .Po o r eco n o mic co n d itio ns
2 .Po o r f in an cial p o sitio n o f th e in su r an ce co mp an ies
3 . H ig h er co st o f Bu sin ess.
18. Political Problems
1. Political Instability
2. Lack of supervision from the Government.
3. Problem of planning and supervision.
Legal Problems
Too much complexity
19. Other problems
Lac k of q u alified offic ials
Trad ition al meth od
Lac k of train in g for th e emp loyees
A bsen c e of b u sin ess eth ic s.
Lac k of information tec h n olog y
20. Insurance Law
Insurance societies Act of 1912
Act of 1938
The insurance rules, 1958
The insurance (amendments) ordinances 1984
The insurance regulation 1990
The insurance ordinance 2008
21. FR
Insurance Act 1938
• Short title, extent and commencement : 1) This Act may be called the Insurance Act, 1938.
2) It extends to the whole of Bangladesh
• Definitions In this Act, unless there is anything repugnant in the
subject or context,
(1) “actuary” means an actuary is possessing such
qualifications as may be prescribed;
• Insurers to be subject to this Act while 2A. Every insurer shall be subject to all the provisions of
this Act in relation to any class of insurance business so
long as his liabilities in Bangladesh in respect of business of
that class remain unsatisfied or not otherwise provided for.
Add a footer 21
liabilities remain unsatisfied
22. Bangladesh Insurance Corporation Order 1972: The
order is made dissolution for the insurance corporation.
Bangladesh Insurance Corporation Order 1973
This controlled by 34 section. It was promulgated on 23
June on 1973. however it was established Jibon (life)
insurance corporation.
23. Insurance companies in Bangladesh
There are 2 Government owned insurance companies in and
more then 60 private insurance companies in Bangladesh .
Jiban Bima Corporation and Sadharan Bima Corporation are
govt. insurance companies .
45 general insurance companies and 31 life insurance
companies.
24. Present situation
• Private company providing almost all insurance services
excluding Crop Insurance and Export Credit Guarantee
insurance.
• According to the statistics of Bangladesh Insurance
Association the total premium income of private sector life
insurance companies rise from TK. 62429 million in 2017 to
tk66879 million 2018
• The gross premium income of non life insurance private
sector insurance company increased from TK.21038 million
in2017 to TK.22670 million in 2018 with growth rate 7.76%.