There are a total of 57 insurance companies in Bangladesh as of 2019. The top 5 insurers in the country are state-owned, while the remaining 52 are private companies.
There are more than 50 insurance companies in Bangladesh. However, the top 5 insurers account for about 60% of the total market share. The industry is growing at a rapid pace with new players entering the market every year.
However, due to the lack of awareness and understanding about insurance products, the penetration of insurance in Bangladesh is still low at less than 2%.
Top 5 insurance companies in Bangladesh
How Many Insurance Companies are There?
As of 2019, there were approximately 7,000 insurance companies in the United States. This number has been steadily increasing over the past few years as the industry continues to grow. The majority of these companies are small businesses, but there are also a significant number of large, national insurers.
How Many Government Owned Insurance Companies are Operating in Bangladesh?
There are a total of six government owned insurance companies in Bangladesh. These are the Jiban Bima Corporation, Sadharan Bima Corporation, Sonali Insurance Company Limited, Agrani Insurance Company Limited, Rupali Life Insurance Company Limited and Rupali Bank Insurance Company Limited. All of these insurers are required to follow the rules and regulations set by the Bangladesh Insurance Regulatory Authority (BIRA).
What is the Size of Insurance Market in Bangladesh?
The insurance sector of Bangladesh is one of the most potential markets in the country. The sector has been growing at a fast pace and is expected to grow even further in the coming years. There are a number of reasons for this growth, such as the increasing awareness about insurance products among the people of Bangladesh, rising income levels, and improving economic conditions.
As per data from Bangladesh Bank, the total premium collected by all the insurers operating in Bangladesh stood at Tk 22.31 billion (US$271 million) in FY2017. This was an increase of 16.4% over FY2016. The non-life insurance segment accounted for around two-thirds of the total premiums collected while life insurance contributed the remaining one-third.
There are currently 24 insurers operating in Bangladesh, out of which 18 are non-life insurers and 6 are life insurers. The top 5 companies in terms of premiums collected are: 1) United Insurance Company Ltd;
2) Reliance Insurance Limited; 3) Sadharan Bima Corporation; 4) Islami Insurance Bangladesh Limited; and
5) Pragati Insurance Limited. These five companies together account for around 60% of the total premiums collected in FY2017.
What are the Major State-Owned Insurance Companies in Bangladesh?
There are a few major state-owned insurance companies in Bangladesh. The first is the Jahan Insurance Company, which was founded in 1971. It is the largest insurer in the country and offers a wide range of insurance products, including health, motor, and life insurance.
The second is the Karnafuli Insurance Company, which was also founded in 1971. It offers similar products to Jahan but is smaller in size. Finally, there is the Bangladesh General Insurance Company, which was founded in 1973 and offers general insurance products such as fire and property insurance.
Credit: www.newagebd.net
Insurance Company List in Bangladesh
There are many insurance companies in Bangladesh. Some of the most popular include Pragati Insurance, United Insurance, and Asia Insurance. Others include Metlife, AIG, and Chubb.
Life Insurance Company List in Bangladesh
In Bangladesh, there are a number of life insurance companies to choose from. Below is a list of some of the most popular insurers in the country:
• Pragati Insurance Company – Pragati Insurance is one of the leading life insurance companies in Bangladesh.
It offers a wide range of products including term life, whole life, and endowment policies. The company also has a strong focus on customer service and offers 24-hour support.
• MetLife Alico – MetLife Alico is another top choice for life insurance in Bangladesh.
It provides a wide range of products and services including health insurance, investment plans, and retirement solutions. The company has over 60 years of experience and serves millions of customers worldwide.
• Delta Life Insurance Company – Delta Life is one of the largest life insurers in Bangladesh with over 20 years of experience.
It offers a comprehensive range of products including term life, whole life, universal life, and annuities. The company also provides online quotes and policy purchase options.
Top Insurance Company in Bangladesh
The top insurance company in Bangladesh is Bajaj Allianz. It is a joint venture between Bajaj Finserv Limited of India and Allianz SE of Germany. The company offers a wide range of insurance products such as health, motor, travel, home, and more.
It also has a strong network of over 3,000 agents and 100 branches across Bangladesh.
Conclusion
There are a total of 63 insurance companies in Bangladesh as of 2019. The top 5 insurance companies in the country are – Pragati Insurance, Green Delta Insurance, Central Insurance, Popular Life Insurance and Islami Insurance Bangladesh. Out of these, Pragati Insurance is the largest insurer with a market share of 22.6%.
