Principle of Insurance

transcript

PRESENTED BY

MEHEDI HASANCLASS ID 1114

GROUP NAME - KEEN ORBIT7TH SEMESTER

01/10/15MEHEDI89HASAN@GMAIL.COM

TOPIC- COMPANY PROFILE

OBJECTIVES OF THE STUDY

To gather comprehensive knowledge on insurance activities.

To identify the problem and Prospects of Prime Insurance in Bangladesh

To analyse the business performance of Prime Insurance Company Lemited.

INSURANCE

What is Insurance?

Insurance is a contract to pay compensation in certain eventualities (e.g., death, fire, theft, motor accident) in return for a premium.

The premiums are so calculated that on average, in total, they are sufficient to pay compensation for policy holders who will make a claim, together with a margin to cover administration costs and profit.

- ECONOMIST” DICTIONARY OF BUSINESS01/10/15MEHEDI89HASAN@GMAIL.COM

BACKGROUND

Prime Insurance Company Limited is a second generation private sector Non-life Insurance Company. It is a well-known, trusted and leading name in the general Insurance sector of the country. Prime insurance Company was incorporate as public limited company on 21 March 1996 under Companies Act 1994. The Company is listed with Dhaka Stock Exchange and Chittagong Stock Exchange as a publicly traded Company. The Company carries its insurance activities through nineteen branches spread across the country.

Vision

They envision being the leading insurer by maintaining the highest standards of service in all areas of our work in order to uphold their status as one of the market leaders in the insurance industry of Bangladesh.

Mission Providing world class service with supreme security to

our clients

Increasing awareness about insurance in the country

Enhancing public confidence in the insurance industry

Introducing modern insurance products comparable with international standards

Emerge as an innovative insurer by providing complete risk management solutions to the clients

Their goal is to be the top insurer in the Non-life Insurance sector of the country.To achieve the goal we aim at-

Maximizing Insurance Coverage at a Minimum Cost

Responding quickly to new opportunities

Establishing a long term relationship with our clients and business partners built on professional service and trust

Maintaining strong relationships with a wide variety of partners, like- re-insurers, insurance brokers and so on.

Assessing and managing our business risks carefully

SHARE STRUCTURE

Shareholding Structure TakaSponsors (As on January 31, 2014) 34.88%

11,80,73,200

Public Shareholders (As on January 31, 2014) 65.12%

22,04,56,810

CapitalPaid-up: 3,38,53,001 ordinary shares of Tk 10 each

33,85,30,010

Authorized :10,00,00,000 ordinary shares of Tk 10 each 01/10/15

PRODUCT & SERVICE

Fire insurance

Marine Insurance

Marine Hull

Motor Insurance

Engineering insurance

Miscellaneous insurance

BUSINESS PERFORMANCE IN 2013

Prime insurance , one of the 1st generation company was established in 1994 and stepped into 19 years of its successful operation. The company worked to bilateral with clients that helped to increase business and underwriting profitability significantly. Continuing affrehenssive business policy in 2013 was highest ever since inception . The company earned gross premium of TK.485.63 million during the year as against Tk. 396.7 million in the previous year registering a growth of 22.41% over the last year. 01/10/15

REFERENCES

www.licindia.in

Wikipedia.org

www.businessdictionary.com

www.investopedia.com

www.irda.gov.in

Prime Insurance website

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Principle of Insurance

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