400 applications received to set up new insurance companies-Bangladesh

New Insurance Companies

Bangladesh's Finance Ministry has been swamped with hundreds of applications to launch new private insurance companies in the country, reports the Financial Express. Among the applications, 90% are for life insurance companies and the rest for non-life. Chief Controller of Insurance, Mr MM Niazuddin, says that local entrepreneurs have submitted "around 400 applications" for life and non-life companies. "They submitted the applications to our office and the Ministry of Finance. But the government has not decided on how many licences will be

Sources say that the government could allow some 20 new entrants into the already-crowded sector where 62 companies chase for annual premiums worth only US$1 billion. A finance ministry official who is familiar with the issue says that the government will first form a new insurance regulatory authority which will decide the fate of the applications. Sheikh Kabir Hossain, the newly-elected President of the Bangladesh Insurance Association, says that the industry body hopes that the government would take decision based on "the economic growth and state of insurance business in the country".

Bangladesh now has 43 private general insurance companies and 17 life insurers. The government also owns two insurers: one life insurance company and one non-life. In 2009, life insurance companies in Bangladesh collected premiums totalling around US$700 million and have been growing at a pace of around 25% a year. Non-life insurers received premiums of around US$250 million in 2009, and are growing at around 10%.

"The chances for new life insurers are high because the number of life insurance firms is still relatively low and the sector has a huge untapped potential," said a source. However, observers say that the insurance industry already faces challenges such as a shortage of insurance professionals, a problem which will be aggravated when new players enter the industry.

General Insurance Companies List

General Insurance Companies

Sadharan Bima Corporation 33, Dilkusha C/A, Dhaka-1223 Tele: 9555073-4, 9533056-8 Fax: 880-2-9564197 Chairman Tele: 9552018 MD Tele: 9552070 Bangladesh General Insurance Co. Ltd. 42, Dilkusha C/A Dhaka-1223 Tele: 9555073-4, 9566056-8 Fax: 880-2-9564212 Chairman & MD Tele: 9550379 MD(Additional) Tele: 9564213 Peoples Insurance Co. Ltd. "Senakalyan Bhaban" 195, Motijheel C/A (3rd Floor) Dhaka-1000 Tele: 9564797-8, 9564166 Fax: 9564795 Chairman Tele: 31610911 MD Tele: 9563080 United Insurance Co. Ltd. Camellia House 22, Kazi Nazrul Islam Avenue Dhaka-1215 Tele: 9661397-8, 8619336-8 Fax: 8622330 Chairman Tele: 8612169 MD Tele: 9662825 Bangladesh Co-operative Insurance Ltd. Moon Mansion 12, Dilkusha C/A, (5th Floor) Dhaka-1223 Tele: 9564311 Chairman Tele: 9561121 MD Tele: 9564311 Green Delta Insurance Co. Ltd. Hadi Mansion 2, Dilkusha C/A, (4th Floor) Dhaka 1223 Tele: 9560005-6 Fax: 9552188 Chairman Tele: 9562345 MD Tele: 9563691 Pragati Insurance Ltd. Pragati Center 20-21, Kawran Bazar, Dhaka-1215 Tele: 9133680-2 MD Tele: 8117996, 8122980 Eastern Insurance Co. Ltd. 44, Dilkusha C/A Dhaka-1223 Tele: 9564246-8 Fax: 9569735 Chairman Tele: 9569475 MD Tele: 9561365 Eastland Insurance Co Ltd. 13, Dilkusha C/A, Dhaka-1000 Tele: 9564600 Fax: 9565706 Chairman Tele: 9563928 MD Tele: 9562710 Karnaphuli Insurance Co. Ltd. Biman Bhaban 100, Motijheel C/A (3rd Floor) Dhaka-1000 Tele: 9564808-9 Fax: 9555802 Chairman Tele: 9561150 MD Tele: 9568847 Central Insurance Co. Ltd. Uttara Bank Bhaban 90-91 Motijheel C/A Dhaka-1000 Tele: 9560251-4 Fax: 880-2-9567422 Chairman Tele: 9564019 MD Tele: 9567421 Desh General Insurance Co. Ltd. Jiban Bima Tower 10, Dilkusha C/A, (Floor-5) Dhaka-1223 Tele: 7113645-9 Fax: 880-2-9551992 MD Tele: 9561385 Agrani Insurance Co. Ltd. Moon Mansion (Floor-6) 12, Dilkusha C/A, Dhaka-1223 Tele: 7110523-7 Fax: 880-2-9569341 MD Tele: 018240288 Asia Insurance Co. Ltd. Senakalyan Bhaban Room #1804 Dhaka-1000 Tele: 71119425 Fax: 880-2-9556503

