Log In Sign Up Poblems and prospects of insurance business in bangldesh

Uploaded byZahir Islam

Trendingtop 0.1%

Views7,536

Download

    3  5Problems and Prospects of Insurance Business inBangladeshPart -I

1.1Introduction This report has been prepared as a requirement of the BankM a n a g e m e n t c o u r s e . T h e r e p o r t w a s b a s e d u p o n t h e o v e r a l l insurance company’s problems and prospects in Bangladesh. Wewere duly approved by our Course Teacher Salma Akther. Thisreport will help us know about the insurance business problemsand prospects inBangladesh. Insurance is a system of spreadingthe risk of one to the shoulders of many. It can be defined as a co-operative device to spread the loss caused by a particular riskover a number of persons who are exposed to itand who agree toensure themselves against that risk. It is acontract whereby theinsurers, on receipt of a consideration known as premium, agreet o i n d e m n i f y t h e i n s u r e d a g a i n s t l o s s e s a r i s i n g o u t o f c e r t a i n specified unforeseen contingencies or perils insured against. Itcan play an important role in a country’s economy. It is an oldform of financial practice of sharing risk, which was introduced inthis area in mid-18th century.

1.2 Rationale ofthe study

 The report is assigned by our course teacher Salma Akther as apart of our “Bank Management” course. The topic of this

reportedis “ Problems and Prospects of Insurance Business inBangladesh. For preparing this report we had to

‟visit their officesand by visiting there we have got chance to see the real pictureof their business. By

conducting this study we can enhance ourknowledge andskill to apply various researchmethods inprofessional life on higher

educational life. The reporthas givenus a chance to raise our quality in developing research instrumentand its

applications. Bydoing so, we canboost our acceptabilityin job market and develop our reallife knowledge.    3  5

Problems and Prospects of Insurance Business inBangladesh1.3 Objectives of the reportPrimary objective:

 The main objective of this report is to show the scenario of "Problems and prospects of

Insurance in Bangladesh"at a glance.Secondary objective: The research objectives

regarding my term paper are – To fulfill the requirement of the course curriculum.

 To find out some major problems of insurance in Bangladeshsuch as Social, Political, Economical,

Legal, Miscellaneous, To earn proper and right knowledge about the insurancebusiness in Bangladesh.

How it works in this country & Corporate socialresponsibility(CSR) To know about general

insurance & its classification.Problem behind the insurance industry future plan of it.

 To earn practical knowledge about when the riskmanagement and distributionsystem.

 To know the conditions underwhen claims are consideredand the process of meeting claim. To know about their revenue,

expenditure, profit, businesspolicy, social work etc. To observe their development yearby year.

 To earn knowledge about reinsurance business. To know how they respond to

different parties.

    3  5Problems and Prospects of Insurance Business inBangladesh

 To know the importance and necessity of insurance indifferent sector.1.4 Scope of theStudy

 There were hugescopes to work in the area of this Assignment.Considering the deadline, and exposure of thepaper has

beenwide-ranging. The study “Problemsand Prospects of InsuranceBusiness in Bangladesh” has covered overall

scenario of problemsand prospects of insurance industry in Bangladesh. Ithasmeasured theliving standardof mass people.

We have a chanceto work on the financial sector used in modern economicworld.By doingthe assignment,

we are able to know that theimportance of insurance business in the economy. In theassignment we have showed

how the insurance institution facethe problems and how they can overcome the problems inBangladesh.

And what will bethe position of insurance business innearby decades.1.5 Methodology of the study

We have prepared this report by analyzing the information whichwe have attained fromseveral visits to

Sadharan BimaCorporation (SBC) and Jiban Bima Corporation(JBC) . Wehave taken interview of almost 10 high

officials of differentinsurance companies. We have also read the annualreport of teninsurance companies of last 5years. By

combining the knowledgeof our textbook and knowledge from our visits, we have preparedour report. We havetried to

present our gathered knowledge inthis report systemically.Secondary sources of data will beused for data requirements

of the report. Secondary sources of data; Use Internet and differentarticles published in the journals& magazines have

been used.Secondary Sources are: Textbooks on insurance    3  5

Problems and Prospects of Insurance Business inBangladeshInsurance Journals.

Reference books on insurance.Annual Reports of BGIC.Internet Books.

Annual report ofinsurance companies.1.6 Limitations of the studyPreparing the term paper we have faced some

obstructions whichareLack of necessary information in the journals and officialpublica

tions of insurance companies.Lack of proper information in the websites ofthe

insurancecompany.Inexperience and time constraint is the limitation restrictingthisreport from

being more detailed.Secondary data has been collected from the hand books,magazines, whichmay

biased to the insurance business.    3  5Problems and Prospects of Insurance Business

inBangladeshPart-II2.1 History Of InsuranceHistory of insurancerefers to the development of a modern

lawsand market ininsuranceagainst risks. In some sense we can saythat insurance appears simultaneouslywith the

appearance of human society. We know of two types of economies inhumansocieties: money economies

(with markets,money,financial instruments and so on) andnon-money or naturaleconomies (without money, markets,

financial instruments andsoon). The second type is a more ancient form than the first. Insuch an economy andcommunity,

we can see insurance in theform of people helping each other. Forexample,if a house burnsdown, the members of the

community helpbuild a new one.Shouldthesame thing happen to one's neighbour, the other neighboursmust help.

Otherwise,neighbours will not receive help inthefuture.Separate insurance contracts (i.e., insurance policies not

bundledwith loans or other kinds of contracts) wereinvented inGenoa inthe 14th century, as were insurance

pools backed bypledges of landed estates. These new insurance contracts allowed insuranceto be separated from

investment, a separation of roles that first

Job Board About Press Blog

People Terms Privacy Copyright

  We're Hiring!

  Help Center

Find new research papersin:

Physics Chemistry Biology Health Sciences Ecology Earth Sciences

Cognitive Science

Mathematics Computer Science

Engineering Academia © 2015