Eastland Insurance celebrates 25th anniversary

FE Report Eastland Insurance, one of the 1st generation private sector general insurance companies celebrated 25th years of its achievement on Saturday. To celebrate the occasion, the company organized a Reception and Cultural programme at Bangabandhu International Conference Center (BICC) in the city. Commerce Minister Mohammad Faruk Khan, M.P, former chief justices, Ambassadors, large number of Business Leaders, Diplomats, elites of the society, clients and shareholders graced the occasion. Eastland Chairman Mahbubur Rahman who is also the President of International Chamber of Commerce-Bangladesh (ICCB) welcomed the presence of the distinguished guests with profound gratitude. Mr. Rahman in his welcome address stated that, Eastland, is 5th of the first generation insurance companies, started its journey on 5th of November 1986 and since completed 25 eventful years. The company by now ranked as one of Top Ten amongst its peers. It is rated as an 'AA-' in consideration of its excellent financial and technical performance, sound solvency, diversified investment portfolio, good re-insurance arrangement with foreign re-insuers and above all, experienced Top Management. Mr. Rahman further said that the government allowed setting up of non-life insurance companies by the private sector during 1985. Over the years, 43 Non-life Insurance Companies emerged in phases. With an increasing number of companies, market competition is heightened. Although Insurance Industry experienced a favourable growth over the last few years, with a very limited portfolio, it is at the same time crippled with multi prong problems due to absence of appropriate policy measures to combine comprehensive insurance coverage of all public and private properties. While Insurance in the private sector was allowed to function in 1985, strong Supervisory & regulatory Authority was not in place resulting cropping up of multi-farious irregular practices. Mr. Rahman mentioned that the total asset of Eastland to-day is well over Tk. 1250 million having investment portfolio of Tk. 909 million and reserve base of about Tk.621 million. The company has so far settled claims of Tk. 1 billion (100 crore). It has also been paying double digit dividend to the shareholders for the last 23 years plus stock dividend in the last six years. This onward continuous growth became possible due to strong commitment of all Members of Eastland family supported by our valued clients and Authorities concerned, patrons as well as well wishers. Eastland is indebted to all of them and firmly committed to serve them with professional excellence. Commerce Minister Faruk Khan, MP congratulated the Eastland Chairman and its managements for their excellent achievement over the past 25 years. He mentioned that the government has taken a number of steps since it came into power for streamlining the insurance industry including the formation of Insurance Development & Regulatory Authority (IDRA) in 2010. He hoped that the insurance companies will work together with IDRA in furtherance of this vital industry. Due to lack of proper Rules and Regulations, thick dust has piled-up on the physique of insurance Industry which cannot be removed by blowing storms, observed Mr. Mahbubur Rahman and said that heaps of dust has to be cleaned-up on a priority basis with due patience. It is, therefore, an urgent task on the part of IDRA to restore discipline in insurance Industry, which of course, I can see, can not be done overnight. However, Mr. Rahman, observed that IDRA has apparently moved ahead with a few praise-worthy measures in the meantime, in cooperation with the Insurance Association. He suggested that IDRA should work together with Bangladesh Insurance Association (BIA); not in isolation.