63:, Muslim Insurance Company Limited and Habib Insurance Company Limited. These three companies moved to Pakistan and registered to transact business there. The total number of insurers (life plus life and general) registered in Pakistan in 1951, 1961 and 1971 were 13, 17 and 75 respectively. In 1971, out of 75, ten of the 40 Pakistani companies were exclusively engaged in life insurance business, 21 in life and other business, and 9 in other business only. There were only four foreign insurance companies marketed their products in Pakistan in 1971: Norwich Union Life Assurance Society, Pearl Assurance Company Limited, Prudential Assurance Company Limited and American Life Insurance Company Limited.
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various schemes. Premium income of the corporation was Tk. 2,447 million in 2007 marking an increase 63% over premium income in 2001. Subsequently, the life fund of the JBC has increased to Tk. 13.15 billion, up to the year 2011, which was only Tk. 218.3 million in 1973. The JBC has paid Tk. 15.81 billion against various claims, the highest such payments in the country's life
Insurance business. The JBC's investment has reached Tk. 11.99 billion from only Tk. 197 million in 1973. The JBC has the largest network all over the country with 7 regional, 9 zonal, 68 sales and 343 branch offices.
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and Surma
Corporation respectively. In addition, four directors were appointed under each corporation to handle administration, development, underwriting and claims and finance and accounts. In March 1973, A.H.M. Qamruzzaman became the minister of commerce and reorganised the insurance companies within two months. On 14 May 1973, the Bangladesh government dissolved the Jatiya Bima Corporation and integrated the general and life insurance companies into two corporations, and accordingly all the undertakings of Karnafuli and Teesta were vested in the
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The JBC offers 15 different types of life insurance schemes. These are whole life assurance, endowment assurance, child protection policy, children endowment, anticipated endowment assurance, pension scheme policy, single payment policy, mortgage protection policy, group term insurance policy, group
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In 1973 and 1974, the JBC sold 41,812 and 36,000 life insurance policies with a total assured sum of Tk 397.7 and Tk. 400 million respectively. In 1973 and 1974 the JBC earned gross premiums of Tk. 58 million and Tk. 67.6 million which comprised first year premiums (including group) Tk.
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and Ali Ahmed were selected as the directors of the Jatiya Bima
Corporation. Four separate chairpersons were appointed by the Jatiya Bima Corporation to administer the four corporations. Mustafizur Rahman Khan, Golam Mowla, M.A. Rahim and M.A. Samad became the chairmen of Karnafuli, Teesta, Rupsa
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Until 1985, the JBC was the only institution to handle life insurance business in
Bangladesh. Through the Insurance (Amendment) Ordinance 1984 and Insurance Corporations (Amendment) Ordinance 1984, the government allowed the private sector to establish insurance companies. Up to December 2000, at
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in 1971, both life and general insurance business in the country was nationalised under the
Bangladesh Insurance (Nationalisation) Order 1972 except foreign insurance companies. Five corporations were established to absorb, own and control the businesses of the 75 existing insurance companies and
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In 1998, the JBC earned gross premiums of Tk. 1,402.8 million, which comprised first-year premiums (Tk. 401.2 million), renewal premiums (Tk. 913.0 million), and group insurance premiums (Tk. 88.6 million). It paid Tk. 493.7 million to settle life insurance claims under
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under the provisions of the
Insurance Act 1938, Insurance Rules 1958, and related other laws enforceable in Bangladesh in Bangladesh Corporation Act 1973. The JBC started on 14 May 1973 with assets and liabilities worth TK. 157 million of defunct 37 life Insurance companies.
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22.7 million and Tk. 29.6 million, renewal premiums Tk. 35.3 million and Tk. 37 million respectively. The JBC inherited an outstanding claim of Tk.50 million at the time of its inception. It has settled all the claims by 31 October 1974.
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these new corporations were
Bangladesh Jatiya Bima Corporation, Karnafuli Bima Corporation, Tista Bima Corporation, Surma Jiban Bima Corporation and Rupsa Jiban Bima Corporation. These four corporations were in business from 1 January 1973 to 14 May 1973.
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The life fund of Jiban Bima
Corporation has increased to TK. 14988.3 million (14.99 billion) in the year 2013. In the year 2012 the figure was near about 14 billion despite political unrest throughout the year.
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least 17 private sector insurance companies came into being and made the life insurance business competitive. In 2015 the number of private life insurance companies in
Bangladesh has reached at 30.
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with Golam Mowla as the first managing director. Surma and Rupsa Jiban Bima
Corporations were vested in the Bangladesh Jiban Bima Corporation(Bangladesh Life Insurance Corporation) (BJBC) with
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Bangladesh government selected Hafizur Rahman and Mujibur Rahman as the chairman and the managing director of the Jatiya Bima Corporation respectively. A.K.M. Fazlul Haque (Mowla),
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endowment policy, group variable endowment policy, group pension policy, grameen bima policy, joint life endowment policy, and progressive premium policy.
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Rahman, Roushanara; Mosharraf, H. M.; Ahmed, M.; Rahim, S.; Bukth, T.; Khan, S.; Rahim, B., eds. (2010).
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Khuda Buksh The Pioneer of Life Insurance in Bangladesh: An account of his life and work
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was 75, of which 10 were locally incorporated ones. Following the independence of
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343:. University of Dhaka, Bangladesh: Bureau of Business Research.
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Insurance Development & Regulatory Authority of Bangladesh
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The number of insurance companies that had business in
399:. InsurTech Bangladesh Pvt. Limited. 15 November 2022.
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Rashid, Harunur (2010). "An Image of an Insurer" in
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414:Financial services companies established in 1973
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264:Banglapedia: National Encyclopedia of Bangladesh
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61:Eastern Federal Union Insurance Company Limited
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359:Memoirs of a Life Insurance Icon: Khuda Buksh
439:Bangladeshi companies established in 1973
419:Government-owned companies of Bangladesh
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393:"Functions of Jiban Bima Corporation"
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55:three insurance companies were under
22:Headquarter of Jiban Bima Corporation
434:Government-owned insurance companies
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95:Sadharan (General) Bima Corporation
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84:Management and creation of the JBC
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424:Insurance companies of Bangladesh
429:Organisations based in Motijheel
340:Insurance Business in Bangladesh
101:as the first managing director.
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105:Emergence of private companies
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268:Asiatic Society of Bangladesh
254:Rahman, S M Mahfuzur (2012).
67:Bangladesh period (1971–1973)
362:. USA: Xlibris Corporation.
337:Ahmed, Shahid Uddin (1977).
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47:Pakistan period (1947–1971)
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262:; Jamal, Ahmed A. (eds.).
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308:Rahim, Muhammad (2011).
256:"Jiban Bima Corporation"
183:"Jiban Bima Corporation"
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29:(JBC) is the state-run
27:Jiban Bima Corporation
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123:Business performance
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266:(Second ed.).
208:Rahman et al. 2010
53:partition of India
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369:978-1-4500-5168-2
321:978-984-506-027-1
114:Insurance schemes
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99:Khuda Buksh
90:Khuda Buksh
408:Categories
302:References
293:Ahmed 1977
281:Rahim 2011
235:Rahim 2011
220:Rahim 2011
187:Bangladesh
77:Bangladesh
35:Bangladesh
378:694061120
330:769102385
146:2011–2022
137:1998–2011
128:1973–1974
155:See also
349:4435267
42:History
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192:25 May
57:Muslim
51:After
258:. In
167:Notes
374:OCLC
364:ISBN
345:OCLC
326:OCLC
316:ISBN
194:2014
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