Bangladesh-Basic
Facts:
Bangladesh was a province of Pakistan known as East Pakistan,
Bangladesh emerged as an independent nation on December 16, 1971
after a civil war.
Bangladesh is bounded to the north, west, and east by India, to the
southeast by Myanmar, and to the south by the Bay of Bengal.
National name of Bangladesh is Gana Prajatantri Bangladesh (People's
Republic of Bangladesh). Area of Bangladesh is 144,000 sq km or
55,598 sq miles. Dhaka is the capital and Chittagong is the
commercial capital of Bangladesh. The Major towns/cities are
Rajshahi, Khulna, Chittagong, Sylhet, Rangpur, Narayanganj and Major
sea ports are Chittagong and Khulna.
POPULATION:-
Population: As per last census in the year 2001, Population is
146.736 million, Population growth rate is 1.6 and Population
density is 1,019/Sq Km.
ECONOMY AND RESOURCES:
Globally, during the year 2004 industrialized economies registered
above average growth of 3.6% while the emerging economies
collectively, led primarily by China (growth 9%), and registered a
strong average growth of 6.6%.
During the fiscal year 2004, Bangladesh economy registered a
slightly higher growth when compared to 2003; real GDP grew by 5.5%
as against 5.3% in fiscal year 2003. The economic growth was
facilitated by robust growth of exports to the tune of 15.9% and
increased remittances from non-resident Bangladeshis which grew by
9.7%. Foreign exchange reserve of the country further strengthened
at U5$2.7 billion. Per capita GDP rose to Taka 24,598. Industry and
Service sectors attained higher growth rates of 7.7% and 5.7%
respectively while Agriculture sector decelerated to 2.7%. Rate of
inflation however rose to 5.8% as against 4.4% in 2003. Domestic
savings as a percentage of GDP marginally rose from 18.2 to 18.3%
while domestic investment as a percentage of GDP increased to 23.6%
from 23.4%.
Major trading partners: - USA, India, Germany, China, Japan,
Singapore, UK, Italy, France, the Netherlands, South Korea, Belgium
Exports: - Readymade Garments, Fish, Shrimps and Prawns, Raw
Jute and Jute Products, Tea, Leather and leather products, Medicine
and Frogs' legs.
Imports: - wheat, crude petroleum and petroleum products,
pharmaceuticals, cement, raw cotton, machinery and transport
equipment.
Resources: - Natural Gas, Coal, Limestone, China Clay, Glass
Sand Industries Textiles, Food Processing, Industrial Chemicals,
Petroleum Refineries, Cement
Development of Insurance sector in Bangladesh:
The insurance industry in the country was nationalised in 1972 and
two government corporations- Sadharan Bima Corporation and Jiban
Bima Corporation were set up for general and life insurance
respectively. All existing companies except American Life Insurance
Company (ALICO) were merged into these two corporations. The
nationalised state of Bangladesh insurance market continued until
1985 when the government had change in policy and allowed setting up
of insurance company by private sector. Over the year, a good number
of life and general insurance were in phases. Currently, in addition
to the two government corporations, 17 life insurance and 43 general
insurance companies are operating in the country. Total Insurance
market premium of Bangladesh in 2003 was Tk. 5878.18 or US$ 100.39
million and Tk. 1,252.82 or US$ 21.39 million approximately on
general i.e. non-life and life insurance respectively.
RELIANCE - THE
COMPANY
RELIANCE INSURANCE LIMITED was the fourteenth in line to start
general insurance business in the private sector. The Company was
incorporated on 20th March 1988 and was allowed to commence business
by virtue of the Certificate of Commencement of Business issued by
the Registrar of Joint Stock Companies on 22nd March 1988. The
Company obtained Certificate of Registration issued by the
Controller of Insurance on 7th April 1988. The Company carries on
the business of all types of insurance except life assurance. It has
now 30 (thirty) branches, one local office with the Head Office at
Dhaka.
|
