Bangladesh Sadharan Bima Corporation
 | This article relies too much on references to primary sources. (June 2015) (Learn how and when to remove this template message) |
 | This article needs more links to other articles to help integrate it into the encyclopedia. (June 2015) (Learn how and when to remove this template message) |
Sadharan Bima Corporation (popularly known as SBC) is the one and only state-owned non-life insurer and reinsurer in Bangladesh under the Ministry of Finance, Government of the People’s Republic of Bangladesh. Both Sadharan Bima Corporation, the non-life insurer, and Jobon Bima Corporation, the life insurer, were created under the Insurance Corporation Act (Act No. VI) of 1973 of Bangladesh.[1]
The State-Owned Insurer & Re-insurer[edit]
Up until 1984, SBC was the sole insurer of non-life insurance business in the country. In the same year some private sector non-life insurance companies started operation. Since then, it is providing reinsurance support to private sector non-life insurers. With regard to regulatory control, Insurance Development & Regulatory Authority of Bangladesh regulates all insurance companies in Bangladesh including Sadharan Bima Corporation.
Management of Sadharan Bima Corporation[edit]
The Board of Directors of SBC consists of 07 member including one part-time Chairman. Of the members, 5 are honorary (part-time) and the rest one, the Chief Executive Officer of the company.[2] Since July 2010, Mr. Md Rezaul Karim, an eminent insurance expert of the country has been discharging his services to Sadharan Bima Corporation (SBC) as managing director. Mr.Karim started his career as trainee officer with the same insurer in 1981.[3]
National Coinsurance Scheme[edit]
Under an agreement between Sadharan Bima Corporation and Bangladesh Insurance Association (BIA), half of the business so acquired from insuring public properties, is equally distributed among the private sector non-life insurance companies who, on the other hand, compulsorily reinsure half of their re-insurable business with the SBC.[2]
Insuring Public Property[edit]
Sadharan Bima Corporation is the only insurer of properties owned by Government of Bangladesh. No other private non-life insurance companies are allowed to insure any public property.
Business performance[edit]
The business performance of SBC is on an upward trend. It has earned a direct premium of BDT 190.96 crore and BDT 218.92 in the year 2013 and 2012 respectively. Regarding reinsurance premium. it made BDT 605.07 crore in the year 2013 and BDT 581.60 crore in the year 2012.
[edit]
SBC is the sponsor shareholder of Investment Corporation of Bangladesh, Industrial Development and Leasing Company, National Tea Company Limited, National Housing Finance and Investment Ltd, Aramit Ltd, Central Depository BD Ltd.etc. Therefore; the contribution of SBC to the economy of Bangladesh is significant.
Insurance Services[edit]
The services provided by Sadharan Bima Corporation include insuring public and private property risks, providing liability insurance coverage, reinsurance of the risk underwritten by private non-life insurers, providing Risk Improvement Services, Industrial Development through Equity participation and Human Resources Development for Insurance Industry. Moreover, Sadharan Bima Corporation itself makes retro-cession to different overseas re-insurers.
Expectation from SBC[edit]
The insurance experts of Bangladesh dream that the SBC will continue its nation building financial services in the days to come through introduction of innovative as well as need based insurance solution for the people and property of the country. The effective making use of information technology by SBC will for sure pave the way for a secured life for the nation.
Notes[edit]
- ↑ "Sadharan Bima Corporation". Bangladesh. Retrieved 2015-06-10.
- ↑ 2.0 2.1 "Sadharan Bima Corporation". Bangladesh. Retrieved 2015-06-10.
- ↑ "Managing Director of Sadharan Bima Corporation". The Daily Star- A Bangladeshi English Newspaper. Retrieved 2015-06-10.
References[edit]
- Ahmed, Shahid Uddin (1977). Insurance Business in Bangladesh. University of Dhaka, Bangladesh: Bureau of Business Research. Search this book on
- Habibullah, Mohammad; Ghosh, Santi Narayan (1989). General insurance business in Bangladesh : an appraisal of the performance of Sadharan Bima Corporation. University of Dhaka, Bangladesh: Bureau of Business Research. Search this book on
- http://www.thefinancialexpress-bd.com/old/more.php?news_id=136522&date=2011-10-05 The State of Insurance Industry in Bangladesh
This article "Bangladesh Sadharan Bima Corporation" is from Wikipedia. The list of its authors can be seen in its historical. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
