PRAGATI INSURANCE LIMITED was established in 1986. A group of young
entrepreneurs of Bangladesh who had earlier launched a commercial Bank
in the private sector sponsored the company with 30 million Taka
capital. Sponsors included shipping magnets, Engineers, Road Builders,
Top Garment Exporters and Importers.
Head Quarter of
Pragati Insurance Limited |
Market size of Bangladesh
in the non-life sector was Tk.1,050 million in 1986. It has grown to
Tk.12,284.20 million in 2009. With the arrival of private sector power
companies like AES, gas giants like UNOCAL, SHELL and discovery of new
off shore gas in the Bay of Bengal and other private sector
infrastructure industry in the country, it is expected that there would
be quantum jump in the non-life insurance premium portfolio in
Bangladesh once the decision as to utilization or export of gas is taken
by the Govt.
 
 
25th AGM
of Pragati Insurance Limited
Besides, we insure all traditional lines of non-life insurance
businesses viz. – Fire & allied risks including flood,
cyclone, earthquake, Typhoon, malicious damage, burglary, riot,
strike, damage, house breaking, industrial all risks, DOS, machinery
break-down, loss of profit, business interruption, CAR/EAR,
personal accident including workmen compensation, motor insurance
of all descriptions & value, Travel medical & medical
insurance including treatment abroad to name a few broad lines.
Paid-up capital of the company is Tk.426.47 million and Reserves
including capital reserves stood at Tk.1,696.54 million thus making
an equity base of Tk.2,123.07 million as of December 2010.
Total Asset as of 31st December, 2010 stood at over Tk.3,012.47 million.
Investment Company’s
investment portfolio is well balanced. Position in brief, as of
December, 2010, stood as below:
| |
Amount
(Tk.) |
| Govt. Bond |
Tk. 4,500,000 |
Shares & Debentures
(Revalued as per IAS-25 ) |
Tk.
386,731,018 |
| Land (Freehold) |
Tk.
828,337,503 |
| Land & Building |
Tk.
667,888,778 |
| Total |
Tk.
1887,457,299 |
Claim Settlement: Client's
service and prompt settlement of claims are the key to the success
and growth of the company. Claims are settled immediately on
completion of the required formalities by the insured and the
surveyors. The company has settled claims of over Tk.1,764.40
million since it started operation in 1986 till 2010. The gross
premium earned and gross claims settled during the last 5(five)
years stood as under:
(Taka
In Million)
| |
2006 |
2007 |
2008 |
2009 |
2010 |
| Gross Premium earned |
695.43 |
802.76 |
979.08 |
1,035.88 |
1,062.26 |
|
Net claim settled |
63.06 |
58.42 |
48.65 |
92.37 |
110.68 |
Re-Insurance
arrangement: Company'
portfolio is adequately reinsured both at home and abroad. Fire
and allied risks are covered by surplus and Auto-Fac Treaties.
Marine Cargo risks are also covered by surplus & Auto-Fac
Treaties. Motor risks are covered by 3 layer XL Treaties.
Engineering and Misc. risks are covered by Surplus Treaty. The
company has also cover for fire and marine cargo own retained
portfolio. Company's gross
premium income, Reinsurance cession and net premium
retention for the year 2009 were as under (Taka in Million)
|
Fire |
Marine
|
Motor & Misc. |
Total
|
Gross Premium |
468.27 |
361.53 |
232.38 |
1062.26 |
Reinsurance |
389.82 |
153.70 |
44.05 |
474.69 |
Retained Premium |
78.52 |
207..83 |
188.33 |
587.57 |
|
