The Insurance Industry in Bangladesh, Key Trends and Opportunities to 2017

Published: Jan, 2014 | Pages: 172 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth industry analysis, information and insights of the insurance industry in Bangladesh, including:
The Bangladeshi insurance industry's growth prospects by insurance segments and categories
The competitive landscape in the Bangladeshi insurance industry
The current trends and drivers of the Bangladeshi insurance industry
The challenges facing the Bangladeshi insurance industry
An overview of the regulatory framework of the Bangladeshi insurance industry
A benchmarking section on the Bangladeshi insurance industry in comparison to countries such as Sri Lanka, Bhutan, Nepal and Pakistan 

Summary
The Bangladeshi insurance industry is highly competitive. Key factors affecting the performance of the industry during the review period included fierce competition in the non-life segment, the rising market shares of private insurance companies, and the increasing level of risk being retained by insurers. The Bangladeshi insurance industry increased at a CAGR of 16.0% during the review period (2008-2012), supported primarily by the life insurance segment. 
Scope
This report provides a comprehensive analysis of the insurance industry in Bangladesh:
It provides historical values for the Bangladeshi insurance industry for the report's 2008-2012 review period, and forecast figures for the 2012-2017 forecast period 
It offers a detailed analysis of the key segments and categories in Bangladeshi insurance industry, along with forecasts until 2017
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions 
It profiles the top insurance companies in Bangladesh, and outlines the key regulations affecting them 
Reason To Buy
 Make strategic business decisions using in-depth historic and forecast industry data related to the Bangladeshi insurance industry and each segment within it
Understand the demand-side dynamics, key trends and growth opportunities within the Bangladeshi insurance industry
Assess the competitive dynamics in the the Bangladeshi insurance industry
Identify the growth opportunities and market dynamics within key segments
Gain insights into key regulations governing the Bangladeshi insurance industry and its impact on companies and the industry's future 
Key Highlights
 The life insurance segment recorded a significant review-period CAGR of 16.4%, driven by the country's large population, robust economic growth, increased promotional efforts by private insurance companies, rising disposable income levels and increased awareness of the need for insurance.
The insurance industry in Bangladesh registered low combined and loss ratios in all three insurance segments - life, non-life and personal accident and health - during the review period.
Its large population will continue to be a key growth driver for the insurance industry, especially in the life segment, over the forecast period.
Life insurance led the Bangladeshi insurance industry during the review period, accounting for a 76.9% share of gross written premiums in 2012.
The Bangladeshi insurance industry is fragmented and led by state-owned companies.
In 2012, 18 insurers operated in the life segment and 44 were present in the non-life segment.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Regiol Market Dymics
3.1 Overview
3.1.1 Market trends
3.1.2 Market size
4 Life Insurance - Regiol Benchmarking
4.1 Scale and Penetration
4.1.1 Total gross written premium
4.1.2 Premium per capita
4.1.3 Life insurance penetration
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and Risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
5 Non-Life Insurance - Regiol Benchmarking
5.1 Scale and Penetration
5.1.1 Total market gross written premium
5.1.2 Premium per capita
5.1.3 Non-life insurance penetration
5.2 Growth
5.2.1 Gross written premium
5.2.2 Gross written premium per capita
5.3 Efficiency and Risk
5.3.1 Loss ratio
5.3.2 Combined ratio
5.3.3 Incurred losses per capita
5.3.4 Incurred losses as a percentage of GDP
6 Persol Accident and Health Insurance - Regiol Benchmarking
6.1 Scale and Penetration
6.1.1 Total market gross written premium
6.1.2 Premium per capita
6.1.3 Persol accident and health insurance penetration
6.2 Growth
6.2.1 Gross written premium
6.2.2 Gross written premium per capita
6.3 Efficiency and Risk
6.3.1 Loss ratio
6.3.2 Combined ratio
6.3.3 Incurred losses per capita
