Bangladesh general insurance company Ltd. or “BGIC Ltd”. is the first general insurance company in Bangladesh in the private sector. BGIC was incorporated as a public limited company and started business on 29 july, 1985 with an authorised capital of Tk. 100 million divided into 1,000,000 ordinary shares of Tk. 100 each. The company runs the business operation under the supervision of board of Director and legal frame work of the insurance Act, 1938 and the insurance rules,1958 as a amended from time to time. Its initial paid up capital was Tk 30 million. In May 1989, the company’s paid up capital was increased to Tk. 60 million by offering Tk.30 million worth of share for public subscription, the paidup capital was increased to Tk. 72 million in 1998, and by December 2008, BGIC’s paid up capital stood at Tk. 176.97 million. BGIC is listed with both Dhaka and chittagong stock exchanges. In december 2008, the numbers of shareholders of the company was 7,708, who held 1,769,705 shares. BGIC has since developed sbustantially with all the strengths and details prudently essential of an insurance company. It is primarily sraffed with professionals of longest experience, qualified insurance technocrats of highest order of international repute and a team of highly educated and skilled personnel of commendable status. The equity structure of the company was carefully selected, not only for the financial benefit, but to support the growth of a dynamic company with the goal a major player both in the domestic and international insurance markets.
The company ownership is prudently distributed to sponsor Director 22.94%, public Director 1.64%, Institutions 14.67% and 60.75% General public shareholders.
To transform the company into an ideal insurance company, with larger growing equity base, that will provide more opprotunities and options for utilization of funds in a prudent manner and help to increase profitability through economy of scale, better resource mobilization and reduction in operational costs, to provide better services to our clients and policy holders and to promote the confidence of both shareholders and policy holders.
- To provide excellent services, best risk management, prompt settlement of claims.
- To expand nation wide branch network of the company, induct and build, a sound and dynamic team.
- To ensure good governance, for sustainable and equitalbe and equitable growth and prosperity of the company.
- To provide more benefits to staffs, share holders and policy holders.
- Make affordable insurance accessible to all
- Keep customer as focal point for all operations
- Adopt best inernational practices in claims, underwriting and policy servicing
- Be the most innovative in product development
- Establish pan bangladesh presence
BGIC’s Value propositions
Risk Evaluation: Provide expertise in risk evaluation and risk mitigation leading to the most appropriate risk transfer solution.
Post Sales services: Differentiate on service parameters by ensuring prompt and correct documentation and fair, transparent and speedy claims settlement.
New Products: Introduce innovative products suited to specific market segments.
BGIC’s Value propositions
Training: Extensive teaining to the employees involved in underwriting and claims to ensure availability if a varied experienced and competent team to cater to the customer needs.
Technology: Use IT as a means to provide for a far superior customer experience in terms of access, speed and simplicity.
Reinsurance Banking: Apart from using capacity of the national reinsurer, establish relationships with the best reinsurers across the world.
BGIC’s Foundation: We Believe in…..
Principles: To guide and counsel us in everything we do through knowledge management
Trust: To forge stronger, longer-lasting relationships with the customers
Integrity: In our dealings with customers and business partners
Excellence: In everything we do for the betterment of our customers and business partners
Professionalism: In serving customers and working with business partners
Innovativeness: To continually provide relevant products and services with changing business environment