History of Insurance in Bangladesh 

History of Insurance in Bangladesh

People’s interest in insurance in Bangladesh (Insurance In Bangla) and the services of insurance companies have increased more than before. Now everyone understands how important it is to get insurance. There are many questions about when this insurance has been introduced in Bangladesh. And we are organizing today to give precise answers to those questions.

Today we will discuss the following issues of Insurance (Insurance In Bangla):
1. What does insurance mean?

2. History of Insurance in Bangladesh.

3. The names of the insurance corporations of that time.

4. Total insurance company in Bangladesh.

Insurance In Bangla

What does insurance mean?
Before we talk about insurance, we need to know what we mean by insurance. The definition is, in a word, insurance is a medium where one person’s loss is shared among many. Suppose you have a property and have insurance for it. Now, if there is any loss of the insured property due to any unforeseen reason, the insurance company or the insurance company has to pay the compensation to the insurance company.

History of Insurance in Bangladesh
This time we will know about the history of insurance in Bangladesh. About a hundred (100) years ago, during the British rule, a few insurance companies in India went into business with general insurance and life insurance. In our Bangladesh, the insurance business grew during 1947-1971. During the period 1947-1971, 49 general insurance and life insurance companies were in business. And the source of these insurance companies was many countries. For example, East Pakistan, West Pakistan, Australia, British and India were among them. Of these 49 insurance companies, 28 were headquartered in West Pakistan, 10 were located in East Pakistan and the rest were spread across the world.

Insurance In Bangla

After our country became independent, that is, in 1972, insurance was nationalized by Presidential Order No. 95 of Bangladesh. The President’s order, except for foreign insurance, postal life insurance and defense insurance companies, was given to all other insurance companies under the purview of five public sector corporations. And some more changes were made to this insurance on 14 May 1983.

The names of the insurance corporations of that time
Then there are the 5 public sector insurance corporations,

1. Surma Life Insurance Corporation.

2. Rupsha Life Insurance Corporation.

3. Teesta Insurance Corporation.

4. National Insurance Corporation.

5. Karnafuli Insurance Corporation.

Through these 5 insurance corporations, the insurance companies in Bangladesh were doing business under the direction of the government. Then, as the days went by, more and more insurance companies came out in Bangladesh. At present, there are a total of 48 insurance companies in Bangladesh with 2 government-run insurance companies.

Total insurance company in Bangladesh
In the above article we saw that there are a total of 48 insurance companies in Bangladesh. These are the names,

General Insurance Corporation, Express Insurance Company Limited, Green Delta Insurance Company Limited, People’s Insurance Company, Reliance Insurance Company, Bangladesh General Insurance Company Limited, Bangladesh National Insurance Company Limited, Bangladesh National Insurance Company, Globe. , Rupali Insurance Company Limited, United Insurance Company Limited,

Insurance In Bangla

A total of 48 insurance companies including Prime Insurance Company Limited, Standard Insurance Company Limited, Meghna Insurance Company Limited, Islami Insurance Bangladesh Limited, Pragati Insurance Limited are currently providing services in Bangladesh.

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