What is the History of Insurance Company in Bangladesh?

Answer 1

Insurance Business of Bangladesh has a long history of evolution. About a century back, couple of insurance companies started both non life and life insurance business during the British regime in India. However, insurance business got the momentum during the East Pakistan regime. In the pre-liberation period, there were as many as 49 privately owned insurance companies underwriting non life insurance business along with one central Govt. run-organization, namely, Pakistan Insurance Corporation. After liberation war in 1972 The People's Republic Government of Bangladesh nationalized the insurance industry along with the banks in 1972 by Presidential Order No. 95. By virtue of nationalization order, 5 Corporations were set up to manage the insurance industry of which four were subsidiary corporation, two each for life and non life and an apex body, viz. Jatiya Bima corporation as a controlling corporation. Latest Insurance Company List In Bangladesh. At a later stage, the above five corporations were replaced by two state owned corporations namely, Sadharan Bima Corporation (SBC) for general business and Jiban Bima Corporation (JBC) for nor life business under a restructuring plan made in 1973 in order to curtail excessive administrative expenses of the aforementioned corporations.