editedbook
Publication: IIP Proceedings Year: 2022, Month: November Page No: 36-58, ISSN/ISBN: 978-93-95632-71-3 , DOI/Link: https://www.rsquarel.org/assets/docupload/rsl20238A0B0750CEBAFBE.pdf
THE SCENARIO OF INSURANCE INDUSTRY IN BANGLADESH: GROWTH, THREATS AND OPPORTUNITIES
Area/Stream: Management, Authors: Dr. Md. Ibrahim Keywords: Scenario, growth rate, market share, penetration, density, premium, investment, assets, threats, opportunities. Book Name /series: Futuristic Trends in Management, Volume 2, Book 6, Part 1, Chapter 4Publication: IIP Proceedings Year: 2022, Month: November Page No: 36-58, ISSN/ISBN: 978-93-95632-71-3 , DOI/Link: https://www.rsquarel.org/assets/docupload/rsl20238A0B0750CEBAFBE.pdf
Abstract:
This chapter will demonstrate the scenario of insurance industry in Bangladesh including to identify growth, threats and opportunities of this industry. This study is consisted with global insurance market share, nominal growth rate, growth rate with inflation adjusted, insurance penetration and density, market share of life and nonlife insurance market, AAGR of premium, investment, and assets. The study revealed that global insurance market share of Bangladesh was 0.02 percent, nominal growth rate was 7.6 percent, growth rate with inflation adjusted was 3.10 percent, premium volume was USD 1475 million in 2019.Market share between life and nonlife insurance was 70.03 percent and 29.97 percent in 2019.Global premium ranking position of Bangladesh was 68th in 2019. Insurance penetration rate was 0.49 percent and density was USD 9 in 2019.AAGR of premium, investment, and assets were 8.63 percent, 12.67 percent and 12.68 percent respectively.AAGR of life insurance premium was 13.30 percent and nonlife was 7.21 percent. AAGR of life insurance investment was 13.58 percent and nonlife was 12.58 percent. AAGR of life insurance assets was 11.60 percent and nonlife was 12.99 percent. Complexity of claims settlement, no harmonious relationship between insured and insurers, no professional skill manpower, inadequate IT based quality services and traditional management are the main threats for this industry. But, due to the implementation of various mega projects, Bangladesh is expected a nonlife penetration growth rate of 7.04 percent and for life it was 6.45 percent in 2020. Banc assurance, health insurance and agriculture insurance options are also some opportunities for developing insurance industry in Bangladesh.
Cite this: Dr. Md. Ibrahim,"THE SCENARIO OF INSURANCE INDUSTRY IN BANGLADESH: GROWTH, THREATS AND OPPORTUNITIES", Futuristic Trends in Management, Volume 2, Book 6, Part 1, Chapter 4, November, 2022, 36-58, 978-93-95632-71-3 , https://www.rsquarel.org/assets/docupload/rsl20238A0B0750CEBAFBE.pdf
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