6.3.4 Incurred losses as a percentage of GDP
7 Bangladeshi Insurance Industry Overview
7.1 Bangladeshi Insurance Industry
7.2 Key Industry Trends and Drivers
7.3 Challenges
8 Industry Segmentation
8.1 Life Insurance
8.2 Non-Life Insurance
8.2.1 Property insurance
8.2.2 Motor insurance
8.2.3 Liability insurance
8.2.4 Marine, aviation and transit insurance
8.3 Persol Accident and Health Insurance
8.4 Reinsurance
9 Governce, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Legislation Trends by Type of Insurance
9.2.1 Life insurance regulatory trends
9.2.2 Property insurance regulatory trends
9.2.3 Motor insurance regulatory trends
9.2.4 Marine, aviation and transit insurance regulatory trends
9.2.5 Health insurance regulatory trends
9.3 Compulsory Insurance
9.3.1 Motor vehicle third-party risk insurance
9.3.2 Workmen's compensation insurance
9.4 Supervision and Control
9.4.1 Intertiol Association of Insurance Supervisors
9.4.2 Insurance Development and Regulatory Authority
9.4.3 Bangladesh Insurance Association
9.5 Non-admitted Insurance Regulatory Trends
9.5.1 Overview
9.5.2 Intermediaries
9.5.3 Market Practices
9.5.4 Fines and Pelties
9.6 Company Registration and Operations
9.6.1 Types of Insurance Organisation
9.6.2 Establishing a Local Company
9.6.3 Foreign Ownership
9.6.4 Types of License
9.6.5 Capital Requirements
9.6.6 Solvency Margins
9.6.7 Investment Regulations
9.6.8 Statutory Return Requirements
9.7 Taxation
9.7.1 Insurance Premium or Policy Taxation
9.7.2 Corporate Tax
9.7.3 VAT
9.7.4 Captives
9.8 Legal System
9.8.1 Introduction
9.8.2 Access to Court
9.8.3 Altertive Dispute Resolution (ADR)
10 Competitive Landscape
10.1 Overview
10.2 Leading Companies
10.2.1 Jiban Bima Corporation - company overview
10.2.2 Sadharan Bima Corporation - company overview
10.2.3 Green Delta Insurance Company Ltd - company overview
10.2.4 tiol Life Insurance Co. Ltd - company overview
10.2.5 Delta Life Insurance Company Ltd - company overview
11 Economic Indicators
11.1 Business Confidence
11.1.1 Market capitalization trend - Dhaka Stock Exchange, Bangladesh
11.2 Economic Performance
11.2.1 GDP at constant prices (US$)
11.2.2 GDP per capita at constant prices (US$)
11.2.3 GDP at current prices (US$)
11.2.4 GDP per capita at current prices (US$)
11.2.5 GDP by key sectors
11.2.6 Construction net output at current prices (US$)
11.2.7 Construction net output at current prices as a percentage of GDP
11.2.8 Inflation rate
11.2.9 Exports as a percentage of GDP
11.2.10 Imports as a percentage of GDP
11.2.11 Labor force
11.2.12 Gross tiol disposable income (US$)
11.2.13 Household consumption expenditure (US$)
11.2.14 Total population
12 Appendix
12.1 Methodology
12.2 Contact Timetric
12.3 About Timetric
12.4 Timetric's Services
12.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Bangladeshi Insurance - Overall Written Premium by Segment (BDT Billion), 2008-2012
Table 3: Bangladeshi Insurance - Overall Written Premium by Segment (US$ Million), 2008-2012
Table 4: Bangladeshi Insurance - Overall Written Premium by Segment (BDT Billion), 2012-2017
Table 5: Bangladeshi Insurance - Overall Written Premium by Segment (US$ Million), 2012-2017
Table 6: Bangladeshi Insurance - Segmentation (% Share), 2008-2017
Table 7: Bangladeshi Life Insurance - Gross Written Premium (BDT Billion), 2008-2012
Table 8: Bangladeshi Life Insurance - Gross Written Premium (BDT Billion), 2012-2017
Table 9: Bangladeshi Life Insurance - Paid Claims (BDT Billion), 2008-2012
Table 10: Bangladeshi Life Insurance - Paid Claims (BDT Billion), 2012-2017
Table 11: Bangladeshi Life Insurance - Incurred Loss (BDT Billion), 2008-2012
Table 12: Bangladeshi Life Insurance - Incurred Loss (BDT Billion), 2012-2017
Table 13: Bangladeshi Life Insurance - Loss Ratio (%), 2008-2012
Table 14: Bangladeshi Life Insurance - Loss Ratio (%), 2012-2017
Table 15: Bangladeshi Life Insurance - Combined Ratio (%), 2008-2012
Table 16: Bangladeshi Life Insurance - Combined Ratio (%), 2012-2017
Table 17: Bangladeshi Life Insurance - Total Assets (BDT Billion), 2008-2012
Table 18: Bangladeshi Life Insurance - Total Assets (BDT Billion), 2012-2017
Table 19: Bangladeshi Life Insurance - Retentions (BDT Billion), 2008-2012
Table 20: Bangladeshi Life Insurance - Retentions (BDT Billion), 2012-2017
Table 21: Bangladeshi Non-Life Insurance - Written Premium by Category (BDT Billion), 2008-2012
