Location Board of Directors BGICs History Head Office: Founder: BGIC Ltd."Branch: Sylhet is the first general insurance company in Bangladesh. Bangladesh General Insurance Company Ltd.was established A.1984 asInsurance company. Late Mr. M. in Samad Bangladesh General private limited Company BGIC Ltd. 42,founded by LateC/AM. A. Samad. It is Dilkusha Mr. Motijheel Dhaka. Modhuban Super Market (4th Floor), Contact: Chairman: It exposed as public limited company in July 29, 1985. Phone:9555073-4, 9563056-8 Bandar Bazar, Samad Mr. Towhid Sylhet. Fax: +88-02-9564212 E-mail: email@example.com Web address: www.bgicinsure.com
BGIC is re-insured to Lloyd’sinternational insurance ..company. 30% of collected premium is givento Lloyd’s as ..premium.
Fire and Allied InsuranceIt 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 duringtransit in ship through sea.Marine Hull•It covers liability risk & damages ofassets of ship.•It also covers damages of whole ship.
Motor Vehicle InsuranceIt covers damages / missing of motorvehicleLiability Insurance•It covers any liability related to license & Administration.• Covers liability to injure 3 rd party byvehicles.
•Premium should be paid early. •Premium is selected by considering asset value. A simple premium chart is given below Policies Coverage Premium rate Total (Per premium per Thousand) yearFire Insurance Tk. Tk. 23 Tk. 23,000 10,00,000Motor Vehicle Ins. Tk. Tk. 10 Tk. 15,000 15,00,000Marine Insurance Tk. Tk. 13 Tk. 130,000 ( Hull) 100,00,000Burglary Tk. Tk. 10 Tk. 10,000Insurance 10,00,000
To make insurance policy, BGICevaluates ...• Types of property• Value of property• Possibility of damages• Types of probable liabilities• Area of insured assets
Loss compensation depends onsurvey report. For losscompensation...• Company send a govt. surveyor tospot• Loss is compensated at that amount,how much damages/lost according tosurvey report.•Re-survey or join survey is applied if
Name of the insured: Kaiser Ahmed ChowdhuryAge: 45 years oldOccupation: BusinessInsured Property: Toyota X Corolla 1800 CCValue of the Property: Tk. 3000000 lack (ThirtyLacks)Amount of premium: Tk. 30,000 per yearCondition of the Property after risk: TotallyDamagedPlace where risk occurred: Dhaka-Sylhet highwaynear Moulovibazar
Lack of trained people: There are notenough trained people in the BGIC. This hampersregular works of BGIC.Less attraction by Govt.: Govt. doesn’t payenough attention in insurance sector. This isslowing down works of insurance.Lack of awareness among people: Peoplearen’t enough aware about insuring themselves.Most of people in Bangladesh have misconceptionabout insurance company, that is why manypeople 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 abilityand marketing skills.• The govt. subsidiaries should be provided.• The company should promote their company morethrough mass media and advertising.• The importance of insurance should be increased inthe route level.