Brief History of Insurance Company in Bangladesh
Short History of Insurance Companies in Bangladesh
September 9, 2011| Posted by arafatsohan underneath Uncategorized | No Feedback | Insurance is a system of spreading the chance of one to the shoulders of many and the industry legal contract whereby the insurers, upon receipt of any consideration referred to as premium, agree to indemnify the insured against losses coming out of certain particular unforeseen eventualities or perils insured against. Insurance is definitely not a new business in the Bangladesh it almost a century back, during British rule in India, some insurance companies started transacting business operation, both lifestyle and standard, in Bengal. Insurance business enlarged energy in East Pakistan during 1947-1971, when there are 49 insurance companies transacted their business operation the two life and general insurance schemes and these companies had been of various beginnings with United kingdom, Australian, American indian, West Pakistani and local. In that case ten (10) insurance companies experienced their brain offices in the East Pakistan, 27 in West Pakistan, and the others elsewhere on the globe. These were mainly limited legal responsibility companies and some of these companies were specializing in dealing in a certain class of business, while some were composite resin companies that dealt in more than 1 class of business. The Government of Bangladesh (BD) nationalized the insurance sector in 1972 by the Bangladesh Insurance (Nationalization) Buy 1972. By virtue of this purchase, save and except da postagem life insurance and foreign life insurance coverage companies, almost all 49 insurance agencies and businesses transacting insurance business near your vicinity were placed in the public sector under five corporations. These types of insurance companies were given below- Jatiya Bima Corporation
Tista Bima Firm
Karnafuli Bima Corporation
Rupsa Jiban Bima Corporation
Surma Jiban Bima Corporation.
The Jatiya Bima Corporation was your top firm only to watch over and control the activities of the other insurance...