Private insurers' premium income declines by Tk 7.22 billion

BIA discloses it at its annual general meeting

FE Report | December 25, 2017 12:00:00

Bangladesh Insurance Association's President Sheikh Kabir Hossain presides over its 30th Annual General Meeting (AGM) at Dhaka Club on Sunday.

Total premium income of private sector insurance companies declined by Tk 7.22 billion to Tk 96.34 billion in 2016 from Tk 103.56 billion in 2015.

It was disclosed at the 30th annual general meeting (AGM) of Bangladesh Insurance Association (BIA) held at the Samson H Chowdhury Centre of Dhaka Club in the city on Sunday, according to a BIA press release.

BIA president Sheikh Kabir Hossain presided over the meeting which was attended by chairmen, directors and chief executive officers of different insurance companies.

According to a BIA annual report, total premium income of private sector life insurance companies dropped by 10.47 per cent to Tk 70.95 billion in 2016 from Tk 79.25 billion in 2015.

Total assets of life insurance companies stood at Tk 327.68 billion in 2016 as against Tk 311.13 billion in 2015.

However, gross premium income of non-life private sector insurance companies increased from Tk 24.31 billion in 2015 to Tk 25.39 billion in 2016, securing a growth rate of 4.46 per cent.

But total assets of non-life insurance companies stood at Tk 67.85 billion in 2016 while it was Tk 63.04 billion in 2015.

Meanwhile, total investment in non-life insurance companies stood at Tk 34.02 billion in 2016 from Tk 32.16 billion in 2015.

The issues acknowledged in the meeting include considering and adopting the 2016 annual report on the activities of BIA, adopting audited accounts of the association and the report of auditors for the year ended on 31 December, 2016; appointing the auditors for the year 2017 and fixing their remunerations and transaction of any other business with the permission of the chair.

Bangladesh General Insurance Company (BGIC) chairman Towhid Samad, Meghna Life Insurance & Karnaphuli Insurance chairman Nizam Uddin Ahmed, Delta Life Insurance chairman Monzurur Rahman, Best Life Insurance chairman Maj Gen (Retd) Abdul Hafiz Mollik, Janata Insurance director Qamrun Nahar, Sandhani Life Insurance vice-chairman Mojibul Islam, Janata Insurance CEO Md Fazlul Hoque Khan and Golden Life Insurance CEO Noor Mohammed Bhuiyan spoke at the annual general meeting.

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