The total premium income of private sector life insurance companies has increased to Tk 77,318 million in 2017 from Tk 70,954 million in 2016, registering a growth by Tk 6,364 crore or 8.97 percent.
The total assets of the private sector life insurance companies rose by Tk 42,889 crore or 13.09 percent to stand at Tk 370,565 million in 2017 as against Tk 327,676 million in 2016.
These were revealed at the 31st Annual General Meeting (AGM) of the Bangladesh Insurance Association (BIA) held at Samson H. Chowdhury Centre, Dhaka Club on Monday.
Sheikh Kabir Hossain, President, Bangladesh Insurance Association presided over the meeting.
Chairmen, directors and chief executive officers of different insurance companies were present the occasion, said a press release.
The gross premium income of non-life private sector insurance companies increased from Tk. 25,393 million in 2016 to Tk. 26,694 million in 2017 indexing a growth rate of 5.12 percent.
The total assets stood at Tk. 75,495 million in 2017 whereas it was Tk. 67,847 million in 2016. The total investment stood at Tk. 38,635 million in 2017 whereas Tk. 34,017 million in 2016. The president of BIA invited the representatives of the insurance companies to discuss over the Annual Report 2017 as well as highlighted some of the activities of the association in the meeting. The participants discussed on adopting the Annual Report of 2017 on the activities of the Bangladesh Insurance Association, the audited accounts of the association and the report of the auditors for the year ended 31st December, 2017.
They also appointed the auditors for the year 2018 and fix their remuneration. Prof. Rubina Hamid, first vice-president and A.K.M. Monirul Hoque, vice-president of Bangladesh Insurance Association, Nizam Uddin Ahmed, chairman, Meghna Life Insurance & Karnaphuli Insurance, Maj. Gen. Abdul Hafiz Mollik, (retd), chairman, Best Life Insurance, Nasir Uddin Ahmed, vice-chairman, Karnaphuli Insurance, Brig. Gen. Shafique Shamim (retd), chief executive officer, Sena Kalyan Insurance, P.K. Roy, chief executive officer, Rupali Insurance, Ms. Farzana Chowdhury, ACII(UK), chief executive officer, Green Delta Insurance spoke about the development of the insurance industry in Bangladesh.
They also delivered the speech on the importance of finding out the problems of insurance industry and solving the problems.
In the conclusion speech, the president Bangladesh Insurance Association urged all to contribute to the development of Bangladesh insurance industry.