Global Insurance Co. Ltd. Printer Building (Fl. 12) T5, Rajuk Avenue Dhaka-1000 Tele: 9553884,9566581 Fax: 880-2-9556103 Chairman Tele: 017638137 MD Tele: 9567186 Reliance Insurance Co. Ltd. BSB Building 8, Rajuk Avenue Dhaka-1000 Tele: 9565625-6 Fax: 880-2-9562005 MD Tele: 9563161, 9563215 Rupali Insurance Co. Ltd. Rupali Bima Bhaban 7, Rajuk Avenue, (1st Floor) Dhaka 1000 Tele: 9565625-6 Fax: 880-2-9565629 Chairman Tele: 9555169 MD Tele: 9560095 Sonar Bangla Insurance Co. Ltd. Biman Bhaban (Floor-2) 100, Motijheel C/A, Dhaka-1000 Tele: 7110880, 9564086 Fax: 880-2-9569341s Purabi General Insurance Co. Ltd. 23, Motijheel C/A Dhaka 1000 Tele: 9562512 Fax: 880-2-9567995 Chairman Tele: 9567998 MD Tele: 9567995 Prime Insurance Co. Ltd. 63, Dilkusha C/A Dhaka-1223 Tele: 9562512 Fax: 880-2-9566923 Chairman Tele: 9562947 MD Tele: 9562649 Provati Insurance Co. Ltd. Khan Mansion (11th Floor) 107, Motijheel C/A Dhaka-1000 Tele: 9559561-3 Fax: 880-2-9564455 MD Tele: 9564455 Federal Insurance Co. Ltd. Chamber Building 122-124 Motijheel C/A, (2nd Floor) Dhaka-1000 Tele: 9560003-4 Fax: 880-2-9552308 Chairman Tele: 9562877 MD Tele: 9565180 Meghna Insurance Co. Ltd. Ban Shilpa Bhaban 73, Motijheel C/A, Dhaka 1000 Tele: 9551366 Fax: 880-2-9557796 Chairman Tele: 9667122 MD Tele: 9557796 City General Insurance Co. Ltd. Baitul Hossain Building 27 Dilkusha C/A, (6th Floor) Dhaka 1223 Tele: 9557735 Fax: 880-2-9667755 MD Tele: 9557751 Pioneer Insurance Co. Ltd. Jiban Bima Bhaban (Floor-6) 10, Dilkusha C/A, Dhaka 1223 Tele: 9569765 MD Tele: 9569766 Mercantile Insurance Co. Ltd. 61, Motijheel C/A Dhaka-1000. Tele: 9557662-4 Fax: 880-2-9562301 Chairman Tele: 9557666 MD Tele: 9562301 Northern General Insurance Co. Ltd. Raj Bhaban (8th Floor) 29, Dilkusha C/A, Dhaka-1223 Tele: 9559077-9 Fax: 880-2-9551579 Chairman Tele: 9554585 MD Tele: 9551579 Asia Pacific General Insurance Co. Ltd. 28, B. B. Avenue Dhaka-1000. Tele: 9555338 Fax: 880-2-9558125 Chairman Tele: 9551388 MD Tele: 9555338

Express Insurance Co. Ltd. WASA Bhaban (Floor-3) 58, Dilkusha, Dhaka-1223 Tele: 9552672, 9554421 Fax: 880-2-9568616 Chairman Tele: 8111445 MD Tele: 9562155 Bangladesh National Insurance Co. Ltd. Raj Bhaban (8th Floor) 29, Dilkusha C/A, Dhaka-1223 Tele: 9666361-8 Fax: 880-2-9555704 MD Tele: 9666369 Baira Life Insurance Co. Ltd. 5, Rajuk Avenue Dhaka-1000 Tele: 9561398 Fax: 880-2-9344979 MD Tele: 9345587 Continental Insurance Co. Ltd. BCIC Bhaban(16th Floor) 30-31, Dilkusha C/A Dhaka-1223 Tele: 9550652 Fax: 880-2-9554602 MD Tele: 9554602 Nitol Insurance Co. Ltd. 24/A, Bijoynagar, Dhaka 1000 Tele: 9887075-6 Fax: 880-2-9883121 Chairman Tele: 9887069 MD Tele: 018249950 (M) Standard Insurance Co. Ltd. Sena kalyan Bhaban (5th Floor) 195, Motijheel C/A Dhaka-1000. Tele: 956027, 9563179 Fax: 880-2-9563249, 9883121 Chairman Tele: 9567647 Paramount Insurance Co. Ltd. Summit Centre, 18, Kawran Bazar, Dhaka-1215 Tele: 9563716 Fax: 880-2-9559197 Chairman Tele: 9112082, 017563275 Islami Insurance Bangladesh Ltd. BIWTA Bhaban (6th Floor) 141-143, Motijheel C/A Dhaka-1000 Tele: 9567629 Fax: 880-2-9559964 Chairman Tele: 9559963 MD Tele: 9559964, 9571866-7 Islami Commercial Insurance Co. Ltd. Malek Mansion (Ground Floor), 128 Motijheel C/A, Dhaka-1000 Tele: 7113793-4 Fax: 880-2-7113795 Chairman Tele: 9569713 The Loyeds Insurance Co. Ltd. Amin Court (8th Floor) 62-63 Motijheel C/A Dhaka-1000 Tele:7112545-7 Fax: 880-2-9564301 MD Tele: 9564301 Republic Insurance Co. Ltd. H R Bhaban 43 Kakrail, Dhaka-1217 Tele: 8315301 Fax: 880-2-9340454 Chairman Tele: 9334141-8 MD Tele: 9340454 Crystal Insurance Co. Ltd. Lal Bhaban (Floor-10) 18, Rajuk Avenue, Dhaka-1000 Tele: 7112156-8 Chairman Tele: 8814775, 011-852160 MD Tele: 7112159 Union Insurance Co. Ltd. Shilpa Bhaban, 8, Rajuk Avenue (Floor-10) Dhaka-1000. Tele: 9559219 Fax: 880-2-9561062 Janata Insurance Co. Ltd. 125, Motijheel C/A, Dhaka-1000 Tele: 9564808-9 Fax: 9560141 Chairman Tele: 9556517 MD Tele: 9565567 Phoenix Insurance Co. Ltd. Purbani Annex Building 1/A, Dilkusa C/A, Dhaka-1000 Tele: 9563609 Fax: 880-2-9563576 Chairman Tele: 9563608 MD Tele: 9563607