According to the Insurance Companies Act, 1913, the insurance company is that any insurer being a company, partnership or association which may be wound up. But, since 2010, the only governing body for regulating and developing the insurance sector of Bangladesh is the Insurance Development and Regulatory Authority of Bangladesh (IDRA).
As there are many companies in Bangladesh those who are doing the business, we try to order them in the top ten. From life insurance to car and general insurance, there are almost all types of insurance in Bangladesh.
The list is given bellow —
1. American Life Insurance Company
One of the earliest insurance companies in Bangladesh is the American Life Insurance Company. It starts its operation since 1952 in Bangladesh. Although it was an America based insurance company, they have successfully adopted it to suits the needs and expectations of Bangladeshi people. These have taken it at the top position in the country. Its new name is now Metlife Bangladesh.
2. Jiban Bima Corporation
As one of the States owned Bima Corporation in Bangladesh, Jiban Bima Corporation, it has branches all over the country in Bangladesh. The term ‘Jiban Bima’ has taken from the Bengali language that means Life Insurance. And many people of Bangladesh prefer to buy policies from Jiabn Bima as it’s a government organization.
3. Delta Life Insurance Company Limited
Among the private insurance company in Bangladesh, Delta Life Insurance is the first one and working since 1984. Also, it’s the largest private insurance company in Bangladesh that has broadened its range of works to abroad. And the company is founded for serving the nation in insurance service that it can work all over the country.
4. National Life Insurance Company Limited
National Life Insurance is one of the largest insurance companies in Bangladesh, which has spread across the country. To reach the entire insurable person in Bangladesh, this unique insurance company started its journey. Apart from these, they are successful also with their direct beneficial schemes and other offerings.
5. Shandhani Life Insurance Company Ltd:
By their ‘Micro Insurance’ segment, the Shandhani Life Insurance Company is creating a change in the society. As the insurance company has been working for 25 years in Bangladesh it focuses on the poor people and low-income people also for purchasing insurance and they provide smaller insurance and low-cost insurance. This is because very soon it was able to get lots of the customers of Bangladesh.
6. Meghna Life Insurance Co. Ltd
After establishing in 1996, the Meghna Life Insurance is providing the right price with the modern facilities. This is one of the largest insurance companies in Bangladesh.
7. Takaful Islami Insurance Ltd:
As Bangladesh is an Islamic country, most of the people of this country are Muslims on focusing this Takaful Islami Insurance started their journey. Also, they have many schemes, which are based on Islamic rules. Since the company works in both sectors Life and Non-Life insurance, it has successfully created a large network all over the country.
8. Pragati Insurance Co Ltd
Because the Pragati Life Insurance is the Non-life insurance company of Bangladesh, it provides various schemes such as-
- Mediclaim Insurance,
- Accident Insurance,
- Building Insurance,
- Factory based Insurance,
- Aviation Insurance,
- Home Insurance etc
9. Padma Life Insurance Co. Ltd
Although the Padma Life Insurance Company is also an Islamic Insurance company in Bangladesh, their plans are designed keeping security as well as growth aspects in mind.
10. Sunlife Insurance Co. Ltd
Sunlife Insurance has started its journey by focusing on customer security and benefits from 2000. And it’s working across Bangladesh with success. This is one of the popular insurance companies in Bangladesh.
- Business Daily 24