PRAGATI
INSURANCE LIMITED was established in 1986. A group of young entrepreneurs of Bangladesh
who had earlier launched a commercial Bank in the private sector sponsored the company
with 30 million Taka capital. Sponsors included shipping magnets, Engineers, Road
Builders, Top Garment Exporters and Importers.
Head Quarter of Pragati Insurance
Ltd. |
Market size of Bangladesh
in the non-life sector was Tk. 1,050 million in 1986. It has
grown to Tk. 5,967.119 million in 2006. With the arrival of private
sector power companies like AES, gas giants like UNOCAL, SHELL
and discovery of new off shore gas in the Bay of Bengal and
other private sector infrastructure industry in the country,
it is expected that there would be quantum jump in the non-life
insurance premium portfolio in Bangladesh once the decision
as to utilization or export of gas is taken by the Govt.
Managing Director
addressing the 19th AGM of the company |
| A view of the shareholders
attending the 19th AGM of the company |
Besides, we insure all traditional lines of non-life insurance
businesses viz. – Fire & allied risks including flood,
cyclone, earthquake, Typhoon, malicious damage, burglary, riot,
strike, damage, house breaking, industrial all risks, DOS, machinery
break-down, loss of profit, business interruption, CAR/EAR,
personal accident including workmen compensation, motor insurance
of all descriptions & value, Travel medical & medical
insurance including treatment abroad to name a few broad lines.
Paid-up capital of the company is Tk.188.83 million and Reserves
including capital reserves stood at Tk.784.92 million thus making
an equity base of Tk.780.51 million as of December 2006.
Total Asset as of 31st December, 2005 stood at over Tk.1,404.54 million.
Investment Company’s
investment portfolio is well balanced. Position in brief, as of
December, 2003, stood as below:
| |
Amount
(Tk.) |
| Govt. Bond |
Tk.4,500,000 |
Shares & Debentures
(Revalued as per IAS-25 ) |
Tk.215,725,829 |
| Land (Freehold) |
Tk.
356,626,207 |
| Land & Building |
Tk.
175,294,893 |
| Total |
Tk.
752,146,929 |
Claim Settlement: Client's
service and prompt settlement of claims are the key to the success
and growth of the company. Claims are settled immediately on
completion of the required formalities by the insured and the
surveyors. The company has settled claims of over Tk. 1,764.40
million since it started operation in 1986 till 2005. The gross
premium earned and gross claims settled during the last 5(five)
years stood as under:
(Taka
In Million)
| |
2002 |
2003 |
2004 |
2005 |
2006 |
| Gross Premium earned |
350.39 |
468.74 |
507.70 |
632.07 |
695.43 |
| Gross claim settled |
126.64 |
254.79 |
126.38 |
183.22 |
314.39 |
Re-Insurance
arrangement: Company'
portfolio is adequately reinsured both at home and abroad. Fire
and allied risks are covered by surplus and Auto-Fac Treaties.
Marine Cargo risks are also covered by surplus & Auto-Fac
Treaties. Motor risks are covered by 3 layer XL Treaties.
Engineering and Misc. risks are covered by Surplus Treaty. The
company has also cover for fire and marine cargo own retained
portfolio. Company's gross
premium income, Reinsurance cession and net premium retention
for the year 2005 were as under (Taka in Million):
|
Fire |
Marine
|
Motor & Misc
|
Total
|
Gross premium |
258 |
277 |
160 |
695 |
Reinsurance
Cessions |
198.93 |
132.89 |
25.28 |
357.10 |
Retained
premium |
45.04 |
136.20 |
93.75 |
274.99 |
|
