Insurance Business in Bangladesh

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Insurance Business in Bangladesh: Prospects & Problems

Introduction
Incidentals of Authorization and Submittal: This analytical report “Insurance Business in Bangladesh: Prospects and Problems” have been prepared as a requirement of the course named- ‘Insurance and Risk Management’ course code- 223. This report is submitted to Md. Abdullah Al Jamil, Lecturer, Department of Marketing, Comilla University on July 13, 2011 as authorized on April 13, 2011 The investigation was conducted by the Scarlet Group, Department of Marketing, Comilla University. Objectives of the Study: These research objectives regarding our assignment are –  To fulfill the requirement of the course curriculum.  To find out some major problems of insurance business in Bangladesh.  To reveal the major prospective area of insurance business in Bangladesh.  To preparation of the report will enable to gather control of the insurance business.  To suggest on recommend some necessary steps to solve the existing problems.  To suggest necessary steps to develop this business in a developing country like Bangladesh. The assignment will enhance our overall knowledge about insurance and help us further to prepare any report on assignment in our professional life. We think this assignment will also be beneficial business in Bangladesh.

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Methodology:  Secondary data is used for the requirement of the assignment. Secondary sources are:  Internet  Insurance journal  Newspapers and magazines  Prospectus of insurance companies  Annual report of insurance companies  Different insurance related published articles  Textbook on insurance and risk management  We also collect primary data through an interview by developing a questionnaire from various branches of insurance companies. At first we collect the related data, arrange group meetings analyzing and discussing the data, and then make a format as authorize by our course teacher to present this assignment. Limitations of the study: In preparing the assignment we have faced various obstacles like –  Lack of Internet facility.  Lack of proper and updated information in the Websites of the insurance companies.  Lack of necessary information in the journals and official publications of insurance companies.  Ignoring the team by the branch officials when conducting the interview and reluctant to give information. A preview of the presentation: In the following pages literature review, current insurance business in Bangladesh perspective appears. In the body part leading insurance companies digest is represented. After that we present our analytical thought about the prospects of insurance business and then the problems of insurance business. And then we present some possible solutions to overcome the problems. At last, with the help of our research findings we have made recommendations and conclusions.

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Literature Review
Part : 1
RATING DEFINITION

Insurance Companies
AAA (Triple A): Extremely Strong Financial Security. The highest Insurer Financial Strength Rating assigned by CRAB. AA1, AA2, AA3 (Double A): Very Strong Financial Security, differing only slightly from those rated higher. A1, A2, A3 (Single A) Strong Financial Security, with some likeliness to be affected by adverse business conditions. BBB1, BBB2, BBB3 (Triple B) Good Financial Security, with more likeliness to be affected by adverse business conditions than higher rated insurers. BB1, BB2, BB3 (Double B) Marginal Financial Security. Positive attributes exist, but adverse business conditions can lead to insufficient ability to meet financial commitments. B1, B2, B3 (Single B) Weak Financial Security. Adverse business conditions are likely to impair ability to meet financial commitments. CCC1, CCC2, CCC3 (Triple C) Very Weak Financial Security. Dependent on favourable business conditions to meet financial commitments. CC (Double C) Extremely Weak Financial Security. Likely not to meet some of their financial...
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