Table 22: Bangladeshi Non-Life Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 23: Bangladeshi Non-Life Insurance - Written Premium by Category (BDT Billion), 2012-2017
Table 24: Bangladeshi Non-Life Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 25: Bangladeshi Non-Life Insurance - Paid Claims (BDT Billion), 2008-2012
Table 26: Bangladeshi Non-Life Insurance - Paid Claims (BDT Billion), 2012-2017
Table 27: Bangladeshi Non-Life Insurance - Incurred Loss (BDT Billion), 2008-2012
Table 28: Bangladeshi Non-Life Insurance - Incurred Loss (BDT Billion), 2012-2017
Table 29: Bangladeshi Non-Life Insurance - Loss Ratio (%), 2008-2012
Table 30: Bangladeshi Non-Life Insurance - Loss Ratio (%), 2012-2017
Table 31: Bangladeshi Non-Life Insurance - Combined Ratio (%), 2008-2012
Table 32: Bangladeshi Non-Life Insurance - Combined Ratio (%), 2012-2017
Table 33: Bangladeshi Non-Life Insurance - Total Assets (BDT Billion), 2008-2012
Table 34: Bangladeshi Non-Life Insurance - Total Assets (BDT Billion), 2012-2017
Table 35: Bangladeshi Non-Life Insurance - Retentions (BDT Billion), 2008-2012
Table 36: Bangladeshi Non-Life Insurance - Retentions (BDT Billion), 2012-2017
Table 37: Bangladeshi Property Insurance - Written Premium (BDT Billion), 2008-2012
Table 38: Bangladeshi Property Insurance - Written Premium (BDT Billion), 2012-2017
Table 39: Bangladeshi Motor Insurance - Written Premium (BDT Billion), 2008-2012
Table 40: Bangladeshi Motor Insurance - Written Premium (BDT Billion), 2012-2017
Table 41: Bangladeshi Liability Insurance - Written Premium (BDT Billion), 2008-2012
Table 42: Bangladeshi Liability Insurance - Written Premium (BDT Billion), 2012-2017
Table 43: Bangladeshi Marine, Aviation and Transit Insurance - Written Premium (BDT Billion), 2008-2012
Table 44: Bangladeshi Marine, Aviation and Transit Insurance - Written Premium (BDT Billion), 2012-2017
Table 45: Bangladeshi Persol Accident and Health Insurance - Gross Written Premium (BDT Billion), 2008-2012
Table 46: Bangladeshi Persol Accident and Health Insurance - Gross Written Premium (BDT Billion), 2012-2017
Table 47: Bangladeshi Persol Accident and Health Insurance - Paid Claims (BDT Billion), 2008-2012
Table 48: Bangladeshi Persol Accident and Health Insurance - Paid Claims (BDT Billion), 2012-2017
Table 49: Bangladeshi Persol Accident and Health Insurance - Incurred Loss (BDT Billion), 2008-2012
Table 50: Bangladeshi Persol Accident and Health Insurance - Incurred Loss (BDT Billion), 2012-2017
Table 51: Bangladeshi Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 52: Bangladeshi Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 53: Bangladeshi Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 54: Bangladeshi Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 55: Bangladeshi Persol Accident and Health Insurance - Total Assets (BDT Billion), 2008-2012
Table 56: Bangladeshi Persol Accident and Health Insurance - Total Assets (BDT Billion), 2012-2017
Table 57: Bangladeshi Persol Accident and Health Insurance - Retentions (BDT Billion), 2008-2012
Table 58: Bangladeshi Persol Accident and Health Insurance - Retentions (BDT Billion), 2012-2017
Table 59: Bangladeshi Reinsurance Ceded by Insurance Segment (BDT Billion), 2008-2012
Table 60: Bangladeshi Reinsurance Ceded by Insurance Segment (US$ Million), 2008-2012
Table 61: Bangladeshi Reinsurance Ceded by Insurance Segment (BDT Billion), 2012-2017
Table 62: Bangladeshi Reinsurance Ceded by Insurance Segment (US$ Million), 2012-2017
Table 63: Bangladeshi Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 64: Bangladeshi Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 65: Bangladeshi Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 66: Bangladeshi Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 67: Bangladeshi Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 68: Bangladeshi Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 69: Corporate Tax Rates Applicable to Insurance Companies in Bangladesh
Table 70: Jiban Bima Corporation, Main Products
Table 71: Jiban Bima Corporation, Key Employees
Table 72: Sadharan Bima Corporation, Main Products
Table 73: Sadharan Bima Corporation, Key Employees
Table 74: Green Delta Insurance Company Ltd, Main Products
Table 75: Green Delta Insurance Company Ltd, Key Employees
Table 76: tiol Life Insurance Co. Ltd, Main Products
Table 77: tiol Life Insurance Co. Ltd, Key Employees
Table 78: Delta Life Insurance Company Ltd, Main Products
Table 79: Delta Life Insurance Company Ltd, Key Employees