Development of Insurance Sector in Bangladesh

Development of Insurance sector in Bangladesh: The insurance industry in the country was nationalised in 1972 and two government corporations- Sadharan Bima Corporation and Jiban Bima Corporation were set up for general and life insurance respectively. All existing companies except American Life Insurance Company (ALICO) were merged into these two corporations. The nationalised state of Bangladesh insurance market  continued until 1985 when the government had change in policy and allowed setting up of insurance company by private sector. Over the year, a good number of life and general insurance were in phases. Currently, in addition to the two government  corporations, 17 life insurance and 43 general insurance companies are operating in the country. Total Insurance market premium of Bangladesh in 2003 was Tk. 5878.18 or US$ 100.39 million and Tk. 1,252.82 or US$ 21.39 million approximately on general i.e. non-life and life insurance respectively.